Pantera Partner: Which DePIN Projects Have Real Revenue?
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Pantera Partner: Which DePIN Projects Have Real Revenue?
Some DePIN projects have achieved sustainable profitability by solving existing problems, even without relying on the flywheel effect of token economics.
Navigating Web3 tides with focused insightsAuthor: Paul Veradittakit
Translation: Luffy, Foresight News
Decentralized Physical Infrastructure Networks (DePIN) represent the convergence of blockchain and physical infrastructure networks. Currently, DePIN exists across industries such as energy, telecommunications, storage, artificial intelligence, and data collection.
During the previous crypto cycle, many projects rushed into high-opportunity markets riding the DePIN wave. However, when their core products failed to gain sufficient traction on both supply and demand sides, they shifted focus toward tokenomics.
Yet among the surviving projects, several companies have spent time building real infrastructure, achieving sustainable profitability—even without relying on token-based flywheel effects. Let's examine some of these cases.
Geodnet
Core Problem Solved
Traditional Global Positioning Systems (GPS) often lack the precision required for advanced applications that demand centimeter-level accuracy instead of meter-level. Geodnet’s network improves positioning accuracy by 100x compared to traditional GPS technology.
Target Customers
Geodnet serves industries reliant on high-precision geospatial data, including:
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Autonomous vehicles
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Agriculture
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Smart cities
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Defense and security
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Space exploration
Revenue Model
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Data licensing: Selling geospatial data to commercial clients.
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Node participation fees: Charges related to miner installation and usage.
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Partnerships: Collaborating with sectors like agriculture and autonomous systems to integrate Geodnet’s services into existing workflows.
In 2024, Geodnet reported year-over-year revenue growth exceeding 500%, reaching $1.7 million.
Token Economics
Geodnet uses its native GEOD token to incentivize participants:
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Miners earn tokens based on data contribution and network uptime.
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Burning mechanism: Tokens are burned during data transactions, introducing a deflationary model.
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Daily earnings: Miners earn approximately $4.30 per day, with an estimated payback period of 3–4 months.
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Circulation: Token distribution ensures liquidity while rewarding early adopters.
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Token utility: Used for payments, staking, and governance within the network.
Ways to Participate and Contribute
1. Become a Miner:
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Purchase mining equipment (costing between $500–$700).
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Set up and connect the device to the network, uploading 20–40GB of data monthly.
2. Use the Network:
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Access real-time kinematic (RTK) correction data via subscription or direct purchase.
3. Develop Applications:
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Create software solutions for specific industries using Geodnet’s data.
4. Governance:
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Stake GEOD tokens and vote on proposals to participate in protocol governance.
Helium
Core Problem Solved
Traditional mobile network operators (e.g., T-Mobile) require massive capital expenditures to build cell towers, maintain infrastructure, and expand coverage. Helium addresses this by creating a decentralized wireless network that leverages community-owned hotspots to provide affordable, scalable, and resilient connectivity for mobile and IoT devices.
Target Customers
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Consumers: Pay $20/month for unlimited data via Helium’s decentralized network.
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Telecom providers: Offload WiFi traffic through Helium’s network, reducing infrastructure costs.
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IoT device manufacturers: Connect low-power IoT devices via the LoRaWAN protocol.
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Enterprises and institutions: Deploy private wireless networks for asset tracking, sensors, and environmental monitoring.
Revenue Model
Helium generates revenue through two primary channels:
1. Consumer-facing mobile plans:
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Offering an unlimited data plan at $20/month, combining Helium hotspot coverage with partner networks (e.g., T-Mobile).
2. Carrier WiFi offloading fees:
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Charging telecom providers $0.50 per GB to route data through Helium’s decentralized hotspots instead of traditional base stations.
Financial Performance
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Subscribers: Over 100,000 direct subscribers and more than 300,000 indirect WiFi offload users.
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Revenue: Achieved seven-figure annualized revenue from mobile subscriptions and carrier offloading fees.
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Projection: With expanding carrier partnerships, WiFi offloading alone could generate over $50 million annually.
Token Economics
The HNT token is central to Helium’s incentive and payment structure:
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Earn rewards: Hotspot operators earn HNT by providing coverage and transmitting data.
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Utility: Tokens are used for network transactions, paying for services, and governance proposals.
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Burning mechanism: HNT tokens are burned when used to pay for network services, reducing supply.
Ways to Participate and Contribute
1. Hotspot Deployment:
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Purchase and set up a Helium-compatible hotspot to provide coverage and earn HNT rewards.
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Choose from 16 approved hardware types designed for IoT or mobile offloading.
2. Consumer Plans:
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Subscribe to Helium’s $20/month mobile plan for affordable data access.
3. Carrier Partnerships:
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Telecom providers can integrate with Helium to offload traffic and reduce operational costs.
4. Governance and Staking:
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Stake HNT tokens to participate in governance, propose upgrades, and vote on key changes.
Akash
Core Problem Solved
Akash Network aims to address the high costs, scalability limitations, and centralization issues of traditional cloud providers like Amazon Web Services (AWS), Google Cloud, and Microsoft Azure. It offers a decentralized cloud marketplace that enables users to monetize idle computing resources while significantly lowering costs.
Target Customers
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AI developers: Require high-performance GPUs for training and deploying machine learning models.
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Startups and enterprises: Need cost-effective, scalable cloud computing for data processing, storage, and AI-driven applications.
Revenue Model
Akash generates revenue through the following methods:
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Marketplace transaction fees: Charging fees on compute leases and payments processed through the network.
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Compute resource leasing: Revenue share from GPU and CPU rentals used for AI training and workloads.
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Developer tools: Charging API integration and SDK licensing fees to developers using its infrastructure.
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Enterprise partnerships: Collaborating with AI labs and decentralized platforms to scale compute capacity.
Financial Performance
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Annual revenue: Akash reported $2.5 million in 2024 from compute leasing and fees.
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Growth rate: Demand for GPU compute resources has increased 33x due to rising AI adoption.
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Network scale: Supports over 400 GPUs.
Token Economics
Akash uses the AKT token for payments, governance, and incentives.
1. Utility:
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Payments: Buyers use AKT tokens to purchase compute resources.
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Staking: Providers stake tokens to qualify for jobs and enhance reputation.
2. Incentives:
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Providers earn AKT tokens by supplying compute resources.
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Tokens are distributed based on uptime, performance, and task completion.
3. Governance:
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Token holders can propose upgrades and vote on protocol changes.
4. Burning Mechanism:
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Network fees are burned, reducing token supply.
Ways to Participate and Contribute
1. As a Provider:
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Set up GPU, CPU, or storage servers on the Akash Network.
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List resources, set prices, and start earning AKT tokens.
2. As a Consumer:
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Rent compute resources via Akash’s web interface or command-line interface (CLI).
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Deploy AI training workloads, web services, and decentralized applications.
3. As a Developer:
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Use APIs and SDKs to integrate Akash’s services into applications.
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Leverage GPU clusters for deep learning training or inference tasks.
4. Governance Participation:
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Stake AKT tokens to vote on network upgrades and resource pricing policies.
Looking Ahead
The above examples represent just a small subset of proven, revenue-generating DePIN projects. In the coming months, DePIN adoption will undoubtedly rise further, giving rise to more sustainable, scalable, and profitable ventures.
The highlighted companies are consumer-facing, but another area I’m particularly excited about is infrastructure—underlying blockchains, oracle services, smart contract platforms, middleware, token issuance services, and more. These foundational layers stand to benefit greatly from the growth of DePIN projects. Examples include Solana, Peaq, Base, Story, Arweave, Opacity Network, and DeForm.
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