A DePIN empire is quietly emerging on Solana
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A DePIN empire is quietly emerging on Solana
Solana is becoming the platform of choice for DePIN projects thanks to its high throughput, low transaction costs, mature developer ecosystem, and large user base.
Navigating Web3 tides with focused insights
Executive Summary
This month, Solana's DePIN ecosystem welcomed two major new players. ROAM, a shared WiFi-based project, launched on top exchanges including Bybit and Kucoin on March 6, ranking fourth in node count within the DePIN sector and achieving first place globally in hardware deployment. Meanwhile, DoubleZero—a distributed bandwidth initiative—raised $28 million from elite VCs such as Dragonfly and Multicoin, led by Austin Federa, former Head of Strategy at the Solana Foundation and co-founder of Solana. DoubleZero aims to build a communication superhighway for Web3 using existing Web2 infrastructure, potentially solving the network latency issues currently plaguing Web3 applications.
Additionally, as of March 14, 2025, the Solana-based DePIN ecosystem has significantly matured, reaching a total market capitalization exceeding $2.5 billion with approximately 78 active projects spanning multiple sub-sectors: wireless connectivity (e.g., Helium), computing resources (e.g., Render Network), geolocation mapping (e.g., Hivemapper), and cloud storage (e.g., GenesysGo SHDWDrive).
Leveraging its high throughput, low transaction fees, robust developer ecosystem, and large user base, Solana is emerging as the preferred platform for DePIN projects. We are witnessing the rise of a full-fledged DePIN empire rooted in the Solana blockchain.
I. Analysis of Key Projects in the DePIN Sector
1. DoubleZero — Building the Highway for Web3 on Solana
On March 10, amid an overall weak crypto market, another DePIN dark horse—DoubleZero Foundation—secured a massive $28 million investment from leading venture capitalists.
What makes DoubleZero so special that it could attract such significant funding during a bearish period?
The key reasons can be summarized as follows:
(1) The founding team possesses extensive experience in blockchain and a proven track record, along with deep industry connections and elite ecosystem access.
Austin Federa, founder of DoubleZero, previously served as Head of Strategy at the Solana Foundation and was one of the key figures behind Solana’s early growth. During his tenure, he led global market strategy and played a direct role in launching pivotal initiatives—such as integrating USDC and USDT onto Solana—and even participated deeply in FTX-era ecosystem collaborations.
Federa also maintains close ties with Solana’s core team, including Anatoly Yakovenko and Raj Gokal. This relationship has enabled DoubleZero to gain early access to Solana’s ecosystem resources and market credibility.
(2) Backed by a star-studded investor group, with Solana founders themselves investing publicly, signaling strong support for Solana’s strategic push into DePIN.
The list of investors in DoubleZero includes some of the most influential names in crypto. Dragonfly and Multicoin are not only long-term supporters of the Solana ecosystem but have also been instrumental in key projects—Multicoin was an early backer of Solana, while Dragonfly participated in Serum’s development.
Beyond top-tier VCs, internal Solana ecosystem capital played a central role in this round. Solana Ventures, as well as Solana Labs co-founders Anatoly Yakovenko and Raj Gokal, joined as angel investors.
In less formal terms, this level of backing is akin to saying, “This is our official flagship project.”
Notably, DoubleZero is the first public investment made following the Solana Foundation’s recent announcement of its dedicated DePIN ecosystem strategy.
Thus, we believe this is not just Austin acting independently—it’s the entire Solana ecosystem mobilizing behind him, deploying capital, technology, and market resources. For the broader DePIN space, this sends a powerful signal: Solana is actively building out physical infrastructure networks, and DoubleZero may serve as the vanguard.
(3) Technologically advanced solution aiming to create a true "highway" for Web3, enabling Web3 applications to run as smoothly as Web2 counterparts.
One of the major challenges facing Web3 today lies at the infrastructure layer. Public internet bandwidth limitations and non-deterministic routing cause frequent lags and poor user experience. Even if these bandwidth and routing issues are resolved, persistent delays between validators still prevent Web3 from matching Web2 performance.
DoubleZero was created specifically to solve these foundational problems.
As shown in the architecture diagram above, DoubleZero features a unique Two-Ring Architecture: the Outer Ring connects to the public internet, using hardware (e.g., FPGAs) for attack protection, signature verification, and transaction filtering; the Inner Ring processes filtered traffic via dedicated bandwidth lines and builds consensus.
First, the Outer Ring acts as the frontline defense, leveraging specialized hardware to pre-filter spam and duplicate transactions, reducing the load on validators. This allows blockchain nodes to share filtering resources instead of each validator doing so individually.
Second, the Inner Ring handles the cleaned traffic over private bandwidth links and performs consensus operations. With deterministic message routing, tracking, and priority management, communication efficiency is greatly improved.
According to official disclosures, the technical workflow works as follows:
(1) The Outer Ring serves as the first line of defense, filtering out spam transactions, DDoS attacks, and malicious contract calls. Using adaptive traffic filtering powered by machine learning and heuristic rules, it analyzes transaction patterns in real time to accurately detect and block malicious activity, ensuring only valid transactions reach the mainnet.
Moreover, the Outer Ring relies on decentralized, permissionless fiber contributions—individuals across the network contribute physical infrastructure, enhancing packet authenticity and prioritization. All transactions must pass basic validity checks in the Outer Ring before entering the Inner Ring, minimizing junk traffic in the core network and boosting processing efficiency.
(2) Transactions entering the Inner Ring have already undergone rigorous screening, allowing it to focus exclusively on high-speed processing. The Inner Ring adopts a high-performance architecture similar to Solana’s, supporting ultra-high TPS (transactions per second) and extremely fast confirmation times, capable of handling massive transaction volumes.
To further enhance network smoothness, DoubleZero employs a stateless validation model—an efficient, lightweight transaction processing method that improves overall network performance compared to traditional state-storage blockchains.
2. Roam — The Ground-Based Starlink of Web3 on Solana
On March 6, another Solana-based decentralized wireless network project, Roam, launched on Kucoin and Bybit with a circulating market cap exceeding $60 million—marking yet another strong addition to Solana’s growing DePIN arsenal.
(1) What is Roam?
ROAM is a decentralized wireless network built on the Solana blockchain, aiming to provide seamless, secure global WiFi and eSIM connectivity—effectively creating an open, worldwide wireless network. It uses blockchain technology to enable automatic network switching and secure connections for individuals, smart devices, and AI agents.
Currently, ROAM boasts over 2.3 million users and 2 million WiFi nodes across more than 190 countries, placing it among the largest in the DePIN space.
The $ROAM token has a total supply of 1 billion, with 600 million allocated to mining and community incentives. Users earn tokens by providing WiFi access or validating network performance.
According to Messari’s 2024 report, ROAM ranks fourth among DePIN projects with over 1 million active nodes and leads the pack in terms of hardware node count. While competitors include Helium and DIMO, ROAM stands out due to its global reach and user scale.
If Musk’s Starlink builds a communications system from space, I would call Roam the Web3 version of Starlink built on terrestrial ground networks.
(2) Technical Advantages
ROAM leverages OpenRoaming™ WiFi and eSIM technologies. Users can earn rewards by sharing WiFi access or contributing network performance data. Additionally, ROAM implements decentralized identity (DID) and verifiable credentials (VC) to ensure privacy and prevent data leaks during both sharing and usage of WiFi services.
Key components of the technical architecture include:
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OpenRoaming™ Wi-Fi: Complies with Wireless Broadband Alliance (WBA) standards, enabling seamless handoff between different WiFi networks and uninterrupted connectivity.
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eSIM Service: Offers intelligent eSIM services in over 160 countries, allowing users to access data networks without needing a physical SIM card.
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Blockchain Incentive Mechanism: Uses a Proof-of-Service mining algorithm, where users earn ROAM tokens by providing WiFi services or verifying network quality.
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Decentralized Identity (DID) & Verifiable Credentials (VC): Leverages blockchain to protect user privacy, removing reliance on centralized authorities and enhancing security and decentralization.
This system design addresses several critical challenges: OpenRoaming™ Wi-Fi resolves cross-border protocol compatibility issues; eSIM provides connectivity in regions lacking traditional telecom infrastructure, especially benefiting underserved communities; DID and VC safeguard data privacy during communication; and the Web3 incentive model accelerates early network adoption.
ROAM’s rapid rise since its rebranding in 2024—quickly becoming a top-tier DePIN player—is attributable not only to Solana’s ecosystem momentum but also to its team’s deep expertise and prior experience in the field.
(3) Operational Strengths
The team has years of experience in Web3 and understands how to effectively grow a decentralized network through passive participation and sharing incentives.
ROAM encourages users to contribute via a mobile app—adding WiFi nodes, daily check-ins, or inviting friends—to earn Roam Points, which can later be redeemed for $ROAM tokens after the Token Generation Event (TGE).
Digging deeper into the team background reveals that although ROAM officially launched on April 2, 2024, it evolved from MetaBlox—a project originally founded in 2018. After years of dormancy, MetaBlox was rebranded as ROAM and migrated to the Solana mainnet in 2024. This illustrates that successful projects often result from long-term dedication and persistence. Even in a down market, truly strong projects can endure and eventually flourish.
In summary, ROAM delivers a compelling decentralized wireless sharing model with strong network effects already in place. Its current circulating market cap is around $15 million—far below Grass’s $360 million. If ROAM continues to grow its user base, it could see substantial appreciation in the next bull cycle.
II. Ecosystem Overview
As of March 14, 2025, the Solana-based DePIN ecosystem has experienced remarkable growth, surpassing $2.5 billion in total market value—significantly larger than DePIN ecosystems on other chains. A full-fledged DePIN empire is clearly taking shape on Solana.
Public data indicates there are about 78 DePIN projects on Solana (based on statistics from Messari and DePIN Scan as of 2024), covering areas such as wireless connectivity (e.g., Helium), compute resources (e.g., Render Network), geolocation (e.g., Hivemapper), and cloud storage (e.g., GenesysGo SHDWDrive). Thanks to Solana’s high throughput (theoretically up to 50,000 TPS), low transaction costs (~$0.00025 per tx), and mature developer environment, it has become the go-to platform for DePIN innovators.
Prominent DePIN projects on Solana include:
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Helium: The world’s largest decentralized wireless network, now operating nearly 1 million hotspots across 192 countries after migrating to Solana, offering IoT and 5G services.
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Render Network: A decentralized GPU compute platform that moved from Ethereum to Solana, having rendered tens of millions of frames for AI and media applications.
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Hivemapper: A decentralized digital mapping network challenging Google Maps by crowdsourcing dashcam footage, now covering numerous cities globally.
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GenesysGo SHDWDrive: A decentralized cloud storage solution addressing the lack of native storage options in the Solana ecosystem.
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Dabba Network (emerging): Focused on India’s broadband market, expanding coverage through decentralized infrastructure.
The total market cap of Solana’s DePIN projects reached ~$25.6 billion in June 2024 (per DePIN Scan), with fluctuations expected in 2025 due to market dynamics and project developments. Leading projects like Helium, Render, and Hivemapper each have fully diluted valuations (FDV) exceeding $10 billion.
Comparison of Solana’s DePIN ecosystem vs. other blockchains:
The table above highlights Solana’s clear advantages in the DePIN space:
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Performance and cost: Solana’s high speed and low gas fees make it ideal for DePIN projects requiring frequent microtransactions (e.g., incentivized sharing), unlike Ethereum and others.
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Proof of History (PoH) and parallel processing allow Solana to efficiently handle large volumes of real-time data from IoT devices, map uploads, etc., delivering Web2-like smoothness and user experience.
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Ecosystem support: The Solana Foundation actively promotes DePIN innovation through grants and hackathons (e.g., in partnership with Multicoin Capital). Recently, it established a dedicated Solana DePIN Fund to incubate more high-quality projects—the first being DoubleZero, now one of the most prominent.
Therefore, we firmly believe Solana is far more than just a meme coin chain. Its success stems not merely from meme culture but from solid technological foundations, effective developer outreach, and strong institutional and community backing. We are optimistic that the next great DePIN ecosystem will emerge from Solana.
III. Recent Key Events in the DePIN Space
1. On February 1, IoTeX—a modular, cross-chain compatible infrastructure supporting both DePIN and AI—unveiled its 2025 roadmap focused on DePIN + AI integration:
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Physical-aware AI powered by DePIN
IoTeX launched QuickSilver, an open-source framework combining large language models (LLMs) with DePIN network data to build advanced AI applications. A testnet is planned for Q1, enabling developers to bridge DePIN and AI worlds and spawn a new wave of "perceptive AI apps."
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Establishing a DePIN + AI Strategic Reserve
IoTeX will create a DePIN + AI asset reserve for IOTX holders, initially backed by BTC. This reserve will act as a long-term "vault" for high-quality assets, protecting holder interests.
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Community-first approach
A comprehensive community empowerment program, coupled with DAO-based governance, ensures direct community involvement in IoTeX’s evolution.
2. On March 3, during ETHDenver 2025, Blockchain Association policy lead Salah and IoTeX ecosystem lead Larry held a forward-looking dialogue on regulatory frameworks for crypto, DePIN, and AI at the DePIN + AI R3al World Summit, sparking industry-wide reflection on tech convergence and policy trends.
Salah emphasized: “U.S. regulators are accelerating efforts to integrate innovative technologies like DePIN—bridging physical and digital realms—into national strategic frameworks. Future regulations must balance innovation with public interest, and the transparency of DePIN combined with explainable AI may hold the key to resolving regulatory challenges.”
Larry shared IoTeX’s practical insights: “From compliance partnerships with Grayscale and Coinbase to serving as Co-Chair of the Blockchain Association’s DePIN Working Group, we’ve consistently centered our work on ‘verifiable physical data’ to align DePIN + AI innovations with real-world economic needs.”
3. On March 6, the Solana Foundation and Chinese community Solar announced a DePIN Day event to be held on March 8 in Shenzhen—the hardware capital of the world.
New DePIN projects in the Solana ecosystem—including Cudis, Starpower, Geodnet, Roam, Aethir, Gradient, and DeGlass—will attend and present their innovations.
IV. Recent Industry Funding Highlights
1. On February 27, Shaga, a Solana-based DePIN project, closed a $4 million seed round led by IOSG Ventures, with participation from Everyrealm, Amber Group, and several angel investors.
Shaga aims to revolutionize the gaming industry by breaking hardware barriers and delivering ultra-low latency, making high-performance gaming accessible to all.
BlockBeats previously reported that on June 25, 2024, Shaga raised a $1 million pre-seed round led by Arca, with additional backing from MARIN DIGITAL VENTURES, Skybridge20 Ventures, Aurory, Quotient Ventures, Solana co-founder Anatoly Yakovenko, and Helium founder Amir Haleem.
2. On February 25, DePIN project Geodnet completed an $8 million token financing round led by Multicoin Capital.
Geodnet incentivizes everyday users to host physical infrastructure, meeting strong demand. As a result, its token—incentive mechanism—has more than doubled in value over the past 12 months.
In April last year, the GEODNET Foundation announced over $2 million in strategic funding from CoinFund, Pantera Capital, VanEck, and Santiago R. Santos. These funds will help achieve short-term goals such as decentralization and improved developer accessibility.
3. On February 5, Beamable, a DePIN gaming infrastructure platform, secured $13.5 million in Series A funding led by Bitkraft Ventures.
Beamable Network aims to transform how game backend infrastructures are built and operated.
4. DoubleZero Foundation announced a $28 million investment led by Dragonfly and Multicoin Capital.
DoubleZero is a DePIN project enabling anyone to permissionlessly contribute independent fiber-optic links—essentially laying down an “information superhighway” for Web3. Its standout feature is hardware-driven infrastructure targeting the foundational layer. DoubleZero’s goal is simple: increase bandwidth and reduce latency for all high-performance blockchains.
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