DePIN rebounds into a $10B overlooked sector: Messari

DePIN’s “death” narrative hides a market that’s quietly compounding revenues, as Messari’s new report pegs the sector at $10 billion with growing real‑world usage and cash flow.

Decentralized physical infrastructure networks (DePINs) have been written off as dead by many investors, but a new “State of DePIN 2025” report from Messari and Escape Velocity argues the sector has steadily grown into a $10 billion market generating $72 million in onchain revenue last year alone.

According to the report, the “class of 2018-2022” DePIN tokens are down a massive 94-99% from all‑time highs. Yet, leading projects now post verifiable recurring revenues and trade at roughly 10-25x revenue multiples, levels Messari characterizes as undervalued relative to growth.

Messari said the shift marks a transition from subsidy-driven growth toward networks that generate revenue through real-world usage, particularly in areas such as bandwidth, compute, energy and sensor data.

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