DePIN: Evaluating the Real-World Utility and Future of Decentralized Physical Infrastructure Networks
DePIN — Decentralized Physical Infrastructure Networks — is crypto's loudest pitch for real-world utility. Over 650 projects. A combined market cap that briefly topped $19 billion. Nearly nine million devices deployed across 199 countries. And yet, the entire sector generated an estimated $72 million in onchain revenue last year. That is a revenue multiple so absurd it would make even the frothiest SaaS investor flinch.
So what is actually happening inside DePIN in March 2026 — and does the sector deserve the hype?