This phase reflected a supply-side market when DePIN projects were focused on infrastructure development. Airdrops played a key role in this process, which allowed DePIN projects to bootstrap infrastructure and onboard users before shifting toward monetization. As a result, in 2024, we saw the launch of several large-cap DePIN projects, including
@ionet and
@getgrass_io, signaling the sector’s readiness for broader adoption.
Beyond airdrop campaigns, we have seen a rise of another approach to building decentralized infrastructure, node sales. This method has proven effective in raising capital for network expansion. Aethir, for example, secured over $130 million to cover infrastructure costs and now operates more than 30,000 active nodes (according to
@DepinNinja).
With infrastructure scaling becoming more accessible, the next big challenge for DePINs is proving long-term economic viability. Monetization becomes the core focus, as projects must now support infrastructure suppliers through actual revenue sharing rather than pure token incentives.
This stage marks a demand-driven market where revenue generation becomes the primary focus. With infrastructure in place, projects must now prioritize servicing real-world customers: from AI firms that need decentralized compute power to individuals, who seek cost-effective home energy solutions.
Both offchain and onchain data show that DePIN is evolving into a revenue-generating industry, with projects like
@AethirCloud and
@Virtuals_io already reporting millions in monthly revenue. The key to success for these projects is that they capitalize on the AI trend, which allows them to generate revenue from both enterprise clients and individuals.