Solana got DePIN'ed!

@Solana just turned five, marking a half-decade of relentless development and growth. While 2024 will be remembered as the year of memecoins on Solana, the real story runs deeper. Beneath the hype, a wave of serious innovation has been unfolding, reshaping how decentralized infrastructure is built.

DePIN has long been viewed as one of crypto’s most promising sectors, but it lacked a home base, until now. Despite emerging before Solana, DePIN’s latest growth cycle has cemented Solana as the go-to chain for decentralized infrastructure, where projects aren’t just experimenting but finding real adoption at scale.

Missed how DePIN was quietly gaining traction on Solana while everyone focused on memecoins? It’s time to look at the real developments shaping the network.

What do Ethereum, IoTeX, and Polygon have in common? They all launched before Solana. Yet, when it comes to competition in key sectors like DePIN, Solana has taken the lead. Among all public blockchains, it now hosts the highest number of active DePIN devices.

The two largest DePIN networks on Solana by device count are:

• @UpRockCom, a data network with over 1 million active devices
• @Helium, the leading wireless connectivity protocol. Even IoTeX, a blockchain designed specifically for IoT and DePIN, trails behind Solana with just under 1 million active devices.

FYI: We excluded WiFi network protocols such as @weRoamxyz from the analysis because they can opt into public networks, inflating the numbers. We just think it's fairer.

Do you remember when @helium was deployed on its own proprietary blockchain? That was six years ago. In 2023, Helium decided to migrate to Solana to improve scalability, reduce transaction costs, and enhance network efficiency. An independent blockchain proved to be resource-intensive, with limited growth potential and increasing maintenance overhead.

The move turned out to be the right decision. Since migrating to Solana, Helium has benefited from faster transactions, lower fees, and seamless integration with the broader DePIN ecosystem. This transition has allowed the network to scale more efficiently, attracting more users and strengthening its position as the leading decentralized wireless connectivity protocol.

Helium isn’t the only example. Render Network migrated from Ethereum to Solana to cut transaction costs on its marketplace, making operations more efficient. Another DePIN project, @AmbiosNetwork, also made the switch after acquiring PlanetWatch, moving it from @Algorand to Solana.

The past year saw a surge in new DePIN launches, with over $2.5 billion in value flowing into the market, even despite being at the bottom of the cycle. @getgrass and @ionet stand out as the largest players, successfully capitalizing on the soaring demand for AI compute. We can’t forget about @JamboTechnology, @weroamxyz, and @NATIXNetwork, which also secured their spots among the top five new DePINs on Solana.

Now that the DePIN market has entered its expansion phase, imagine what’s ahead in 2025 and 2026. The industry now focuses on revenue generation, eventually flowing to the users providing resources for DePINs. Don’t miss your chance to join the DePIN movement and capitalize on our network resources. Join our waitlist.

DePIN saw massive revenue growth in 2024, but this is just the beginning. In December alone, the on-chain revenue of Helium, @Hivemapper, and @rendernetwork surpassed $1 million combined.

However, on-chain revenue only scratches the surface of what’s happening on Solana. Many DePIN protocols receive revenue off-chain, which means the true scale of the ecosystem is far larger. With demand accelerating and more projects integrating real-world use cases, the actual picture is much brighter.

The Solana DePIN landscape has expanded to over 50 projects, covering nearly every major DePIN sector. It has become a one-stop ecosystem for those looking to participate in the infrastructure economy of the future.

Compute infrastructure stands out as one of Solana’s strongest areas, with global leaders like @ionet, Grass, @nosana_ai, and Render driving adoption. With this foundation, Solana and Ping Network are well-positioned to capture the next wave of DePIN growth.

DePIN is one of Solana’s biggest wins, which has been cooked for several years and now it is only getting started. Projects are scaling, revenue is pumping, and adoption is hitting new levels across compute, storage, wireless, and more. The market is entering its next phase, and the best opportunities are still up for grabs.

If you’re not paying attention yet, now is the time.