Article Reprint Source: Yuliya
Source: Dune, Slice Analytics
Compiled by: Yuliya, PANews
Amid various innovations in the blockchain industry, Decentralized Physical Infrastructure Networks (DePIN) are rapidly emerging as a bridge to on-chain real-world assets. Whether it's shared GPUs, telecom networks, or street map collection, DePIN is reshaping how infrastructure is built and operated through crypto incentive mechanisms. Solana is gradually becoming the core platform of this trend, with its high-performance network providing ideal scalability for DePIN projects.
This article is based on the latest research report jointly released by Dune and Slice Analytics, providing an in-depth analysis of the development status, market performance, and on-chain data of several core DePIN projects on Solana. The report data is current as of April 22, 2025, providing a clear picture of this emerging ecosystem and revealing its underlying verifiable growth trajectory.
DePIN Concept and Solana Advantages
What is DePIN?
Decentralized Physical Infrastructure Networks (DePIN) represent an innovative model that leverages cryptocurrency incentive mechanisms to initiate and operate real-world infrastructure. These projects typically target markets with strong demand but inefficient supply, mobilizing idle resources (such as unused GPUs, wireless bandwidth, etc.). Unlike traditional infrastructure models dominated by large corporations, DePIN allocates ownership to individuals, enhancing efficiency, resilience, and accessibility.
Why Choose Solana?
With its high throughput, low transaction fees, and composable infrastructure, Solana is an ideal platform for the transparent scaling of DePIN applications. Its thriving ecosystem and strong developer community are making it the center of this emerging field. As Amira Valliani, head of DePIN at the Solana Foundation, stated:
"DePIN is about to reach escape velocity. This innovative business model has proven its ability to scale physical infrastructure networks faster and cheaper in a community-driven way - all happening on Solana. The world's largest DePIN projects are choosing to build on Solana due to its high performance and active capital markets, and they are drawn by its thriving community ecosystem."
DePIN Market Overview
As of April 2025, the total market capitalization of global DePIN projects (excluding independent projects L1/chains) has reached $7.1 billion, with DePIN projects on Solana alone totaling $3.25 billion, leading ahead of EVM ($2.84 billion) and other blockchain platforms like Cosmos ($652.5 million), Cardano ($195.2 million), and Sora ($160.1 million).
On average, Solana leads again with a market cap of $191.3 million per project, followed closely by Cardano ($97.6 million), Cosmos ($93.2 million), Sora ($80.1 million), and EVM ($40.6 million).
Project Category Distribution
DePIN projects are primarily divided into five categories:
Compute: 71.2% market share, providing decentralized processing power, GPU, and computing infrastructure, such as Render, io.net, Nosana, LooPIN Network, Hivello
Wireless: 22.2% market share, providing community-driven wireless and mobile access networks, such as Helium, ROAM Token, Helium Mobile
Sensor: Collects real-world data through distributed sensing devices, such as Hivemapper, Geodnet, WeatherXM, NATIX Network
Server: Provides distributed cloud and storage servers for hosting or accessing data, such as Shadow Token, ScPrime
AI: Decentralized networks supporting AI data generation, labeling, or robotics, such as UpRock, Homebrew Robotics Club
Compute and wireless categories together occupy 93.4% of the market share and are also the categories with the highest average market capitalization. Computing networks like Render and io.net provide high market cap utility tokens for AI workloads, while wireless projects like Helium and ROAM represent the most mature and widely adopted infrastructure layer.
Node Growth and Network Participation
As of April 22, 2025, the total registered on-chain node count for DePIN projects on Solana has reached 238,165. DePIN nodes are units of physical or digital infrastructure, such as GPUs, IoT hotspots, or dashcams, executing key network functions like computation, data collection, or wireless transmission. Growth in the number of nodes reflects the scale, decentralization, and practicality of the network, with more nodes often indicating stronger coverage, higher engagement, and reliability.
In terms of node growth, Solana DePIN projects show a clear shift. Hivemapper initially led, but Helium quickly surpassed after launching Helium Mobile, now accounting for over 60% of new node share. While Render contributed fewer new nodes, it leads in revenue per node. Nosana gained traction in early 2025, while Uprock flattened after rapid growth at the end of 2024.
On-Chain Network Revenue
As the cryptocurrency industry matures, on-chain revenue has become a key metric for assessing project viability, product-market fit, and sustainable business models. As of April 22, 2025, the total on-chain revenue for DePIN projects on Solana has reached $5.98 million.
Revenue for DePIN projects on Solana has steadily increased, from around $4,000 weekly in April 2023 to over $100,000 by early 2025, peaking at $130,000 in mid-April. Helium is the highest weekly revenue generator, reaching $60,000 (60% share), while Render leads in total revenue ($2.65 million compared to Helium's $2.3 million). Render also maintains the record for the single-week revenue peak of $300,000 set in late 2024. These trends highlight the rising adoption rates, with each project gaining traction at different points in the DePIN growth cycle.
Main Project Analysis
1. Helium: Leader of Decentralized Wireless Networks
Helium is a decentralized wireless network that enables individuals to deploy hotspots and provide low-cost, secure connections for IoT and mobile devices. Users earn HNT token rewards by expanding coverage and routing data.
Key Milestones:
2013: Helium Founded
2019: Helium Hotspots launched, users begin earning HNT for coverage
2023: Migration to Solana to improve scalability and speed
2024: Public launch of Helium Mobile, a decentralized 5G service
2025: Launch of Zero Plan, the first free 5G mobile plan in the U.S.
2025: SEC dismisses lawsuit against Nova Labs, confirms Helium's token model does not violate securities laws
2025: Helium partners with AT&T to provide nationwide Wi-Fi coverage
Key Data:
Total Subscription Users: 176,301
Total Node Count: 69,449
Total On-Chain Revenue: $2.29 million
Helium's subscription user growth is influenced by clear product-driven inflection points. In the week following the official launch of Helium Mobile in January 2024, an additional 10,300 subscription users were added, promoting further hotspot deployments and network expansion. Subsequently, the launch of Zero Plan (the first free 5G mobile plan in the U.S.) in February 2025 triggered a second wave of growth, quickly filling the waiting list. After the free plan opened to everyone in April, the user count peaked again at 10,000.
As of the reporting period, Helium's total subscriber count has reached 176,301, with a total node count of 69,449. The composition of nodes shows a continuously changing trend, particularly with strong growth in the mobile data-only category. The report notes that two major events drove the peak in node deployments. First was a partnership with Ameriband in October 2024, adding over 100,000 data-only hotspots at retail and commercial sites across the U.S.; second was the acceleration of user growth following the removal of the Zero Plan waiting list in April 2025.
Helium generates on-chain revenue through its unique burn-mint model, allowing users to convert HNT into non-transferable Data Credits (DCs) for accessing services on its IoT and mobile networks. Specifically, mobile data is charged at $0.50 per gigabyte (i.e., 50,000 DCs), while IoT usage is charged per 24-byte message increment. Company revenue has steadily increased, recording $66,000 weekly in December 2024 and again reaching a sustained peak of $63,000 in April 2025.
2. Hivemapper: Decentralized Mapping Network
Hivemapper is a decentralized, community-driven mapping network where users collect street-level images through dashcams to earn HONEY token rewards. By transforming everyday driving into a data source, Hivemapper provides fresher and more dynamic maps for sectors such as transportation, logistics, and autonomous driving.
Key Milestones:
2022: Launch of Hivemapper network and HONEY token
2023: The unique road kilometers mapped by the network exceed 1 million
2024: Launch of the Bee Dashcam for high-quality image capture
2024: Release of Beekeeper, a fleet management tool without SaaS lock-in
2025: Bee Maps begins serving major clients like TomTom, Mapbox, and Trimble
Key Data:
Total Node Count: 77,483
Weekly Rewards: Over $60,000 in HONEY
As of April 2025, the network has 77,483 nodes, most of which are active in AI training and bounty activities, though less than 10% of nodes earn rewards for map coverage. Despite weekly rewards from Hivemapper declining from a peak of $1.4 million in December 2023, the network still distributes over $60,000 in HONEY tokens weekly. Notably, while fewer than 10% of nodes actively contribute to map coverage, these nodes consistently receive about 80% of total rewards.
Hivemapper earns revenue by selling Map Credits (each worth $0.005), which are purchased through burning HONEY tokens for access to map data. Revenue trends peaked at $30,000 weekly at the end of 2023, exceeding $50,000 weekly during April to May 2024.
3. Render: Decentralized GPU Rendering Network
Render Network is a high-performance distributed GPU rendering network, facilitating a computing marketplace between GPU providers and requesters using industry-leading OTOY Inc. software. GPU owners can monetize idle GPUs by providing computational power to creators seeking rendering resources. It offers scalable and cost-effective rendering services for 3D graphics, dynamic designs, and AI workloads.
Key Milestones:
2021: Launch of Render Decentralized Rendering Network
2023: Migration to Solana and upgrade of token to RENDER
2024: Integration of OctaneRender for Blender through RNP-017
Key Data:
Active On-Chain Nodes: 3,784
Burned RENDER Tokens: Over 121 million
Tokens Distributed to Node Operators: Over 2.4 million
Render Network allows anyone with idle GPU capacity to become a node operator, contributing computing power for decentralized rendering and AI infrastructure. Node operators lease their GPU capabilities to artists, studios, and AI developers needing scalable, on-demand computing, in return for RENDER tokens.
As of April 2025, Render Network has 3,784 active on-chain nodes providing decentralized computing power for the growing ecosystem of creative and AI applications. To date, users have burned over 121 million RENDER tokens accessing GPU capabilities, while minting over 2.4 million tokens awarded to node operators, demonstrating healthy demand and active participation in the ecosystem. Previous reports indicated revenue peaked at nearly $300,000 per week from November to December 2024, thanks to key upgrades (RNP-016 to 018), expanded artist incentives, and an Advent Calendar event with free GPU credits and prizes. A significant peak occurred in mid-April 2025, with weekly revenue reaching $70,000, indicating a resurgence in creator demand and network adoption.
4. Nosana: Decentralized AI Computing Network
Nosana is a decentralized computing network where users can run AI inference tasks on a global GPU host grid. Participants register idle GPUs as nodes and earn $NOS tokens by completing tasks in the network's specific job market. Nosana's solution provides a scalable, censorship-resistant alternative that leverages underutilized global GPU resources to offer a more cost-effective option for AI computing.
Key Milestones:
2024: Launch of Global Test Grid
2024: Release of Node V2, significantly improving performance
2025: GPU Market Mainnet Launch
Key Data:
Global Node Count: Over 4,200
Daily Active Nodes: Increased from an average of 300 in 2024 to over 600 in 2025
In January 2025, Nosana officially launched its decentralized GPU marketplace to the public. This release, following a year of closed testing, triggered significant growth in node activity: daily active nodes rose from an average of 300 in 2024 to over 600, peaking at over 800 in March 2025. This growth signifies increasing adoption rates among GPU hosts and AI developers.
Over 4,200 nodes have joined globally, with Nosana demonstrating scalable performance and sustained activity, becoming a strong decentralized alternative to traditional computing providers. Its on-chain activity is driven by interactions between node operators and the job market, reflecting the actual usage of its decentralized GPU network. The network reached a historical peak of over 200,000 operations weekly in May 2024 and stabilized at around 80,000 operations, indicating a healthy and sustained demand for computing tasks.
Most activity comes from three key command types: creating new jobs, queuing nodes for task execution, and completing tasks for payment, which represent the core work lifecycle on the network, maintaining a relatively stable usage pattern. Less common commands such as stop, exit, and cleanup occur about 1,000 times weekly, showing a low rate of early task termination or cleanup, further indicating system stability and the good alignment of incentive mechanisms.
5. UpRock: Mobile-First Data Intelligence Network
UpRock is a decentralized data intelligence network driven by a mobile-first DePIN model. Users can share unused internet bandwidth and computing power through the UpRock app, turning everyday devices into passive data contributors to earn $UPT tokens. These resources provide real-time, geographically diverse, and censorship-resistant data support for AI models.
UpRock monetizes through SaaS subscriptions and pay-per-use APIs, with a portion of the revenue used for on-chain $UPT token buybacks, funding rewards for contributors and strengthening the ecosystem. After achieving a peak of over $3,000 in weekly on-chain network revenue in February 2025, revenue has stabilized at $1,500 per week.
Conclusions and Key Insights
Solana's leadership in the DePIN space: If the protocol does not choose to launch its own independent L1/blockchain, Solana has become the leading chain for DePIN, with a total market cap of $3.25 billion, and an average market cap of $191.3 million per project.
On-chain activity proves the real value of DePIN: DePIN is not just a narrative. Projects like Helium, Render, and Hivemapper have collectively generated nearly $6 million in on-chain network revenue, a strong signal of real product-market fit.
Compute and wireless categories dominate the market: Compute (71.2%) and wireless (22.2%) categories lead the market share in the Solana DePIN space (totaling 93.4%).
Node growth and service adoption accelerate: Helium has over 176,000 mobile users and 69,000 nodes, while Hivemapper and Render continue to expand their contributor base. Nosana's active node count doubled after the mainnet launch.
Transparency challenges persist: Despite practical applications, DePIN remains one of the most difficult areas in crypto to track on-chain activities because it relies on off-chain hardware and third-party integrations. While progress has been made, fully transparent and consistent on-chain measurement is still ongoing.