Messari is bringing attention back to a forgotten crypto sector. We are referring to the DePIN networks which are showing solid growth and very real revenues, despite tokens in free fall.
In brief
- DePIN projects are generating real revenue despite the collapse of their tokens in the market.
- InfraFi ushers in a new crypto era focused on concrete profitability and economic utility.
DePIN projects surprise with unexpected performance
Messari’s “State of DePIN 2025” report puts the market at $10 billion. The data shows $72 million in onchain revenue generated over the year. The DePIN Helium project, for example, recorded an 800% increase in revenue, despite a 77% drop in the price of its token.
This dynamic contrasts with the difficulties of DeFi protocols and traditional crypto blockchains, often weighed down by speculation. DePIN is part of a logic of real use: sensors, energy, bandwidth or even distributed storage.
The “DePIN Leaders” index identifies 15 crypto projects generating at least $500,000 annuallywithout depending on tokenomics inflation or massive subsidies.
Messari highlights a break with old crypto models. DePIN projects thus operate within a more rational framework. Investors rely on the ability to produce income, not on empty storytelling.
InfraFi redefines the profitability of decentralized crypto networks
THE Messari report highlights another point: the emergence of a new generation of hybrid models in the crypto sphere. We are referring to InfraFi which allows stablecoins to be used to finance physical infrastructure (notably fleets of GPUs and solar panels). In return, users receive a return linked to the income generated.
Miscellaneous crypto projects such as USDai, Dawn and Daylight embody this trend. They attract capital not on the promise of a pump, but on the basis of real profitability. By 2025, more than $1 billion has been raised to fund these initiatives. This confirms the growing interest in decentralized infrastructure projects.
According to Messari, this segment could become central for Web3 businesses (especially in AI and robotics, on the verge of surpassing crypto-assets).
DePINs therefore mark a turning point in the crypto universe. The current dynamic could well chart the course for a new era. File to follow…
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