DePIN rebounds into a $10B overlooked sector, Messari says
DePIN’s “death” narrative hides a market that’s quietly compounding revenues, as Messari’s new report pegs the sector at $10 billion with growing real‑world usage and cash flow.
Decentralized physical infrastructure networks (DePINs) have been written off as dead by many investors, but a new “State of DePIN 2025” report from Messari and Escape Velocity argues the sector has steadily grown into a $10 billion market generating $72 million in onchain revenue last year alone.
According to the report, the “class of 2018-2022” DePIN tokens are down a massive 94%-99% from all‑time highs. Yet, leading projects now post verifiable recurring revenue and trade at 10 to 25 times revenue multiples, levels Messari characterizes as undervalued relative to growth.
Messari said the shift marks a transition from subsidy-driven growth toward networks that generate revenue through real-world usage, particularly in areas such as bandwidth, compute, energy and sensor data.
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