DePIN Sector Shows Maturation with $1B Funding and $72M On-Chain Revenue in 2025
The DePIN sector reached a pivotal milestone in 2025, attracting $1 billion in funding while generating $72 million in on-chain revenue, according to Messari's State of DePIN report. The sector's valuation climbed to $10 billion, reflecting a shift from speculative ventures to infrastructure-driven businesses.
Protocol-level revenue, derived from network usage fees and incentives, underscores DePIN's tangible utility. Despite a bearish market, select networks demonstrated resilient revenue growth, outperforming traditional altcoins and LAYER 1 projects. A single project secured $140 million in funding—nearly double its nearest competitor—highlighting concentrated investor confidence.