DePIN Sector Matures With 25+ Projects Now Generating Revenue

• According to Messari, the sector’s price-to-sales (P/S) ratio currently sits between that of base layer protocols and DeFi projects
• The report analyzes 80 DePIN projects, with 25 shown to be revenue-generating, featuring valuations based on FDVs
• DePIN market surpassed $50 billion last year and is estimated to reach $3.5 trillion by 2028

The Decentralized Physical Infrastructure Networks (DePIN) sector is experiencing notable growth, now having over 25 projects generating revenue. According to Messari, the sector’s price-to-sales (P/S) ratio currently sits between that of base layer protocols and DeFi projects, which indicates a maturing market with growing revenue.

DePINs, split into Digital Resource Networks (DRNs) and Physical Resource Networks (PRNs), are evaluated for valuation drivers, and Messari’s chart compares their P/S ratios in the time span between 2023 and 2024.

The report analyzes 80 DePIN projects, showing that 25 of them are revenue-generating, with valuations based on Fully Diluted Valuations (FDVs). It must be said that some revenue data may be skewed by inflationary token practices, as not all figures are verifiable on-chain.

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