Looking to diversify your cryptocurrency portfolio? Stay ahead of the game by investing in DePIN crypto coins such as RNDR and HNT.
Decentralized Physical Infrastructure Networks (DePINs) have been a dominant force in the crypto sector this year, gaining significant interest from the community and investors. DePINs use blockchain technology to incentivize participants to provide physical and digital infrastructure, such as mobile and wireless services, data storage, and database services. DePIN has provided a medium for network participants to be rewarded for service provision, and users can use these platforms to further their developments.
A critical factor in DePIN’s rapid adoption is its ability to onboard new users through an efficient supply and demand flywheel. At a high level, DePINs give token rewards to service providers, increasing user-generated fees and providing more services. The services provided are disruptive and are cheaper alternatives with the same, if not better, quality service you would receive through centralized outlets, creating sustainable demand. DePIN leverages the power of community tokens (cryptocurrencies) to create long-term value for the token and the services provided. Many DePIN services cater to Web2 users using native hardware like mobile phones, making it easy for the average person to begin capitalizing on their resources.
Best DePIN Crypto Coins for Investors
The opportunity DePIN provides is strong, attracting the attention of users and investors alike. Investing in DePIN means buying into a strong narrative with great promise and a solid track record. Let’s examine some of the top DePIN projects and tokens.
1. Helium Network
You might have heard about Helium Network, one of the most popular Web3 projects, having grown by over 300% in the last year. The Helium Network is a powerful DePIN project building a decentralized network of wifi hotspots. Focusing on the Internet of Things (IoT), Helium allows individuals to sell their WiFi or cellular service to the network in hotspots and be rewarded with a community token. These hotspots provide cell service for Helium Mobile – their proprietary phone plan. Growing to over 30,000 mobile subscribers since its launch in December 2023, Helium has capitalized on the power of decentralization and incentive mechanisms to solve a problem. Helium Mobile can be as low as $5 per month, and users can help pay the bill by contributing to the network. Participants worldwide are incentivized to contribute, receiving HNT for their efforts. HNT is a multifunctional token in the Helium ecosystem, acting as a reward and payment for phone plans and other hotspot services. The ease of use has made it attractive to non-crypto natives, adding a new stream of users to Web3. Helium, partnered with T-Mobile, has the potential to revolutionize the cell service industry, providing users with fast, cheap cell service via an incentivized community.
2. Filecoin
fil
Filecoin$4.43*
*prices delayed up to 10 minutes+0.76%
24HDisclosure: eToro USA LLC; Investments are subject to market risk, including the possible loss of principal.
Filecoin is one of the most extensive decentralized cloud storage solutions. Filecoin was built around the concept that users can store content on a distributed network, ensuring that files are fully backed up and are out of the control of centralized entities. This practice increases the security and control of the items stored. To achieve this, Filecoin uses an InterPlanetary File System (IPFS) decentralized protocol. Filecoin is decentralized, so anyone can contribute storage to the network and be rewarded with FIL tokens. FIL is the ecosystem token used to pay for services and reward contributors, driving the token’s value. With a current market cap of $4.6 billion, FIL is the 27th largest crypto by market cap. FIL sits 90% below all-time highs (ATHs) made in 2021 and is up over 58% from last year. With a unique value proposition and dominating market position, FIL has the potential to continue growing as one of the top DePIN projects.
3. Silencio
Silencio is a DePIN project that seeks to solve an issue you may have never heard of. Noise pollution is a $100 billion problem many businesses face in the real world. Noise pollution refers to the noise in a particular area. For example, a new hotel being built would not want to be in a noisy area because that can decrease the customer experience and lead to a loss of revenue. Silencio solves this problem by leveraging the community to map noise pollution. To participate, users download the app using their phone’s microphone to track the decibels in certain areas. Participants don’t have to change how they use their devices and are rewarded with NOISE tokens. This project is still in its early stages, with the token not listed on any exchanges, so it is more speculative. As of now, you can only mine NOISE through network contributions.
4. Render
Render is a DePIN project offering a unique solution enabled by blockchain technology. Render leverages the community to provide digital rendering services, which are more cost-effective as they are crowdsourced. Contributors are rewarded in the native token RNDR, and consumers pay for rendering services with it. This feature appeals to startups with fewer resources that seek to innovate but lack the resources that big companies can access. Render democratizes rendering services, helping anyone grow. Rendering is essential for emerging technologies like virtual reality (VR) and the metaverse. Render ties into the metaverse narrative and has become a popular DePIN project. RNDR rose over 600% in the last year, making it one of the biggest winners in the DePIN ecosystem
5. Theta Network
theta
Theta Network$1.52*
*prices delayed up to 10 minutes+1.55%
24HDisclosure: eToro USA LLC; Investments are subject to market risk, including the possible loss of principal.
Theta Network is a decentralized network that provides computing resources for video streaming content. The ethos is to provide high-quality videos to users worldwide with no lag. Video lag results from a lack of local infrastructure. Theta sets out to solve this problem by decentralizing bandwidth through a community. Individuals can rent out their excess bandwidth and be rewarded with the network token THETA. Creators can also upload videos to the network and receive royalty token payments, creating a multifunctional ecosystem. With over a $2.5 billion market cap growing over 128% last year, THETA is one of the most popular DePIN tokens.
6. Arweave
Arweave is another decentralized blockchain-based storage solution similar to Filecoin. However, the two are different in terms of fee structure. On Arweave, users seeking storage pay a one-time fee for permanently distributed data storage, whereas Filecoin’s ecosystem operates on an ongoing fee basis. AR is the native token used in the Arweave ecosystem to reward storage contributors and purchase storage solutions. Arweave has been one of the hottest projects in the DePIN space, growing over 300% in the last year. Storing data on blockchains provides benefits like security, transparency and immutability. Projects like Arweave and Filecoin are leading the way providing a medium to achieve this and are some of the top use cases in the DePIN ecosystem.
7. Siacoin
Siacoin has been one of the top DePIN coins in the current market. Siacoin solves a significant issue in the photo storage industry. When users upload photos, they are controlled by centralized clouds like Google Cloud or iCloud. Even though centralized entities have robust security measures, they represent a single point of failure. If user photos get into the wrong hands, many problems could emerge. Siacoin is a decentralized photo storage network that distributes storage across the network, making it secure and immutable without sacrificing accessibility. As with other DePIN projects, Siacoin leverages the community to make this happen. A network of participants rent out their excess storage on hard drives, receiving SC and users can pay in SC to store their photos. In the last year, SC – the native token in the Siacoin network, has grown over 130%, capturing community attention. Siacoin is looking to be a key player in the decentralized photo storage sector with a niche value proposition.
8. Powerledger
Powerledger has created a peer-to-peer marketplace for solar power exchange. While developed countries are beginning to make strides in repurposing excess energy, many developing countries need the infrastructure to facilitate this. Excess power that is generated ends up being wasted which could’ve been optimized. Powerledger bridges this gap by enabling you to sell your excess solar energy directly to other consumers. This practice is incentivized through a native token reward – POWR. All transactions are made in POWR, which creates a functional and efficient ecosystem with long-term value. In the last year, POWR has grown just shy of 100% and is seeking to lead the way in optimizing energy waste.
Are DePIN Coins a Good Investment?
With any investment, there are subsequent risks. DePIN has emerged as a high-utility blockchain implementation, leading to many project launches. DePIN projects focus on solving real-world infrastructure problems, using blockchain as a vehicle to achieve this in a decentralized way. When investing, following the narratives is a great way to see where attention and resources are moving. With DePIN receiving a lot of interest in the last year, it is an area to consider. Investors should research before making any decisions, carefully weighing the risks and rewards with their investment goals.
Where Can I Buy DePIN Tokens?
DePIN coins trade on crypto exchanges. As tokens increase in popularity and value, they become more accessible and listed on larger exchanges. Some of the most popular exchanges for purchasing DePIN tokens are Coinbase, Binance, Kraken and Gate.io.
Sum of median estimated savings and rewards earned, per user in 2021 across multiple Coinbase programs (excluding sweepstakes). This amount includes fee waivers from Coinbase One (excluding the subscription cost), rewards from Coinbase Card, and staking rewards. ³Crypto rewards is an optional Coinbase offer. Upon purchase of USDC, you will be automatically opted in to rewards. If you’d like to opt out or learn more about rewards, you can click here. The rewards rate is subject to change and can vary by region. Customers will be able to see the latest applicable rates directly within their accounts.
DePIN: The Next Biggest Opportunity
DePIN projects have taken the ecosystem by storm, generating significant returns in the past year. Many see this as a money grab, but the underlying utility of these networks has proven to be a problem solver. By leveraging the power of community through token incentives, DePINs foster an ecosystem where all network constituents win. Many DePIN projects use Web2 hardware and software solutions, providing them in a decentralized way that is more cost-effective, scalable and sustainable than centralized counterparts. DePIN makes it easy for new users to join the Web3 ecosystem since they can use mobile phones, contribute to a network like Helium and be compensated with little friction or blockchain knowledge. DePIN capitalizes on blockchain's robust power, making it one of the biggest emerging sectors in the Web3 ecosystem. As the DePIN user experience becomes more seamless and product market fit is honed, more users will be onboarded into Web3, driving value on a large scale and making DePIN a massive opportunity.
Frequently Asked Questions
What crypto is DePIN?
Tokens used within DePINs are given as contributors’ rewards and as a payment method for consumers.
What are the top DePIN projects for 2024?
Some of the top DePIN projects for 2024 include Helium Network, Theta Network, Filecoin, Siacoin, Powerledger, Arweave, Silencio and Wingbit.
Is Siacoin a DePIN?
Yes, Siacoin is a decentralized photo storage solution and one of the most popular DePIN projects right now.
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About Gianluca Miller
Gianluca Miller’s crypto journey started in 2019 when he sought alternative assets to diversify his investment portfolio. With a keen interest in innovative technologies, he became increasingly involved in Web3 through trading crypto and participating in DeFi protocols. Over the last few years, he has become a blockchain evangelist, fascinated with the tech’s utility and impactability. Gianluca contributes to Benzinga, is working on a Defi research project through Blockchain UCSB, and continues to expand his Web3 acumen daily. He loves learning, analyzing new projects and market conditions, and building relationships with industry leaders.