Pantera Partner: Three Major Projects to Help You Understand the DePin Track

Author: Paul Veradittakit, Partner at Pantera Capital; Translation: Wu Zhu, Golden Finance

Decentralized Physical Infrastructure Networks (DePin) combine blockchain with infrastructure networks and are currently applied across industries such as energy, telecommunications, storage, artificial intelligence, and data collection.

In the previous crypto cycle, many projects leveraged DePin hype to identify significant market opportunities. However, when core products failed to attract demand and supply, they shifted focus to crypto token economics.

For those that survived, many spent time building their infrastructure, creating sustainable revenue streams by solving existing problems, even independently of token economic flywheels. Let’s explore them!

Geodnet (Real-Time Kinematics)

Core Problem Being Addressed

Traditional GPS systems often lack the precision required for advanced applications, which need centimeter-level accuracy rather than meter-level. Compared to conventional GPS tech, Geodnet’s solution can improve positioning accuracy by 100 times.

Target Customers

Geodnet serves industries reliant on high-precision geospatial data, including:

• Autonomous Vehicles

• Agriculture

• Smart Cities

• Defense and Security

• Space Exploration

Revenue Model

• Data Licensing: Selling geospatial data to commercial clients.

• Node Participation Fees: Fees related to miner setup and usage.

• Partnerships: Integrating Geodnet services into existing workflows with industries like autonomous systems.

In 2024, Geodnet reported revenue growth of over 500% year-over-year, reaching $1.7 million, with an annualized run rate exceeding $2.2 million by year-end.

Token Economics

Geodnet uses its native GEOD token to incentivize participants:

• Miners earn tokens based on data contributions and network uptime.

• Burn Mechanism: Tokens are burned during data transactions, increasing deflationary pressure.

• Daily Earnings: Average daily earnings per miner are approximately $4.30, with an expected payback period of 3-4 months.

• Circulation: Token distribution ensures liquidity while incentivizing early adopters.

• Token Utility: Used for payments, staking, and governance within the network.

Participation and Contributions

1. Become a Miner:

• Purchase mining equipment (costs between $500 and $700).

• Set up miners and connect to the network, uploading 20-40GB of data monthly.

2. Use the Network:

• Access RTK correction data via subscription or direct purchase.

3. Develop Applications:

• Build software for specific industries utilizing Geodnet data.

4. Governance:

• Stake GEOD tokens and vote on proposals to participate in protocol governance.

Helium ( Wireless Infrastructure )

Core Problem Being Addressed

Traditional mobile network operators (like T-Mobile) require substantial capital to build cell towers, maintain infrastructure, and expand coverage. Helium addresses this by creating a distributed wireless network that leverages community-owned hotspots to provide affordable, scalable, and resilient connectivity for mobile and IoT devices.

Target Customers

1. Consumers – Offer affordable mobile plans (e.g., $20/month) with unlimited data via their decentralized network.

2. Telecom Providers – Provide WiFi offloading capabilities to major carriers, reducing infrastructure costs.

3. IoT Device Manufacturers – Connect low-power IoT devices via LoRaWAN protocol.

4. Enterprises – Help organizations deploy private wireless networks for asset tracking, sensors, and environmental monitoring.

Revenue Model

Helium generates revenue through two main channels:

1. Direct-to-Consumer Mobile Plans:

• Use Helium hotspots and partner networks (e.g., T-Mobile) to offer $20/month unlimited plans.

2. Carrier WiFi Offloading Fees:

• Charge telecom providers $0.50/GB to offload data via Helium’s decentralized hotspots instead of traditional cell towers.

Financial Performance

• Users: Over 100,000 direct mobile users and more than 300,000 indirect WiFi offload users.

• Revenue: Generated seven-figure annualized on-chain revenue from mobile subscriptions and carrier offloading fees.

• Forecast: As partnerships expand, potential WiFi offload revenue alone could exceed $50 million annually.

Token Economics

Helium’s HNT token is central to its incentive and payment structure:

1. Earning Rewards:

• Hotspot operators earn HNT by providing coverage and transmitting data.

2. Utility:

• Tokens are used for network transactions, data payments, and governance proposals.

3. Burn Mechanism:

• HNT tokens are burned when paying for network services, reducing supply and creating deflationary pressure.

How to Participate, Contribute, and Access Helium

1. Deploy Hotspots:

• Purchase and set up Helium-compatible hotspots to provide coverage and earn HNT rewards.

• Choose from 16 approved hardware types designed for IoT or mobile offloading.

2. Consumer Plans:

• Subscribe to Helium Mobile’s $20/month plan for affordable mobile data coverage.

3. Carrier Partnerships:

• Telecom providers can integrate with Helium to offload data, reducing operational costs.

4. Governance and Staking:

• Stake HNT tokens to participate in network governance, propose upgrades, and vote on key changes.

Akash (Computing)

Core Problem Being Addressed

Akash solves the high costs, scalability limitations, and centralization issues of traditional cloud providers like AWS, Google Cloud, and Microsoft Azure. It offers a decentralized cloud computing marketplace that allows users to monetize idle machines at lower costs.

Target Customers

1. AI Developers – Require high-performance GPUs for training and deploying machine learning models.

2. Startups and Enterprises – Need affordable, scalable cloud computing for data processing, storage, and AI-driven applications.

Revenue Model

Akash generates revenue through:

1. Marketplace Fees – Charging transaction fees on compute leasing and payments processed via the network.

2. Compute Resource Leasing – Earning a portion of revenue from GPU and CPU rentals used for AI training and workloads.

3. Developer Tools – Monetizing API integrations and SDK licensing for its compute infrastructure.

4. Enterprise Partnerships – Collaborating with AI labs and decentralized platforms to expand computing capacity.

Financial Performance

• Annual Revenue: In 2024, Akash reported $2.5 million from compute leasing and fees.

• Growth Rate: Driven by AI adoption, GPU compute demand has increased 33-fold.

• Network Scale: Supports over 400 GPUs.

Token Economics

Akash uses AKT tokens for payments, governance, and incentives:

1. Utility:

• Buyers pay for compute resources using AKT tokens.

• Providers stake tokens to secure work and enhance reputation.

2. Incentives:

• Providers earn AKT tokens by offering compute resources.

• Tokens are distributed based on uptime, performance, and job completion.

3. Governance:

• Token holders can propose upgrades and vote on protocol changes.

4. Burn Mechanism:

• Fees are burned, reducing token supply and increasing deflationary pressure.

How to Participate, Contribute, and Access Akash

1. As a Provider:

• Set up GPU, CPU, or storage servers on the Akash network.

• List resources, set prices, and start earning AKT tokens.

2. As a Consumer:

• Use the Akash web interface or CLI to lease compute resources.

• Deploy AI training workloads, web services, and decentralized apps.

3. As a Developer:

• Access APIs and SDKs to integrate Akash’s services into applications.

• Use GPU clusters for deep learning training or inference tasks.

4. Governance Participation:

• Stake AKT tokens to vote on network upgrades and resource pricing policies.

Outlook

These are just brief examples of feasible projects with sustainable revenue streams. In the coming months, DePin adoption is expected to increase, leading to more sustainable, scalable, and profitable companies.

Many of these are consumer-facing, but what excites me even more is the infrastructure layer. Underlying blockchains, oracle services, smart contract platforms, middleware, integrations, and token issuance services are areas where companies will benefit greatly from increased usage of DePin projects. Examples include Solana, Peaq, Base, Story, Arweave, Opacity Network, and DeForm.