The DePIN Projects on Solana are Thriving: From Idle Resources to Innovative Business Models

Decentralized Physical Infrastructure Networks (DePIN) are rapidly emerging as an important bridge connecting blockchain with real-world assets. Through cryptographic incentive mechanisms, DePIN is reshaping the construction and operation of infrastructure, covering various fields such as shared GPUs, telecommunications networks, and street map collection. Solana, with its high-performance network, is gradually becoming the preferred platform for DePIN projects.

This article is based on the latest research report and provides an in-depth analysis of the development status, market performance, and on-chain data of major DePIN projects on Solana. The data is up to April 22, 2025, showcasing a clear picture and a verifiable growth trajectory of this emerging ecosystem.

The Concept of DePIN and the Advantages of Solana

DePIN utilizes cryptocurrency incentive mechanisms to initiate and operate real-world infrastructure. This model targets markets with strong demand but inefficient supply, activating idle resources such as GPUs and wireless bandwidth. Unlike traditional models, DePIN allocates ownership to individuals, improving efficiency, enhancing resilience, and expanding accessibility.

Solana has become an ideal platform for DePIN applications due to its high throughput, low transaction fees, and composable infrastructure. Its ecosystem and developer community are making it a hub in this emerging field.

DePIN Market Overview

As of April 2025, the total market value of global DePIN projects listed on chains reached $7.1 billion, with the total market value of DePIN projects on Solana being $3.25 billion, leading other blockchain platforms. Calculating the average market value per project, Solana leads again with $191.3 million.

The DePIN project is mainly divided into five categories: computing, wireless, sensors, servers, and AI. The computing and wireless categories together account for 93.4% of the market share and have the highest average market capitalization.

The total number of registered on-chain nodes for DePIN projects on Solana has reached 238,165. Helium quickly surpassed other projects after launching mobile services, capturing more than 60% of the new node share.

In terms of on-chain revenue, the total on-chain income of DePIN projects on Solana has reached $5.98 million. Revenue grew from approximately $4,000 per week in April 2023 to over $100,000 per week by early 2025. Helium is the top weekly earner, while Render leads in total income.

Major Project Analysis

1. Helium: The leader in decentralized wireless networks

Helium is a decentralized wireless network that allows individuals to deploy hotspots and provide connectivity for IoT and mobile devices. Users earn HNT token rewards by expanding coverage and routing data.

Key Data:

• Total subscribed users: 176,301
• Total number of nodes: 69,449
• Total on-chain revenue: 2.29 million USD

The user growth of Helium is clearly driven by product influences, such as the official release of Helium Mobile and the launch of the Zero Plan. The composition of nodes shows a continuously changing trend, with particularly strong growth in the dedicated category for mobile data.

2. Hivemapper: Decentralized Map Network

Hivemapper is a community-driven mapping network where users collect street-level images through dash cams to earn HONEY token rewards.

Key Data:

• Total number of nodes: 77,483
• Weekly reward: over $60,000 HONEY

Although less than 10% of the nodes actively contribute to map coverage, these nodes receive about 80% of the total rewards. Hivemapper earns revenue by selling Map Credits, with income exceeding $50,000 per week during the period from April to May 2024.

3. Render: Decentralized GPU Rendering Network

Render Network is a distributed GPU rendering network where GPU owners can monetize their idle GPUs by providing computing power.

Key Data:

• Active on-chain nodes: 3,784
• RENDER tokens burned: over 121 million
• Tokens distributed to node operators: over 2.4 million

Render Network provides decentralized computing power for the creative and AI application ecosystem. Revenue peaked at nearly $300,000 per week from November to December 2024.

4. Nosana: Decentralized AI Computing Network

Nosana is a decentralized computing network where users can run AI inference tasks through a global network of GPU hosts.

Key Data:

• Total number of nodes: over 4,200
• Daily active nodes: Increase from an average of 300 in 2024 to over 600 in 2025.

After Nosana officially launched the decentralized GPU market in January 2025, the number of daily active nodes significantly increased. The network reached a historic peak of over 200,000 weekly operations in May 2024.

5. UpRock: Mobile-first data intelligence network

UpRock is a decentralized data intelligence network driven by a mobile-first DePIN model. Users can earn $UPT tokens by sharing unused internet bandwidth and computing power through the application.

UpRock monetizes through SaaS subscriptions and APIs, reaching a peak of over $3,000 per week in on-chain network revenue by February 2025.

Conclusion and Key Insights

• Solana occupies a leading position in the DePIN field, with a total market capitalization of $3.25 billion.
• On-chain activities have demonstrated the actual value of DePIN, with major projects generating nearly $6 million in on-chain network revenue.
• The computing and wireless categories dominate the market, accounting for a total market share of 93.4%.
• Node growth and service adoption accelerated, with Helium exceeding 176,000 mobile users and 69,000 nodes.
• Despite progress, DePIN still faces challenges in transparency, with fully transparent and consistent on-chain measurements still in progress.