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In-depth analysis of the Solana DePIN ecosystem: the growth trajectory behind the $3.25 billion market capitalization
Solana DePIN Ecosystem Report: How does Blockchain Empower Physical Infrastructure from Hardware Devices to Practical Applications?
Among the many innovations in the blockchain field, the decentralized physical infrastructure network ( DePIN ) is rising rapidly, becoming a bridge that connects real-world assets with the blockchain. Whether it's shared GPUs, telecommunication networks, or street view map collection, DePIN is reshaping the construction and operation of infrastructure through cryptographic incentive mechanisms. Solana, with its high-performance network, is gradually becoming the core platform of this trend.
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 several core DePIN projects on Solana. The report data is as of April 22, 2025, offering us a clear picture of this emerging ecosystem and revealing its real and verifiable growth trajectory.
DePIN Concept and Advantages of Solana
What is DePIN?
Decentralized Physical Infrastructure Networks ( DePIN ) is an innovative model that utilizes cryptocurrency incentive mechanisms to launch and operate real-world infrastructure. These projects typically target markets with strong demand but inefficient supply, activating idle resources ( such as unused GPUs, wireless bandwidth, etc. Unlike traditional infrastructure models dominated by large enterprises, DePIN allocates ownership to individuals, thereby improving efficiency, enhancing resilience, and expanding accessibility.
) Why choose Solana?
Solana has become the ideal platform for transparent scaling of DePIN applications due to its high throughput, low transaction fees, and composable infrastructure. Its thriving ecosystem and strong developer community are making it the center of this emerging field. As the head of DePIN at a certain foundation stated:
"DePIN is about to reach escape velocity. This innovative business model has proven its ability to scale physical infrastructure networks faster and cheaper in a community-driven way - all happening on Solana. The world's largest DePIN project chose to build on Solana because of its high performance and active capital markets, and has been drawn by its thriving community ecosystem."
DePIN Market Overview
As of April 2025, the total market value of global DePIN projects listed on the chain excluding independent projects L1/chain has reached 7.1 billion USD, with the total market value of DePIN projects on Solana at 3.25 billion USD, leading EVM at 2.84 billion USD and Cosmos at 1.6525 billion USD, Cardano at 1.1952 billion USD and Sora at 1.1601 billion USD among other blockchain platforms.
Based on the average market capitalization of each project, Solana leads again with $191.3 million, followed by Cardano ### $197.6 million (, Cosmos ) $193.2 million (, Sora ) $180.1 million (, and EVM ) $406.0 million (.
![Solana DePIN Report: How Ordinary People Make Money Easily from "Mining" to "Map"?])https://img-cdn.gateio.im/webp-social/moments-f6c5398704bdb4eb643a105959f20398.webp(
) Project Category Distribution
The DePIN project is mainly divided into five major categories:
The computing and wireless categories together account for 93.4% of the market share and also have the highest average market capitalization. Computing networks provide high market cap utility tokens for AI workloads, while wireless projects represent the most mature and widely adopted infrastructure layer.
![Solana DePIN Report: From "Mining" to "Map", How Can Ordinary People Make Money Lying Down?])https://img-cdn.gateio.im/webp-social/moments-d74e1199ac96efe6b83bf7fa0ecab4bb.webp(
) Node Growth and Network Participation
As of April 22, 2025, the total number of registered on-chain nodes for DePIN projects on Solana reached 238,165. DePIN nodes are units of physical or digital infrastructure, such as GPUs, IoT hotspots, or dashcams, that perform critical network functions such as computation, data collection, or wireless transmission. The growth in the number of nodes reflects the scale, decentralization, and practicality of the network; more nodes typically mean stronger coverage, higher participation, and reliability.
In terms of node growth, the Solana DePIN project shows significant changes. A certain mapping project initially led, but a certain wireless network quickly surpassed it after launching mobile services, now occupying over 60% of the new node share. Although a certain GPU rendering network contributed fewer new nodes, it leads in revenue per node. A certain AI computing network gained traction in early 2025, while a certain data intelligence network grew rapidly at the end of 2024 before flattening out.
![Solana DePIN Report: How Ordinary People Can Make Money by "Mining" to "Mapping"?]###https://img-cdn.gateio.im/webp-social/moments-d70c1c0d2c3638897439a96e6a0e3f02.webp(
) On-chain network income
As the cryptocurrency industry matures, on-chain revenue has become a key indicator for assessing project feasibility, product-market fit, and sustainable business models. As of April 22, 2025, the total on-chain revenue of DePIN projects on Solana reached $5.98 million.
The revenue of DePIN projects on Solana has been steadily increasing, growing from about $4,000 per week in April 2023 to over $100,000 per week by early 2025, peaking at $130,000 in mid-April. A certain wireless network is the highest earner at $60,000 with a 60% share (, while a certain GPU rendering network leads in total revenue at $2.65 million, compared to $2.3 million for the wireless network ). The GPU rendering network also maintained the record for a single-week revenue peak of $300,000 set at the end of 2024. These trends highlight the rising adoption rate, with each project gaining traction at different points during the DePIN growth cycle.
Main Project Analysis
( 1. A certain wireless network: Leader in decentralized wireless networks
A certain wireless network is a decentralized wireless network that allows individuals to deploy hotspots and provide low-cost, secure connections for IoT and mobile devices. Users earn token rewards by extending coverage and routing data.
Important Milestone:
Key Data:
The growth of the network's subscription users was significantly impacted by clear product-driven inflection points. In the week following the official release of mobile services in January 2024, an additional 10,300 subscription users were added, facilitating more hotspots deployment and network expansion. Subsequently, the launch of the Zero Plan), the first free 5G mobile plan in the US( in February 2025, triggered a second wave of growth, quickly filling the waiting list. After the free plan was opened to everyone in April, the number of users peaked again at 10,000.
As of the reporting period, the total number of subscribed users has reached 176,301, and the total number of nodes is 69,449. The composition of nodes shows a trend of continuous change, with the category of mobile data dedicated nodes experiencing particularly strong growth. The report points out that two major events drove the peak in node deployment. First, the partnership with a certain company in October 2024 added over 100,000 dedicated data hotspots at retail and commercial sites in the United States; secondly, after the cancellation of the Zero Plan waiting list in April 2025, user growth accelerated again.
The network generates on-chain revenue through its unique burn-mint model, allowing users to convert tokens into non-transferable data credits to access services on its Internet of Things and mobile networks. Specifically, mobile data is charged at $0.50 per gigabyte ), which equals 50,000 data credits ###, while IoT usage is charged incrementally per 24-byte message. Company revenue has been steadily increasing, setting a record of $66,000 per week in December 2024, and again reaching a sustained peak of $63,000 per week in April 2025.
2. A certain map network: decentralized map network
A certain mapping network is a decentralized, community-driven mapping network where users collect street-level images through dashcams to earn token rewards. By transforming daily driving into a data source, it provides fresher and more dynamic maps for areas such as transportation, logistics, and autonomous driving.
Important Milestone:
Key Data:
As of April 2025, the network has 77,483 nodes, most of which are active in AI training and bounty activities; however, less than 10% of the nodes receive rewards for map coverage. Despite a decline in weekly rewards from the peak of $1.4 million in December 2023, the network still distributes over $60,000 in tokens each week. Notably, while only less than 10% of the nodes actively contribute to map coverage, these nodes consistently receive about 80% of the total rewards.
The network generates revenue by selling map credits for 0.005 USD each, earning income of (. These credits are purchased by burning tokens to access map data. Revenue trends indicate a peak of 30,000 USD per week by the end of 2023, and it is expected to exceed 50,000 USD per week during April to May 2024.
![Solana DePIN Report: From "Mining" to "Mapping", How Can Ordinary People Make Money While Lying Down?])https://img-cdn.gateio.im/webp-social/moments-1289f64ce610e6e96dc4fffc38f1cf80.webp(
) 3. A certain GPU rendering network: decentralized GPU rendering network
The network is a high-performance distributed GPU rendering network that facilitates a computing marketplace between GPU providers and requesters using industry-leading software. GPU owners can monetize their idle GPUs by providing computing power to creators seeking rendering resources. It offers scalable and cost-effective rendering services for 3D graphics, dynamic design, and AI workloads.
Important Milestone:
Key Data:
The network allows anyone with idle GPU capacity to become a node operator, contributing computing power for decentralized rendering and AI infrastructure. Node operators lease their GPU capacity to artists, studios, and AI developers in need of scalable, on-demand computing in return for tokens.
As of April 2025, the network has 3,784 active on-chain nodes, providing decentralized computing power for the growing ecosystem of creative and AI applications. So far, users have burned over 121 million generations of GPU capacity.