📝 Editor’s Note:

Welcome to OurNetwork's latest issue covering DePIN, a subsector of crypto that arguably hasn't entered the mainstream, but has diehard proponents who think that it's only a matter of time before that changes. 

There's evidence that DePIN is poised for broader adoption — the sector’s revenue hit a high of $13.5M in December, according to DePIN.Ninja.

To dig deeper into the sector we've fielded an overview from Salvador Gala, co-founder of EV3, the DePIN-focused investing and research firm. We also connected with Joe Bender of DIMO, Doug Petkanics of Livepeer, and Zoey Zhang of GEODNET for network-specific coverage.

– ON Editorial Team

Sector Update | DIMO | Livepeer | GEODNET

• An analysis of 20 DePIN token generation events (TGEs) in 2024 and 2025 year-to-date found that only the top 10% — 2 of 20 — are currently trading above the TGE price. Half the group has actually had the token price decline by over 50% since TGE. A third — 7 of 20 — are trading at below $30M fully diluted value (FDV), almost certainly below VC round valuations. The two DePINs whose price is up from the TGE, Grass and Auki, have not yet disclosed onchain revenue statistics.

• The top revenue-generating projects are proving that DePIN onchain revenues are more resilient than the rest of crypto. GEODNET, Helium and Akash have all already grown revenues significantly from their monthly 2024 peak, while Layer 1s and DeFi revenues are down -50% or more on average from their monthly 2024 peak.

• Yes, DePIN multiples are higher than the rest of crypto, but that doesn't tell the whole story — DePINs grow into their higher revenue multiples during bear markets. Crucially, Layer 1s and DeFi shrunk out of their lower multiples in bear markets, as onchain activity & revenues fall even faster than prices.

• DIMO is an open connected vehicle platform that gives drivers insight into car health & driving habits, while rewarding users with DIMO tokens. Rewards are used on auto services like insurance, maintenance, or repairs. 170k+ vehicles have connected with 78k+ unique drivers. Onchain protocol revenue is generated from transaction fees and when developers access vehicle data using APIs. In 2025 alone, over 3m $DIMO in cumulative protocol fees have been generated, totaling over $340,000 in USD.

• In February, DIMO launched staking as a way for users to boost weekly rewards. There are three staking levels, each increasing in the amount of tokens and lock duration. In one month, 3.3M+ DIMO have been staked, with the largest group being the maximum stake of 4,000 $DIMO with a lock duration of two years.

• To use apps in the DIMO marketplace, users must share vehicle data with the specific onchain developer license of that service provider. Last week, DIMO partnered with DLP Labs and the platform has over 5,800 vehicles shared already, rising to the #2 app on the network behind the DIMO mobile app.

• Livepeer is a video infrastructure network for live and on-demand streaming with AI video compute capabilities. It recently launched Daydream, an AI video tool that enables users to apply real-time visual effects, transformations, and modifications to video streams. Consequently, the fees paid to node operators on the Livepeer network recently reached an all-time high. Since Dec. 21, 2024, fees have surged by 149% —2.5x jump— reflecting the growing utilization of the network’s AI compute capabilities.

• The network's participation rate has been increasing since December 2024 thanks to growing incentives, such as inflation, that aim to encourage participation. In the last 3 months, participation rate increased from 40.2% to 48%. Once the participation rate surpasses 50%, inflation starts to decrease on the network.

• The treasury's LPT balance has been growing steadily in the last three months while funding different proposals and Special Purpose Entities. On Dec. 14, it hit an all-time high accumulating 740,388 LPT tokens, enabling Livepeer to increase future public goods fundings to further the network’s expansion.

• GEODNET is the world's largest decentralized precise navigation network with over 14,000 satellite reference stations worldwide.

• GEODNET now serves over 20 network data customers worldwide, generating $3.2M in annual recurring revenue. Notably, 80% of the network data revenue is allocated to buying back and burning GEOD tokens.

• The GEOD token is a multi-chain asset, supported on networks such as Polygon, Solana, and IoTeX. It is also listed on major centralized exchanges like Gate.io and MEXC. Currently, the GEOD token has a market capitalization of $79.79M.