Solana DePIN Ecosystem Report: The Rise of Decentralized Physical Infrastructure Networks

The decentralized physical infrastructure network ( DePIN ) is rapidly developing, becoming an important bridge connecting real-world assets and blockchain. Whether it's shared GPUs, telecom networks, or street 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 for DePIN projects.

This report is based on the latest research data, providing an in-depth analysis of the current development status, market performance, and on-chain data of major DePIN projects on Solana, offering us a clear picture of this emerging ecosystem.

The Concept of DePIN and the Advantages of Solana

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

Solana has become the ideal platform for the expansion 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.

DePIN Market Overview

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

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

As of April 22, 2025, the total number of registered on-chain nodes for DePIN projects on Solana has reached 238,165. Helium quickly surpassed other projects after the launch of Helium Mobile, now accounting for over 60% of the new node share.

The total on-chain revenue of DePIN projects on Solana has reached $5.98 million. Revenue has been steadily growing, increasing from about $4,000 per week in April 2023 to over $100,000 per week by early 2025. Helium is the highest earner per week, while Render leads in total revenue.

Main Project Analysis

1. Helium: Leader in Decentralization Wireless Networks

Helium is a decentralized wireless network that enables individuals to deploy hotspots and provide low-cost, secure connections for the Internet of Things and mobile devices. Users earn HNT token rewards by extending coverage and routing data.

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

The growth of Helium's subscription users is influenced by clear product-driven inflection points, such as the official launch of Helium Mobile and the introduction of the Zero Plan. The composition of nodes shows a constantly changing trend, with the category of mobile data dedicated to growth being particularly strong.

2. Hivemapper: Decentralization map network

Hivemapper is a decentralized, community-driven mapping network where users collect street-level images using dashcams to earn HONEY tokens.

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

As of April 2025, the network has 77,483 nodes, most of which are active in AI training and bounty activities. Although less than 10% of the nodes actively contribute to map coverage, these nodes consistently receive about 80% of the total rewards.

3. Render: Decentralization GPU Rendering Network

Render Network is a high-performance distributed GPU rendering network that facilitates a computing market between GPU providers and requesters using industry-leading software from OTOY Inc.

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

Render Network has 3,784 active on-chain nodes, providing decentralized computing power for the growing ecosystem of creative and AI applications.

4. Nosana: Decentralization AI computing network

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

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

In January 2025, Nosana officially launched its decentralized GPU market to the public, resulting in a significant increase in node activity. Over 4,200 nodes have joined globally, demonstrating scalability and ongoing activity.

5. UpRock: Mobile-first data intelligent network

UpRock is a decentralized data intelligence network driven by a mobile-first DePIN model. Users can share unused internet bandwidth and computing power through the UpRock app, turning everyday devices into passive data contributors to earn $UPT tokens.

After reaching a peak of over $3,000 in weekly on-chain network revenue in February 2025, the revenue has remained stable at $1,500 per week.

Conclusion

• Solana has become the leading chain for DePIN, with a total market value of DePIN projects reaching $3.25 billion.
• On-chain activities demonstrate the actual value of DePIN, with major projects generating nearly $6 million in on-chain network revenue.
• The computing and wireless categories lead the market share in the Solana DePIN field, totaling 93.4% (.
• Node growth and service adoption accelerate, with major projects continuously expanding their contributor base.
• Despite progress, fully transparent and consistent on-chain measurements are still underway.

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