DePIN Crypto 2024: The 10 Most Notable Projects to Watch

Decentralized Physical Infrastructure Network - Shaping the Future of Blockchain

2024 witnesses the explosion of depin crypto, also known as decentralized physical infrastructure networks. This sector is becoming one of the hottest in the cryptocurrency ecosystem, with a total market capitalization exceeding $12.25 billion USD according to current data. Investment management firm VanEck has pointed out that the sustainable development of DePIN projects will be one of the 15 main trends in 2024.

Unlike traditional centralized systems, depin crypto combines blockchain technology with real-world physical infrastructure, creating solutions that are highly secure, scalable, and more equitable. This is the technological revolution that the industry has been waiting for.

What is DePIN? Understanding Decentralized Blockchain Technology for Physical Infrastructure

DePIN (Decentralized Physical Infrastructure Networks) refers to blockchain projects focused on building decentralized versions of traditional physical infrastructure. This includes data storage networks, wireless networks, and other infrastructure services operated by multiple independent operators instead of centralized control.

The integration of decentralized blockchain technology with physical infrastructure offers significant benefits:

• Enhanced Security: Reduces risks from centralized vulnerabilities
• Flexible Scalability: Based on thousands of distributed nodes
• Lower Costs: Optimizes construction and maintenance expenses
• Democratic Access: Opens opportunities for community participation and benefits
• Technological Innovation: Encourages creative and flexible solutions

Top 10 Prominent DePIN Crypto Projects in 2024

1. Filecoin (FIL) - Permanent Data Storage Platform

Filecoin is a decentralized storage network designed to protect humanity’s most valuable information. Users can rent out their spare storage space to earn FIL tokens as rewards.

Current Data: FIL is trading at $1.25 USD, with a market cap of $909.91 million USD (down 1.81% in the past 24 hours).

The network has successfully stored over 1.7 EiB of data with support from 3,300+ service providers. The launch of Filecoin Virtual Machine on mainnet has expanded the utility of the FIL token, enabling the development of more complex decentralized applications. Filecoin Plus continues to improve network integrity by incentivizing high compliance among service providers.

2. Helium (HNT) - Decentralized Wireless Network for IoT

Helium provides a decentralized wireless network for Internet of Things devices, using a unique Proof of Coverage consensus mechanism to verify coverage quality.

Current Data: HNT is trading at $1.51 USD, with a market cap of $281.53 million USD (up 0.53% in the past 24 hours).

What sets Helium apart is that individuals can deploy hotspots (access points) to earn rewards. The HNT token has increased from $1 up to $6.8, and Helium Mobile’s development has surpassed a market cap of $500 million USD. Significant upgrades are expected after the project transitions to Solana.

3. Streamr (DATA) - Real-Time Data Exchange Platform

Streamr enables decentralized real-time data exchange, helping data producers (IoT, social networks, online applications) monetize their data.

Current Data: DATA is trading at $0.01 USD, with a market cap of $4.49 million USD (up 4.83% in the past 24 hours).

The DATA token is used as a medium of exchange between data buyers and sellers. Streamr is conducting tests for its 1.0 network, including governance voting and public testnets. The beta release of its decentralized messaging app built on Streamr offers encrypted chat conversations.

4. Bittensor (TAO) - Decentralized Artificial Neural Network

Bittensor is a decentralized neural network integrating blockchain with AI, creating an ecosystem of distributed machine learning models.

Current Data: TAO is trading at $222.80 USD, with a market cap of $2.14 billion USD (down 0.44% in the past 24 hours).

The TAO token incentivizes nodes to contribute computational resources for AI operations. 2023 marked significant progress, including listing on a major exchange. The project has enhanced its decentralized machine learning protocol through Proof of Intelligence and Decentralized Mixture of Experts, enabling peer-to-peer AI service exchanges.

5. Storj (STORJ) - Secure Cloud Storage Solution

Storj offers a decentralized cloud storage solution, encrypting data and distributing it across a global network of nodes to ensure no single point of failure.

Current Data: STORJ is trading at $0.12 USD, with a market cap of $16.77 million USD (0.00% in the past 24 hours).

The STORJ token is used to pay for services and reward node operators. “Storj Next” — an important update — introduces new features and economic incentives focused on S3 compatibility. Sharding technology enhances security by distributing encrypted file segments across the entire disk network.

6. Internet Computer (ICP) - Global Internet Computing Platform

Internet Computer is a decentralized computing platform aiming to replace traditional IT systems, hosting software and digital assets directly on the internet.

Current Data: ICP is trading at $3.03 USD, with a market cap of $1.65 billion USD (down 1.11% in the past 24 hours).

The ICP token facilitates network governance via the Network Nervous System. Major advancements include deploying Websockets for dynamic app updates, expanding stable memory to over 100GiB, and increasing WASM binary limits to support more complex applications.

7. Bware Labs (INFRA) - Multi-Chain Web3 Infrastructure

Bware Labs is a DePIN project focused on providing decentralized infrastructure services integrating multiple blockchains.

Current Data: INFRA is trading at $0.07 USD, with a market cap of $371.85 thousand USD (up 5.88% in the past 24 hours).

The INFRA token is used to access and pay for infrastructure services. The launch of the INFRA token in 2023 marked a turning point for Bware Labs in the decentralized Web3 infrastructure space, aiming to become a comprehensive provider of high-performance developer tools.

8. Theta Network (THETA) - Decentralized Video Distribution Platform

Theta Network is a blockchain-backed decentralized video distribution network, leveraging user bandwidth to create a more efficient streaming ecosystem.

Current Data: THETA is trading at $0.27 USD, with a market cap of $266.40 million USD (down 1.44% in the past 24 hours).

The THETA token encourages users to share bandwidth, participate in governance, and serve as a payment method within the ecosystem. ThetaCon 2023 connected the developer and creator community, celebrating strategic partnerships with tech giants like Sony, Samsung, and Google. The Theta Explorer API has been improved, providing powerful development tools for DeFi-supporting and Web3-integrated enterprises.

9. BitTorrent (BTT) - Pioneering Decentralized File Sharing

BitTorrent combines a decentralized file sharing protocol with blockchain technology, creating a significant project in the DePIN space. The BTT token incentivizes users to share bandwidth, functioning as a currency for better download speeds, and enabling interaction with dApps.

In 2023, the BitTorrent ecosystem saw notable growth with BTT increasing nearly 80%. The Tron blockchain, where BTT is issued, reached 200 million users — a major milestone. BitTorrent’s market cap neared $1 billion USD with trading volume increasing significantly.

10. Arweave (AR) - Permanent Data Storage with a One-Time Fee

Arweave offers a solution for permanent data storage at low cost on its blockchain. Users pay a one-time fee to ensure data is stored forever.

The native AR token is used to pay for storage services. In 2023, the Arweave ecosystem grew strongly, with the Q3 Ecosystem Map including over 130 projects, contributing to 1.28 billion on-chain transactions. The ecosystem is notable for its diversity across news, publishing, social, education, DeFi, and NFT sectors.

The Future of the DePIN Crypto Market

The depin crypto sector will become increasingly important within the rapidly growing Web3 ecosystem. With enormous potential, DePIN projects offer attractive investment opportunities, drawing both individual and institutional investors. The trend toward sustainable and decentralized solutions will continue to strengthen this industry’s position.

DePIN crypto projects are gaining importance as demand for decentralized solutions increases. With a focus on security, scalability, and decentralization, these projects will become appealing options for those looking to diversify their cryptocurrency portfolios.

Conclusion

The depin crypto market is poised for significant growth in the coming years, offering a completely new approach to digital infrastructure. Not only do these projects present opportunities for technological innovation, but they also open new avenues for investment. This sector will play a key role in shaping the next generation of digital infrastructure, emphasizing security, efficiency, and community empowerment.