DP’s revenue will reach 500 million dollars by 2024, AI projects will lead the growth

DePIN projects revenue to explode by 2024, reaching more than $500 million—a 100x increase from 2022—according to a report from Masari.

AI-powered DPin projects dominated revenue streams, followed by off-chain projects. This marks a big change from the past two years, when on-chain developments accounted for all of DePIN's revenue.

DeFi's growth trajectory mirrors the early DeFi and NFT boom

Blockchain intelligence firm Messari has published a comprehensive update on the decentralized physical infrastructure (DePIN) industry.

According to the report, the number of active DPin projects almost doubled last year. Deepin tokens represent 5% of the total cryptocurrency market capitalization. More than 13 million devices around the world contribute to DePIN operations every day.

By 2024, 20 DePIN projects will exceed 100,000 active nodes, five will exceed 1 million nodes.

Investment in such projects has increased, especially at the seed level. Private markets have seen more capital raised than Serie A at the pre-seed and seed stages.

Among the top 22 DePIN tokens, only four have lost value since their token generation event (TGE). Virtual Protocol has posted exceptional growth, gaining over 30,000% since TGE. Other projects like NEURAL and NodeAI have both grown over 2,000%.

Late-stage funding has flowed primarily into a few prominent DePin projects, backed by major venture capital firms. These projects have often launched tokens valued at 50-100x book value, frequently achieving multi-billion dollar FDVs.

Community contribution has played a key role in the growth of the industry. In the year By 2024, nearly $230 million has been raised through node sales, crowdfunding, and protocol-owned liquidity pools.

Meanwhile, Solana and Base have emerged as leaders in network infrastructure and consumer-oriented applications, respectively. Solana's low-latency design continues to attract infrastructure developers, while Base will benefit from Coinbase's established brand and retail reach.

Overall, DEP's momentum remains strong into 2025. Sui DePIN, the first DePIN layer on the SUI blockchain, recently announced its upcoming Initial DEX Offering (IDO).

In December, Chirp launched Kage, the first pay-to-play (P2E) game on the Sui blockchain. Kage combines gaming with an IoT utility, inspired by “Pokémon Go,” featuring treasure that rewards players with blockchain incentives.