DePIN Coins and Crypto Projects 2024-2026: From Expectations to Reality

The decentralized physical infrastructure (DePIN) sector has undergone significant evolution over the past two years. While in 2024 experts viewed DePIN tokens as a promising segment of the crypto industry, by 2026 the market demonstrated both the real potential of the technology and the volatility inherent in the cryptocurrency sector. Let’s explore the current state of leading DePIN projects and their role in developing decentralized infrastructure.

What has happened to the DePIN coin market over two years?

The decentralized physical infrastructure market has experienced substantial changes. In November 2024, the total market capitalization of the DePIN sector exceeded $32 billion, but by February 2026, the picture had transformed considerably. This is typical for the crypto market: initial enthusiasm is followed by correction and reassessment of the actual value of projects.

Despite price corrections, major DePIN coins continue to develop and introduce new functionalities. Investment interest from leading venture funds, including Borderless Capital (which launched DePIN Fund III with $100 million in 2024), remains steady, indicating a long-term perception of the sector’s importance.

Evolution of the DePIN concept: from theory to practice

A decentralized network of physical infrastructure combines blockchain’s digital capabilities with real-world assets—energy grids, wireless networks, and data storage systems. The key idea is to use tokenized incentives to motivate participants who contribute their resources to the network.

Over two years, this concept has significantly advanced. While in 2024 DePIN was mainly considered a theoretical construct, today we see a growing number of real-world applications:

• Expanded adoption in various industries: DePIN solutions are used in energy ecosystems, EV charging networks, and IoT device management.
• Modular architectures: Projects like U2U Network have developed blockchain solutions compatible with EVM and optimized for DePIN applications.
• Integration with AI: Synergies are developing between decentralized infrastructure and artificial intelligence.

The role of hardware decentralization in sector development

Hardware decentralization remains the foundation of the DePIN ecosystem. Distributing physical components—antennas, access points, servers—among many participants eliminates single points of failure and reduces the risk of centralized control.

Helium Network demonstrates the scalability of this model: Helium Mobile’s service attracted over 335,000 users, confirming the viability of decentralized wireless infrastructure. Meson Network, with more than 59,000 nodes worldwide, creates an open marketplace for unused bandwidth.

This architecture shows that decentralized models can compete with traditional infrastructure not only in reliability but also in cost efficiency.

How DePIN coins work and their evolution

DePIN operates at the intersection of three key components:

Blockchain architecture serves as an immutable record of transactions and the basis for smart contracts that automate participant interactions.

Tokenization provides economic incentives: participants earn digital tokens for providing resources, which can then be exchanged or used to pay for services.

Operational compatibility allows DePIN projects to integrate with various blockchain networks and traditional systems, broadening their applicability.

For example, in the energy sector, households with solar panels can sell excess electricity directly to neighbors via smart contracts, bypassing centralized intermediaries.

Benefits of decentralized infrastructure: a three-year analysis

By 2026, the market confirmed key advantages of DePIN coins and projects:

Increased reliability and resilience. Blockchain-based decentralized systems demonstrate greater fault tolerance. The absence of a single point of vulnerability ensures continuous service even during localized failures.

Scalability and efficiency. Projects like Filecoin and Arweave utilize distributed nodes to store vast amounts of data. By Q3 2023, Arweave’s ecosystem processed 28 billion transactions and supported over 130 active applications.

Cost reduction and democratization of access. Token incentives enable networks to be built without large initial investments, increasing inclusivity.

Technological innovation. Platforms like Streamr integrate decentralized real-time data exchange with improved cross-platform compatibility.

However, these benefits require ongoing optimization and adaptation to market conditions.

Analysis of leading DePIN coins in 2026

1. Internet Computer (ICP): from expectations to realization

Internet Computer (ICP), developed by the DFINITY Foundation, is a decentralized computing platform aimed at transforming the internet by deploying applications directly on a public blockchain. Instead of centralized cloud services, ICP uses a global network of independent data centers.

In 2024, the project introduced updates like Tokamak, Beryllium, and Stellarator, boosting network performance. By 2026, however, the situation changed: ICP’s price fell to $2.18, a 68.14% decrease year-over-year. Its market cap shrank to $1.20 billion.

This decline reflects the overall correction in the crypto market and a reassessment of prospects. Nonetheless, the project’s roadmap continues to focus on AI integration and cross-chain interoperability, including plans to connect with Solana, indicating long-term ambitions.

2. Bittensor (TAO): decentralized AI under testing

Bittensor (TAO) combines blockchain and artificial intelligence to create a distributed machine learning network. The protocol allows collective training of AI models, rewarding participants with TAO tokens based on the value of their contributions.

In 2024, the project integrated Proof of Intelligence and a Mixture of Experts model. By 2026, TAO’s price is $178.30 with a market cap of $1.71 billion. Over the year, the token lost 57.56% in value, reflecting the overall volatility of the decentralized AI market.

Despite price fluctuations, Bittensor continues to expand its ecosystem, demonstrating commitment to long-term goals of decentralized intelligence development.

3. Render Network (RENDER): GPU resource marketplace

Render Network connects creators needing rendering services with owners of unused GPU power. In 2024, the project migrated from Ethereum to Solana, renaming its token from RNDR to RENDER.

As of February 2026, RENDER trades at $1.48 with a market cap of $768.53 million. The year saw a 65.25% decline, but in the last 24 hours, there was a 4.35% increase, indicating some market activity.

The platform continues to expand applications in film, gaming, and virtual reality, proving the practical value of decentralized rendering.

4. Filecoin (FIL): data storage in a transitional phase

Filecoin (FIL) is a decentralized storage network enabling users to store and retrieve data in a peer-to-peer manner. The launch of Filecoin Virtual Machine (FVM) opened new use cases.

As of February 2026, FIL is priced at $0.93 with a market cap of $700.41 million. In the past 24 hours, a slight increase of 0.51% was recorded. The project shows relative stability despite overall market corrections.

The roadmap includes expanding FVM programming and supporting Ethereum-compatible smart contracts.

5. Shieldeum (SDM): Web3 security platform

Shieldeum is a cybersecurity platform for Web3, utilizing DePIN and AI to protect crypto users. In 2024, the project developed applications for major platforms (Windows, Mac, Linux, Android, iOS) and attracted $2 million for node testing.

Plans for 2025-2026 include expanding security products and developing a BNB Layer-2 blockchain for node operators.

6. The Graph (GRT): blockchain data indexing

The Graph (GRT) is a decentralized indexing protocol that facilitates access to blockchain data. It supports multiple networks: Ethereum, NEAR, Arbitrum, Optimism, Polygon, Avalanche, Celo, Fantom, and Moonbeam.

As of February 2026, GRT is priced at $0.03 with a market cap of $288.42 million, down 79.94% year-over-year. This significant decline reflects market correction and project reevaluation.

The ambitious roadmap includes expanding indexing services, improving developer tools, optimizing performance, and creating related data graphs.

7. Theta Network (THETA): streaming and edge computing

Theta Network decentralizes streaming video, allowing users to share excess bandwidth. In 2024, the project launched EdgeCloud—an edge computing solution for video, media, and AI applications.

By February 2026, THETA trades at $0.19 with a market cap of $193.60 million. The year saw an 84.85% decline, indicating a sharp price correction.

Despite this, the project plans to release the third phase of EdgeCloud as an open marketplace connecting clients with edge nodes.

8. Arweave (AR): permanent data storage

Arweave specializes in permanent data storage using its unique “blockweave” structure. In November 2024, the project released Protocol Update 2.8, improving efficiency and energy use.

As of February 2026, AR is priced at $1.99 with a market cap of $130.12 million. It declined 78.23% over the year, but in the last 24 hours, it grew by 3.70%.

The project continues expanding its ecosystem, integrating with new decentralized apps and enhancing developer tools.

9. JasmyCoin (JASMY): IoT and data sovereignty

JasmyCoin is a project by Tokyo-based Jasmy Corporation, integrating blockchain with IoT. Founded by former Sony executives, it aims to create a decentralized data marketplace.

As of February 2026, JASMY trades at $0.01 with a market cap of $284.26 million. The year saw a 72.95% decline, reflecting broader market trends.

The project plans to form alliances with IoT companies and develop functionalities demonstrating the benefits of decentralized data management.

10. Helium (HNT): wireless infrastructure

Helium is a decentralized wireless network for IoT devices, operating on Solana blockchain. It incentivizes users to set up hotspots to expand network coverage.

As of February 2026, HNT trades at $1.45 with a market cap of $269.68 million. It declined 59.14% over the year, with a 5.89% drop in the last 24 hours.

In 2024, the focus was on integrating 5G and launching subnetworks (IoT, Mobile). Plans for 2025-2026 include improving Proof-of-Coverage mechanisms and expanding global coverage.

11. Grass Network (GRASS): monetizing bandwidth

Grass Network enables users to monetize unused internet bandwidth for web data collection and AI training.

As of February 2026, GRASS trades at $0.19 with a market cap of $87.48 million. The year’s decline was 89.40%, the largest among the analyzed projects.

By October 2024, tokens were distributed via airdrop to 1.5 million wallets. The project aims to expand infrastructure and develop governance mechanisms for greater community participation.

12. IoTeX (IOTX): machine-to-machine platform

IoTeX combines blockchain and IoT to create a secure ecosystem. In 2024, IoTeX 2.0 was launched with a modular infrastructure for DePIN applications.

As of February 2026, IOTX is priced at $0.01 with a market cap of $51.01 million. It declined 70.94% over the year.

Despite price corrections, the ecosystem has grown to over 230 decentralized apps and 50+ DePIN projects. The development plan includes connecting 100 million devices.

Challenges faced by the DePIN sector

The development path of DePIN coins and projects has revealed several major issues:

Technical complexity: Integrating blockchain with physical infrastructure requires specialized knowledge in security, scalability, and interoperability.

Regulatory uncertainty: DePIN projects intersect with regulatory requirements for both digital and physical assets. Evolving blockchain regulation adds complexity.

Market perception: For widespread adoption, DePIN coins and projects must demonstrate clear practical benefits over traditional systems. Cryptocurrency volatility hampers long-term planning for companies.

Competition with centralized solutions: Established infrastructure companies possess significant resources and network effects, making it difficult for decentralized alternatives to displace them.

Outlook for the DePIN sector in 2027–2028

Despite current corrections, the long-term prospects for DePIN coins remain promising:

Fundamental advantages of the technology persist. The decentralized model truly offers greater resilience, cost efficiency, and fair resource distribution.

Market valuation adjustments create opportunities. Projects with real use cases and sustainable business models can survive and grow, while speculative initiatives are likely to be eliminated.

AI development synergizes with DePIN. Growing demand for processing power and data creates favorable conditions for decentralized solutions.

Investment interest remains high. Despite price declines, venture funds continue to finance DePIN projects, indicating long-term potential.

Earlier analysts projected the DePIN market could reach $3.5 trillion by 2028. Given current corrections, these estimates are being revised, but the concept of dominant growth in decentralized infrastructure remains relevant in the long term.

Conclusion: from expectations to practical reality

The DePIN coin and project sector has undergone a major transformation between 2024 and 2026. Initial enthusiasm and high expectations have been replaced by a realistic assessment of technological, economic, and regulatory challenges.

This does not mean the concept has failed. On the contrary, market correction helps weed out speculative projects and strengthen positions of initiatives with real applications and viable economic models.

DePIN coins that survive this period and continue to develop are likely to shape the future digital infrastructure. The key to success is demonstrating practical value, resilience to market volatility, and adaptability to changing regulations.

For investors and sector participants, the field remains promising but requires greater selectivity in project choice and a longer-term investment horizon.