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- The DePIN sector sees a surge with 650+ new projects, reaching $23 billion in market cap.
- Helium, Filecoin, and Render Network are leading DePIN projects, revolutionizing decentralized infrastructure.
The DePIN, or Decentralized Infrastructure Network, has emerged as one of the most important Web3 trends this year. Following the failure of several crypto exchanges, many people have resorted to this unique network concept, which promotes decentralization, user ownership, and data sovereignty in new businesses.
This transition has resulted in a boom of interest and investment in the DePIN sector, with over 650 new projects launched, bringing DePIN’s market value to an astonishing $23 billion. Furthermore, it has produced an estimated $20 million in annual on-chain revenue.
The #DePIN, or Decentralized Infrastructure Network, has become one of the hottest trends in Web3 this year; after the collapse of various #Crypto exchanges, many turned their attention to this new network model that brings decentralization, user-ownership, and data sovereignty… pic.twitter.com/TjwfblfaVk
— Lucky (@LLuciano_BTC) July 23, 2024
Top Three DePIN Projects: Helium, Filecoin, and Render Network
Helium
Helium (HNT) is a decentralized wireless network that enables devices all over the world to freely connect to the internet and geolocate themselves without the need for satellite positioning hardware or costly cellular subscriptions.
Currently, HNT is one of the top five gainers among the top 100 cryptocurrencies, making it a new standout in the DePIN industry.
Furthermore, the DePIN protocols on the Solana blockchain have received significant attention, owing to an increase in adoption from Render and Helium. Currently, the Helium token (HNT) is trading around $5.22, up 3.12% over the last 24 hours, with a daily volume of $16.30 million.
Filecoin
Filecoin (FIL) is another well-known DePIN project that provides a decentralized storage network via which anyone can rent out extra storage space on their computer and earn Filecoin tokens. Filecoin is intended to store humanity’s most valuable knowledge.
The Filecoin Foundation recently reported that the Internet Archive’s Democracy Library initiative had successfully uploaded more than one petabyte of material to the Filecoin network. The native Filecoin token (FIL) is now trading at $4.47, down 1.37% over the last 24 hours and following a sideways trend in recent days.
Render Network
Render Network (RNDR) is a decentralized GPU rendering network that allows users to contribute unused power from their PC graphics cards to produce motion graphics and visual effects.
This initiative is setting the standard in the DePIN industry, utilizing blockchain technology to establish decentralized networks of physical hardware and digital resources.
In the first quarter of 2024, as we previously reported, Render Network saw a 17.7% rise in render frames. Furthermore, there has been a large increase in daily active addresses and whale transactions on Render, indicating a possible flip from bearish to bullish sentiment.
The native token of Render Network (RENDER) is now trading at $6.80, down 0.24% over the last 24 hours, with a transaction volume of $33.12 million.
