Decentralized physical infrastructure networks could hit $10 billion in market value by 2026. That’s according to a new report from Messari. The big shift? Leading projects are generating real revenues from actual customers. They’re not relying purely on speculative token trading.
The sector’s projected to generate $72 million in onchain revenue for 2026. That marks a sharp contrast to the token price collapses that made many write off DePINs. Earlier projects fell 94–99% from all-time highs.
DePINs use crypto incentives to build physical infrastructure. Think bandwidth, compute, energy, and sensor networks. The Messari report, titled “State of DePIN 2025,” draws a clear line. It distinguishes between the speculation-driven projects of 2021 and today’s networks. Today’s networks earn recurring cash flow from real users. They often operate with minimal new token issuance.
Markus Levin is founder of Escape Velocity and a report contributor. He argues that revenue and usage now matter more than token prices. Valuations at 10–25x revenue? Considered cheap relative to growth and improving economic fundamentals. “The big divider is whether networks can earn from real customers instead of continual incentives,” Levin said in the report.
Messari’s DePIN Leaders Index identifies 15 projects. They’re generating at least $500,000 in annual recurring revenue. They’ve raised $30 million or more. The research found that DePIN revenues showed greater resilience during the bear market. More resilient than decentralized finance protocols and layer-1 blockchains.
Look at the numbers. Tokens like Helium and GEODNET dropped 77% and 41% in price, respectively. But their onchain revenues rose approximately 8x and 1.7x. DeFi and L1 revenues contracted during the same period.
The report also highlights “InfraFi.” It’s a hybrid DePIN/DeFi model. Stablecoin holders fund real-world infrastructure and earn yield from it. USDai finances GPU fleets. It’s attracted roughly $685 million in deposits, according to Messari. Similar models include Daylight and Dawn in the energy and bandwidth sectors.
DePIN tokens are seeing growing usage and revenues. But Messari argues that markets still price many of them as if they’re unlikely to survive. The report suggests that DePIN projects span multiple sectors. Mapping and positioning. Robotics. They can tap into repeat demand. Networks serving enterprise clients and AI workloads may capture outsized long-term value. Real-world infrastructure needs continue to expand.
