DePin: A Potentially Huge Yet Often Overlooked Blockchain Application Track

DePin (Decentralized Physical Infrastructure) is a seemingly abstract but highly potential blockchain application field. Unlike more intuitive projects such as public chains, DeFi, and MEME, the application scenarios of DePin may be broader and more profound.

The Uniqueness of DePin

The uniqueness of DePin is mainly reflected in two aspects:

1. Business areas and service targets: DePin involves multiple fields such as cloud computing, cloud rendering, file storage, network hotspots, and even meteorology. Its service targets are not limited to the Web3 ecosystem. For example, a decentralized cloud computing platform has provided a large number of cloud computing services for Web2 enterprises, while a geographic and meteorological data information platform based on GNSS satellite reference stations is committed to providing services for industries such as agriculture, engineering, transportation, and geology.

2. Difficulty of data acquisition: Compared to public chains, DeFi, and MEME projects, there are significant differences between DePin projects, and the main work may not be executed on the Blockchain, leading to the data in this track often being overlooked.

DePin Project Data Analysis

Demand Side Analysis

1. Protocol Fee: A certain cloud computing power platform generated a total of $58.7 million in protocol fees over the past year, accounting for 5.7% of the infrastructure market. It is noteworthy that the protocol fees of this platform show an increasing trend and are not significantly related to the fluctuations of the cryptocurrency market. This is mainly because the platform's clients are primarily game companies and AI enterprises in the Web2 field.

2. Protocol Revenue: The same platform has accumulated dividends of 22.2 million US dollars over the past year, with retained protocol revenue of 36.5 million US dollars. Compared to other DePin projects, this platform's protocol fees and revenue are both leading.

Supply-side analysis

1. Active Nodes: In GPU-based DePin projects, a certain platform has the highest number of active nodes, far exceeding other competitors.

2. Value/Cost Comparison: By comparing the ratio of fully diluted valuation (FDV) to the number of active nodes, it was found that a certain GPU computing platform has the lowest "value/cost" multiplier, indicating that it may be undervalued.

Ecological Comprehensive Analysis

Active addresses: In comparable GPU computing class DePin projects, a certain platform has the highest daily active address count, once again confirming its potentially underestimated status.

Conclusion

1. A certain GPU computing platform may be in a state of undervalued worth, a judgment based on its excellent performance across multiple dimensions such as demand side, supply side, and ecological integration.

2. Unlike traditional Web3 projects, some DePin projects (such as the aforementioned GPU computing platform) derive their income primarily from the Web2 space, and therefore their revenue growth trend is not closely related to the fluctuations of the cryptocurrency market.

3. Some DePin projects can generate revenues from non-Web3 sectors, a model that is relatively rare in the cryptocurrency industry. This means that the primary revenue model for such projects may not rely on the secondary market and could even bring external capital inflows to the entire cryptocurrency industry.

Overall, DePin, as an emerging blockchain application field, currently does not attract as much attention as other popular tracks, but its potential cannot be ignored. With more data being made public and analyzed, the value of DePin projects may be better reflected and recognized.