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Top DePin Projects Demonstrate Strong Fee Generation Amidst Market Challenges

2 mins
Updated by Harsh Notariya
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In Brief

  • Io.net, Helium, and Akash Network lead in fees, with io.net and Helium each earning $500,000 in three months.
  • Despite high fees, DePin tokens like RNDR, HNT, and AKT suffer significant price declines from their all-time highs.
  • Dynamic interactions between token rewards and network growth drive DePin ecosystem’s resilience and developer attraction.
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In the decentralized physical infrastructure networks (DePin) sector, several standout projects are significantly profiting. They have innovated ways to decentralize services such as telecommunications, graphic processing units (GPUs), and Internet of Things (IoT) devices.

As these projects grow, their financial metrics, especially fees, attract investors and analysts.

3 DePin Projects With Highest Fees

Customers use services and pay fees in fiat or native ecosystem tokens. This approach boosts the projects’ revenue and enhances token value through increased usage.

Recent data from House of Chimera indicates that io.net (IO), Helium (HNT), and Akash Network led in fee generation over the past three months. Io.net and Helium each amassed $500,000 in fees, and Akash Network followed with over $200,000.

Read more: What Is DePIN (Decentralized Physical Infrastructure Networks)?

Cumulative Fees of Various DePin Projects
Cumulative Fees of Various DePin Projects. Source: House of Chimera

However, it is important to note that the House of Chimera has data on limited projects. When the community members enquired about the fees of other projects, the House of Chimera analysts said that the data was inaccessible to them.

Despite fee generation, token prices struggle. For instance, Render Network (RNDR) amassed over 53,582 RNDR in fees, equating to approximately $342,389. Yet, the token is down 55% from its peak.

Helium’s HNT token and Akash Network’s AKT token are similarly down by 94% and 50%, respectively, from their all-time highs. The newly listed IO token from io.net has also decreased by over 62% since its market debut last month.

The DePin ecosystem thrives due to a dynamic interaction between token rewards and network growth. This growth attracts developers, product builders, and users, bringing more service providers to the network and enhancing the platform’s robustness and utility.

Moreover, crypto analyst Hitesh Malviya highlighted other important metrics. He noted that the Nodle Network is the biggest DePin project by device count, with about 780,000 devices. Furthermore, Grass has emerged as the most viral DePin project, with approximately 2 million users.

Read more: 11 Cryptos To Add To Your Portfolio Before Altcoin Season

“Grass is also one of the most diluted airdrop events currently,” Malviya said.

Despite token price downturns, the substantial fees generated indicate strong demand and a promising future for the DePin sector.

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Harsh Notariya
Harsh Notariya is a journalist at BeInCrypto, who writes about various topics, including decentralized physical infrastructure networks (DePIN), tokenization, crypto airdrops, decentralized finance (DeFi), meme coins, and altcoins. Before joining BeInCrypto, he was a community consultant at Totality Corp, specializing in the metaverse and non-fungible tokens (NFTs). Additionally, Harsh was a blockchain content writer and researcher at Financial Funda, where he created educational reports on...
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