Messari's Unqualified Opinions The State of DePIN 2024 with Sal Gala (EV3) & Connor Lovely (Building in Public) | Fully Diluted with Messari Research
Jan 9, 2025
Sal Gala, co-founder of EV3, a venture fund for decentralized physical infrastructure, and Connor Lovely, founder of Building in Public, discuss the booming market for DePIN, which rapidly expanded from $20 billion to $50 billion. They explore how AI is transforming revenue growth in decentralized sectors and the evolution of prediction markets. The pair also delve into the potential of emerging energy and AR/VR tokens, alongside opportunities for decentralized networks and partnerships with government initiatives.
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DePIN Growth
- DePIN’s market cap and number of projects doubled in 2024, exceeding 1,180 companies.
- Revenue grew 25x-30x, driven by sustainable economics and real-world impact.
Reflexivity in DePIN
- Reflexivity in crypto, where raised capital fuels revenue generation, drives further growth.
- This cycle, amplified by early VC investments in DePIN, could last for decades.
DePIN Timing
- Building DePIN networks takes 3-4 years to mature and serve demand effectively.
- Many DePINs launched in 2020-2021, explaining the revenue surge in 2024.