![\"DePIN](\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjUtMTIvMDE5YWZlMjItNmQ5MS03NjdkLWEwOWYtZDc3ZWY4ZWZjNmY3.jpg\")
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DePIN\u2019s \u201cdeath\u201d narrative hides a market that\u2019s quietly compounding revenues, as Messari\u2019s new report pegs the sector at $10 billion with growing real\u2011world usage and cash flow.<\/p>\n
Decentralized physical infrastructure networks (DePINs) have been written off as dead by many investors, but a new \u201cState of DePIN 2025\u201d report from Messari and Escape Velocity argues the sector has steadily grown into a $10 billion market generating $72 million in onchain revenue last year alone.<\/p>\n
According to the report<\/a>, the \u201cclass of 2018-2022\u201d DePIN tokens<\/a> are down a massive 94-99% from all\u2011time highs. Yet, leading projects now post verifiable recurring revenues and trade at roughly 10-25x revenue multiples, levels Messari characterizes as undervalued relative to growth.<\/p>\n Messari said the shift marks a transition from subsidy-driven growth toward networks that generate revenue through real-world usage, particularly in areas such as bandwidth, compute, energy and sensor data.<\/p>\n