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Who is truly making money in the DePIN sector in 2025? Just look at this income ranking to find out
Unlike other popular sectors, DePIN projects are generating real, measurable revenue. According to the latest data, the entire sector has surpassed $50 million this year.
The leader is $HNT, with $20 million in revenue, far ahead and demonstrating its advantage in the infrastructure layer. Following closely is $IO with $7.4 million, ranking second and proving the effectiveness of its incentive mechanism. In the third tier, $GEOD and $CHUTES contributed $6.6 million and $5.7 million respectively, indicating that both storage and computing directions have market potential.
Interestingly, well-known projects show significant differences. Although $BTRST's $3 million revenue seems substantial, it is considered mid-tier within the sector. Meanwhile, former stars like $RENDER, $AKT, and $FIL have revenues of only $1.6 million, $1.5 million, and $1.3 million respectively. This reflects that the actual demand for DePIN and its real-world implementation are far more indicative than market cap hype.
Underlying projects like $GRASS and $BEAM, with smaller amounts ($1 million and $900,000 respectively), still hold potential as part of the infrastructure.
What is the biggest takeaway from this data? In the DePIN field, projects with actual revenue output are the ones worth paying attention to. Overinflated valuations and purely conceptual stories are gradually losing their effectiveness, and tangible business performance has become the new standard for evaluation.
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RENDER, once a top trend, is now only 1.6 million, a bit disappointing
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Underlying infrastructure is indeed easy to overlook, and projects like GRASS might actually be dark horses
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Data doesn't lie; projects with high market value often have no revenue, this phenomenon is a bit outrageous
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It seems the era of concept hype is really over, now it's all about who can truly make money
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IO740 million in the second tier is very stable, and a well-designed incentive mechanism is still effective
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BTRST with only 3 million is still mid-tier? The money in the DePIN track isn't really that much
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FIL was once so popular, now its income has fallen so much, what a pity
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Breaking through this 50 million USD figure feels a bit low, has DePIN really been implemented?
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The claim that both storage and computing have markets is too vague; what are the specific uses?
Wait, RENDER is only 1.6 million? This guy was once very popular. Now these numbers look a bit bleak.
The race still depends on real cash, don't just listen to stories. Whoever has income is the real boss.
GRASS and BEAM, although small in volume, have long-term potential in underlying infrastructure.
High market cap doesn't necessarily mean more profit. Data from DePIN really speaks volumes.
FIL only 1.3 million? That was once a star project. The market is really very realistic.
Honestly, having actual income is more important than anything else. Overinflated valuations will eventually burst.
IO's 7.4 million shows their incentive mechanism really works. Need to take a good look at how they do it.
Now I understand why income ranking matters. Just looking at market cap doesn't reveal the real story.
Why is HNT so strong? Does the infrastructure layer really have an advantage?
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Both storage and computing sectors can be profitable? Then why did I only focus on Layer2 before...
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Basically, only projects with real applications make money; concept coins should be dead by now.
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GRASS and BEAM, as foundational infrastructure, are interesting—low-key but stable. That’s the real long-term vitality.
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But when is this data from? The market changes so rapidly that rankings might have already shifted.
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IO has risen to $7.4 million? I was right to be optimistic about this incentive model.
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FIL is only $1.3 million? Who didn’t see distributed storage as promising a couple of years ago? Now it’s quite awkward.
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It seems DePIN really needs to produce something substantial; the "cutting leeks" approach doesn’t work here.
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Why do I feel these numbers might be inflated... Can there really be so many projects with real implementation?
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Having revenue makes it a good project, but that logic is too simplistic. Sustainability is also crucial.
Is $RENDER really so terrible? It felt like it was hyped up a lot in the past two years.
It seems we still need to look at actual income, don’t be fooled by market cap anymore.
$IO’s incentive mechanism is so effective, we need to study it.
Projects that are still telling stories should wake up; the data is right here.
GRASS only has 1 million, which is a bit disappointing. With such high popularity, is this all?
Although the underlying projects are small in scale, they are stable, which is much more reliable than just hype.
HNT is far ahead, could it really have found a business model?
Wait, RENDER’s income is only 1.6 million, but its market cap is still so high?
DePIN’s total revenue of 50 million feels still too little; the market is still in the early stages.