Everyone's calling DePIN a dead narrative. Hard disagree. Perps, stablecoins, prediction markets found users fast, it's all software. DePIN is doing something harder: building physical infrastructure that AI, connectivity, and compute will eventually run on. Longer road. Much bigger TAM. @Weaver_Labs's a good signal: - Private 5G at UK stadiums (MK Dons + Nokia) - National 6G testbed (JOINER, 11 sites) - National AI Award 2025 But the interesting part isn't the hardware. It's the ownership model. AI infra today is something you consume (AWS, Azure, carrier networks). DePIN flips that, communities own and monetize the physical layer. That's where DePIN and RWAs start overlapping meaningfully. Real assets, real yield, governed by the people running them. The narrative isn't dead. It's just early.