DePIN might be the most mispriced narrative for the AI era. Top 7 DePIN projects by 30-day revenue: 1. $HNT ($190.1m MC) - $16.7m revenue 2. $GEOD ($59.7m MC) - $7.3m revenue 3. $SN64 ($107.1m MC) - $5.9m revenue 4. $RENDER ($1.0b MC) - $3.0m revenue 5. $IO ($33.5m MC) - $2.8m revenue 6. $FIL ($697.3m MC) - $1.4m revenue 7. $AKT ($119.4m MC) - $1.1m revenue DePIN isn't "devices for vibes." It's real-world supply getting paid: wireless coverage, precision location, storage, compute. And AI is a demand engine for the last two. How these break down: - Infrastructure: @helium, @GEODNET - Compute: @chutes_ai, @rendernetwork, @ionet, @akashnet_ - Storage: @Filecoin Revenue matters this cycle, but tokens aren't stocks. Some have real usage and questionable value accrual. Watching which ones turn demand into actual token sinks, not just revenue charts.
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