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State of DePIN 2023

This report captures the pivotal growth phase of DePIN in 2023, documenting the emergence of the term as a unified industry descriptor. It analyzes the early-st

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Abstract

This report captures the pivotal growth phase of DePIN in 2023, documenting the emergence of the term as a unified industry descriptor. It analyzes the early-stage landscape, characterizing the sector by rapid project proliferation and the validation of incentive-based models for hardware distribution. The researchers examine the success and failure patterns of early wireless networks and decentralized compute projects, noting the critical role of community-led expansion. The report provides a comparative study of token emission strategies and the resultant supply-side behavior, offering a historical perspective on the early adoption curve. It highlights the challenges of user acquisition in non-custodial environments and the nascent state of hardware interoperability. As a snapshot of a foundational year, the report serves as a critical historical reference, establishing the baseline against which subsequent years’ performance in node growth and network resilience are measured. Authors: Sami Kassab, Salvador Gala Publication: Technical Report Publication date: 2024-01-01

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Key findings

  • 2023 saw the consolidation of various niche fields under the unified DePIN umbrella.
  • Community growth is the primary driver for early-stage network coverage.
  • Incentive design patterns were heavily influenced by liquidity mining practices.
  • Hardware-as-a-service models began to gain significant institutional attention.

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Citation

Sami Kassab, Salvador Gala (2024). State of DePIN 2023. Technical Report. https://messari.io/report/state-of-depin-2023
Canonical knowledge ID: research:state-of-depin-2023