Introduction

"DePin" refers to decentralized physical infrastructure networks that use token incentives to coordinate a network of resources for consumption. It is one of the more interesting real-world applications of crypto and is expected to be a strong narrative in 2024. DePIN projects often have significant addressable markets e.g., Helium lies at the intersection of the Internet of Things and the telecommunications sector.

DePIN is based on the premise that leveraging a network of distributed and incentivized participants can create better and more cost-efficient outcomes than a centralized entity. It differs from the traditional method where companies would handle the entire process of building and maintaining their...