The DePIN Report 2025

Below is a summarized version of The Block Research's The DePIN Report 2025. The full PDF version of this report is accessible here.Decentralized Physical Infrastructure Networks represent a new frontier in blockchain innovation, enabling distributed, user-driven networks for compute, storage, connectivity, sensors, and beyond. Through token incentives and permissionless participation, DePIN challenges traditional infrastructure models, reducing reliance on centralized entities and unlocking new models of ownership and governance.DePIN emerged from early efforts to connect real-world infrastructure to blockchain networks. While the term gained prominence in 2023 2024, its conceptual roots trace back to pioneering projects like Helium and Filecoin, which proved that individuals could contribute physical resources in exchange for token rewards. These early models validated the concept of permissionless, community-owned infrastructure networks, laying the foundation for a broader DePIN movement.What began as isolated experiments has since matured into a dynamic and rapidly expanding design space spanning multiple sectors. Today, DePIN signals a structural shift away from centralized infrastructure provisioning and toward open, incentivized networks. This transformation is redefining how physical infrastructure is deployed, owned, coordinated, and governed.The DePIN Report provides an in-depth, data-driven overview of the Decentralized Physical Infrastructure Network ecosystem, highlighting the key players, trends, challenges, and opportunities shaping its evolution. By consolidating data from leading DePIN projects, funding movements, market dynamics, and technological advancements, this report offers a comprehensive view of the sector’s development over time. As DePIN continues to redefine global infrastructure through decentralized coordination, these insights will serve as a valuable resource for stakeholders looking to understand its trajectory and engage meaningfully in its future development.Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.