Five-year price · 20 complete calendar quarters · BTC-relative

DePIN Crypto Coins

Is DePIN outperforming Bitcoin, and is leadership broad?

Bottom line

Geodnet ranks first for research priority in DePIN crypto at 64.1/100, and its native activity evidence clears the coverage gate. The theme's 13-week excess versus Bitcoin is -13.6% on 19% breadth, which is what decides whether that lead is isolated or broad. 2 of the 21 assets here carry enough native evidence to move past a tape-led label.

These DePIN coins are part of the cryptocurrency universe this site tracks daily — 894 of the top 1,000 crypto currency assets by market cap, priced from exchange closes and matched to protocol fees and revenue where a protocol publishes them.

The theme itself · before any single company

How has DePIN moved against Bitcoin?

The line below covers up to 5 years and opens on the 5Y view; the buttons cut it shorter. Over the most recent two of them this theme is 84% behind Bitcoin. Protocol revenue across its protocols grew 36% on average over the last four reported quarters.

BASING · +1 joined·Fundamentals up, price down2 of 19 coins ahead of Bitcoin by 5% or more over three months

RS — · 3/19 >200d (+2) · 2/19 lead (+1) · EPS —

DePIN, equal-weighted, based at 200 Bitcoin, same base, same start trailing 12-month protocol revenue rising falling

Both lines start at 200 in the same week, so the distance between them is the whole story: the theme line is an equal-weighted index of its 19 coins. The bars underneath are trailing 12-month protocol revenue, one bar per reported quarter, each member rebased to 100 at the start and the theme taking the median — so a price line pulling away from flat bars is a re-rating, not earnings. A bar turns red when that figure is lower than the quarter before. Rules are fixed and applied identically everywhere on this site: ahead by 5% or more over three months, or behind by 20% or more over a year while protocol revenue grew 20% or more. Hover any point to read both values and the gap. This is a description of what the numbers did, not advice.

BTC LED market context

DePIN vs Bitcoin — Relative Strength & Breadth

DePIN crypto has underperformed Bitcoin by 14.1% over 52 weeks on an equal-weight index of current members. Over 13 weeks the figure is -13.6%. 4 of 21 covered assets are above their own 200-day average. Helium leads Bitcoin-relative strength at +45.7%. Price readings are as of 2026-09-11.

-14%13w vs BTC

-14%52w vs BTC

4/21Above 200-DMA

HNTRS leader · +46%

Assets

canonical functional membership

Activity-covered

2/21

enough native evidence

Top score

64.1/100

Geodnet

Calendar quarters

complete; missing stays missing

Global asset selection · top 20 shown

Showing 20 of 21 assets

00 · exact additive research priority

4-Factor Crypto Evidence Score

A within-theme research-priority score for the 21 assets in DePIN, out of 100. The four displayed point contributions add exactly to the total, and the market regime changes the action label, never the arithmetic. Geodnet is highest at 64.1/100 on 86% evidence. It ranks research attention, not portfolio action.

Market leadership · 35Network & economic traction · 30Value capture · 20Liquidity & downside risk · 15

Geodnet leads the current research queue at 64.1/100 with 86% evidence.

2/21 assets have enough native activity evidence to move beyond a tape-led label.

3 of the 24 DePIN coins are not rated this week: 2 have no price within 7 days, 1 reports no traded volume. They are listed in full below the ranking.

Missing native metrics are not scored as zero and are not silently reweighted. They pull only the affected factor toward neutral and lower its visible evidence percentage. An asset with nothing measurable at all is not scored at 50 either — it is listed as not rated.

1. Geodnet · GEOD

64.1/100 · Illiquid · research only · 86% evidence

Exact sum: 17.0 + 23.0 + 17.2 + 6.9 = 64.1

Decision use: Evidence is mixed. Keep normal research priority and wait for two pillars to agree.

17.0/35Market leadership

RS-BTC -19.9 pp · RS-sector -1.4 pp · 200-DMA above

100% evidence

23.0/30Network & economic traction

Fees 146.2% · revenue 146.2% · users —

53% evidence

17.2/20Value capture

Fee yield 6.48% · revenue yield 6.48%

100% evidence

6.9/15Liquidity & downside risk

30d median volume $1,870,929 · vol 75.5%

100% evidence

2. Helium · HNT

58.6/100 · Tape-led · on-chain proof incomplete · 50% evidence

Exact sum: 26.6 + 15.0 + 10.0 + 7.0 = 58.6

Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.

26.6/35Market leadership

RS-BTC 45.7 pp · RS-sector 162.2 pp · 200-DMA below

100% evidence

15.0/30Network & economic traction

Fees — · revenue — · users —

0% evidence

10.0/20Value capture

Fee yield — · revenue yield —

0% evidence

7.0/15Liquidity & downside risk

30d median volume $6,397,371 · vol 318.8%

100% evidence

3. Bless · BLESS

58.2/100 · Tape-led · on-chain proof incomplete · 50% evidence

Exact sum: 26.4 + 15.0 + 10.0 + 6.8 = 58.2

Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.

26.4/35Market leadership

RS-BTC 33.5 pp · RS-sector -38.6 pp · 200-DMA above

100% evidence

15.0/30Network & economic traction

Fees — · revenue — · users —

0% evidence

10.0/20Value capture

Fee yield — · revenue yield —

0% evidence

6.8/15Liquidity & downside risk

30d median volume $5,615,201 · vol 179%

100% evidence

4. Siacoin · SC

57.9/100 · Illiquid · research only · 50% evidence

Exact sum: 26.4 + 15.0 + 10.0 + 6.5 = 57.9

Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.

26.4/35Market leadership

RS-BTC 0.7 pp · RS-sector 71.4 pp · 200-DMA above

100% evidence

15.0/30Network & economic traction

Fees — · revenue — · users —

0% evidence

10.0/20Value capture

Fee yield — · revenue yield —

0% evidence

6.5/15Liquidity & downside risk

30d median volume $3,682,303 · vol 225.6%

100% evidence

5. peaq · PEAQ

57.2/100 · Illiquid · research only · 50% evidence

Exact sum: 26.7 + 15.0 + 10.0 + 5.5 = 57.2

Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.

26.7/35Market leadership

RS-BTC -4.7 pp · RS-sector 34.2 pp · 200-DMA above

100% evidence

15.0/30Network & economic traction

Fees — · revenue — · users —

0% evidence

10.0/20Value capture

Fee yield — · revenue yield —

0% evidence

5.5/15Liquidity & downside risk

30d median volume $2,149,314 · vol 149.9%

100% evidence

6. BitTorrent · BTT

50.0/100 · Tape-led · on-chain proof incomplete · 16% evidence

Exact sum: 14.0 + 15.0 + 10.0 + 11.0 = 50.0

Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.

14.0/35Market leadership

RS-BTC — · RS-sector — · 200-DMA below

20% evidence

15.0/30Network & economic traction

Fees — · revenue — · users —

0% evidence

10.0/20Value capture

Fee yield — · revenue yield —

0% evidence

11.0/15Liquidity & downside risk

30d median volume $6,465,754 · vol —

60% evidence

7. Powerledger · POWR

49.1/100 · Illiquid · research only · 50% evidence

Exact sum: 17.4 + 15.0 + 10.0 + 6.7 = 49.1

Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.

17.4/35Market leadership

RS-BTC -10.4 pp · RS-sector 29 pp · 200-DMA below

100% evidence

15.0/30Network & economic traction

Fees — · revenue — · users —

0% evidence

10.0/20Value capture

Fee yield — · revenue yield —

0% evidence

6.7/15Liquidity & downside risk

30d median volume $1,544,967 · vol 53.3%

100% evidence

8. Nym · NYM

47.5/100 · Illiquid · research only · 50% evidence

Exact sum: 17.6 + 15.0 + 10.0 + 4.9 = 47.5

Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.

17.6/35Market leadership

RS-BTC 0.1 pp · RS-sector 0.4 pp · 200-DMA below

100% evidence

15.0/30Network & economic traction

Fees — · revenue — · users —

0% evidence

10.0/20Value capture

Fee yield — · revenue yield —

0% evidence

4.9/15Liquidity & downside risk

30d median volume $2,214,531 · vol 277.6%

100% evidence

9. Filecoin · FIL

44.5/100 · Tape-led · on-chain proof incomplete · 66% evidence

Exact sum: 11.7 + 15.0 + 5.0 + 12.8 = 44.5

Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.

11.7/35Market leadership

RS-BTC -19.6 pp · RS-sector 1.2 pp · 200-DMA below

100% evidence

15.0/30Network & economic traction

Fees — · revenue — · users —

0% evidence

5.0/20Value capture

Fee yield 0.39% · revenue yield 0.39%

81% evidence

12.8/15Liquidity & downside risk

30d median volume $84,968,597 · vol 88.6%

100% evidence

10. MVL · MVL

42.6/100 · Illiquid · research only · 50% evidence

Exact sum: 13.0 + 15.0 + 10.0 + 4.6 = 42.6

Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.

13.0/35Market leadership

RS-BTC -19.4 pp · RS-sector 25.2 pp · 200-DMA below

100% evidence

15.0/30Network & economic traction

Fees — · revenue — · users —

0% evidence

10.0/20Value capture

Fee yield — · revenue yield —

0% evidence

4.6/15Liquidity & downside risk

30d median volume $89,564 · vol 48.8%

100% evidence

11. IOTA · IOTA

42.5/100 · Tape-led · on-chain proof incomplete · 50% evidence

Exact sum: 7.7 + 15.0 + 10.0 + 9.8 = 42.5

Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.

7.7/35Market leadership

RS-BTC -34.1 pp · RS-sector 1.2 pp · 200-DMA below

100% evidence

15.0/30Network & economic traction

Fees — · revenue — · users —

0% evidence

10.0/20Value capture

Fee yield — · revenue yield —

0% evidence

9.8/15Liquidity & downside risk

30d median volume $6,068,474 · vol 83.2%

100% evidence

12. Beldex · BDX

42.4/100 · Tape-led · on-chain proof incomplete · 50% evidence

Exact sum: 3.9 + 15.0 + 10.0 + 13.5 = 42.4

Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.

3.9/35Market leadership

RS-BTC -23.8 pp · RS-sector -27.3 pp · 200-DMA below

100% evidence

15.0/30Network & economic traction

Fees — · revenue — · users —

0% evidence

10.0/20Value capture

Fee yield — · revenue yield —

0% evidence

13.5/15Liquidity & downside risk

30d median volume $11,173,493 · vol 31%

100% evidence

13. JasmyCoin · JASMY

40.6/100 · Tape-led · on-chain proof incomplete · 50% evidence

Exact sum: 4.6 + 15.0 + 10.0 + 11.0 = 40.6

Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.

4.6/35Market leadership

RS-BTC -41.2 pp · RS-sector -15.9 pp · 200-DMA below

100% evidence

15.0/30Network & economic traction

Fees — · revenue — · users —

0% evidence

10.0/20Value capture

Fee yield — · revenue yield —

0% evidence

11.0/15Liquidity & downside risk

30d median volume $10,855,632 · vol 108.7%

100% evidence

14. StorX · SRX

40.1/100 · Illiquid · research only · 50% evidence

Exact sum: 7.8 + 15.0 + 10.0 + 7.3 = 40.1

Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.

7.8/35Market leadership

RS-BTC -17.3 pp · RS-sector -8 pp · 200-DMA below

100% evidence

15.0/30Network & economic traction

Fees — · revenue — · users —

0% evidence

10.0/20Value capture

Fee yield — · revenue yield —

0% evidence

7.3/15Liquidity & downside risk

30d median volume $1,348,748 · vol 27%

100% evidence

15. Pocket Network · POKT

39.0/100 · Illiquid · research only · 50% evidence

Exact sum: 8.7 + 15.0 + 10.0 + 5.3 = 39.0

Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.

8.7/35Market leadership

RS-BTC -24.2 pp · RS-sector 3.7 pp · 200-DMA below

100% evidence

15.0/30Network & economic traction

Fees — · revenue — · users —

0% evidence

10.0/20Value capture

Fee yield — · revenue yield —

0% evidence

5.3/15Liquidity & downside risk

30d median volume $358,265 · vol 54%

100% evidence

16. XYO Network · XYO

38.8/100 · Illiquid · research only · 50% evidence

Exact sum: 7.9 + 15.0 + 10.0 + 5.9 = 38.8

Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.

7.9/35Market leadership

RS-BTC -26.3 pp · RS-sector -0.4 pp · 200-DMA below

100% evidence

15.0/30Network & economic traction

Fees — · revenue — · users —

0% evidence

10.0/20Value capture

Fee yield — · revenue yield —

0% evidence

5.9/15Liquidity & downside risk

30d median volume $1,432,014 · vol 75.1%

100% evidence

17. Ankr Network · ANKR

38.2/100 · Lagging · 91% evidence

Exact sum: 13.6 + 5.7 + 7.8 + 11.1 = 38.2

Decision use: Evidence is mixed. Keep normal research priority and wait for two pillars to agree.

13.6/35Market leadership

RS-BTC -15.4 pp · RS-sector 6.8 pp · 200-DMA below

100% evidence

5.7/30Network & economic traction

Fees -31.6% · revenue -31.3% · users —

70% evidence

7.8/20Value capture

Fee yield 2.89% · revenue yield 0.29%

100% evidence

11.1/15Liquidity & downside risk

30d median volume $5,531,157 · vol 56.2%

100% evidence

18. XPIN Network · XPIN

33.2/100 · Illiquid · research only · 50% evidence

Exact sum: 2.2 + 15.0 + 10.0 + 6.0 = 33.2

Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.

2.2/35Market leadership

RS-BTC -49.8 pp · RS-sector -62.3 pp · 200-DMA below

100% evidence

15.0/30Network & economic traction

Fees — · revenue — · users —

0% evidence

10.0/20Value capture

Fee yield — · revenue yield —

0% evidence

6.0/15Liquidity & downside risk

30d median volume $2,327,084 · vol 109.8%

100% evidence

19. Chia · XCH

32.7/100 · Illiquid · research only · 50% evidence

Exact sum: 4.1 + 15.0 + 10.0 + 3.6 = 32.7

Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.

4.1/35Market leadership

RS-BTC -51.4 pp · RS-sector -1.9 pp · 200-DMA below

100% evidence

15.0/30Network & economic traction

Fees — · revenue — · users —

0% evidence

10.0/20Value capture

Fee yield — · revenue yield —

0% evidence

3.6/15Liquidity & downside risk

30d median volume $692,089 · vol 62.8%

100% evidence

20. Janction · JCT

32.7/100 · Illiquid · research only · 50% evidence

Exact sum: 3.3 + 15.0 + 10.0 + 4.4 = 32.7

Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.

3.3/35Market leadership

RS-BTC -97.7 pp · RS-sector -74.6 pp · 200-DMA below

100% evidence

15.0/30Network & economic traction

Fees — · revenue — · users —

0% evidence

10.0/20Value capture

Fee yield — · revenue yield —

0% evidence

4.4/15Liquidity & downside risk

30d median volume $2,640,434 · vol 209.4%

100% evidence

Showing 20 of 21 ranked assets

01 · complete calendar-quarter evidence

Which projects are generating the most network fees?

LeaderGeodnet · $6.8M

Gap175% versus #2

Persistence1 assets have positive comparable growth

Coverage3/21 assets

Investor read: Use this as a network-economics research lead, not token-holder earnings. Verify whether the measured activity accrues to the token before treating scale as value capture.

This conclusion weakens if: fee growth turns negative across two complete calendar quarters or fee coverage falls below the stated threshold.

Trailing 12-month fees is the sum of the latest four complete calendar quarters. Growth compares that sum with the prior four-quarter sum.

Trailing 12-month feestop five

1Geodnet GEOD$6.8M

2Filecoin FIL$2.5M

3Ankr Network ANKR$1.1M

Fee growthtop five

1Geodnet GEOD+146%

2Ankr Network ANKR-32%

Network fees · asset comparison

3/21 level · 2/21 change

Latest comparable data · top 20 shown first

Asset	Trailing 12-month fees	Fee growth
geodnet	$2.6M	+146%
helium	$0	—
bless-2	—	—
siacoin	—	—
peaq-2	$107	—
bittorrent	—	—
power-ledger	—	—
nym	—	—
filecoin	$278.8K	—
mass-vehicle-ledger	—	—
iota	—	—
beldex	—	—
jasmycoin	—	—
storx	—	—
pocket-network	—	—
xyo-network	—	—
ankr	$207.8K	-32%
xpin-network	—	—
chia	—	—
janction	—	—
impossible-cloud-network-token	—	—

Showing 20 of 21 assets

02 · complete calendar-quarter evidence

Which projects convert activity into protocol revenue?

LeaderGeodnet · $6.8M

Gap175% versus #2

Persistence1 assets have positive comparable growth

Coverage3/21 assets

Investor read: Use this as a network-economics research lead, not token-holder earnings. Verify whether the measured activity accrues to the token before treating scale as value capture.

This conclusion weakens if: revenue growth turns negative or the revenue-to-fees take rate falls for two complete calendar quarters.

Trailing 12-month revenue is the sum of the latest four complete calendar quarters. Growth compares that sum with the prior four-quarter sum.

Trailing 12-month revenuetop five

1Geodnet GEOD$6.8M

2Filecoin FIL$2.5M

3Ankr Network ANKR$106.5K

Revenue growthtop five

1Geodnet GEOD+146%

2Ankr Network ANKR-31%

Protocol revenue · asset comparison

3/21 level · 2/21 change

Latest comparable data · top 20 shown first

Asset	Trailing 12-month revenue	Revenue growth
geodnet	$2.6M	+146%
helium	$0	—
bless-2	—	—
siacoin	—	—
peaq-2	$0	—
bittorrent	—	—
power-ledger	—	—
nym	—	—
filecoin	$278.8K	—
mass-vehicle-ledger	—	—
iota	—	—
beldex	—	—
jasmycoin	—	—
storx	—	—
pocket-network	—	—
xyo-network	—	—
ankr	$20.8K	-31%
xpin-network	—	—
chia	—	—
janction	—	—
impossible-cloud-network-token	—	—

Showing 20 of 21 assets

03 · complete calendar-quarter evidence

Where is capital actually committed on-chain?

LeaderAnkr Network · $17.9M

GapNot comparable

Persistence0 assets have positive comparable growth

Coverage2/21 assets

Investor read: Use this as a network-economics research lead, not token-holder earnings. Verify whether the measured activity accrues to the token before treating scale as value capture.

This conclusion weakens if: TVL rises while fees and users fall; that pattern can be incentive-funded mercenary liquidity.

Quarter-end TVL uses protocol TVL first for protocol assets and exact-ID chain TVL for chain assets or where protocol TVL is unavailable. A blank is unavailable, not zero. Growth compares with the same complete quarter one year earlier.

Quarter-end TVLtop five

1Ankr Network ANKR$17.9M

2MVL MVL$0

TVL growthtop five

1Ankr Network ANKR-56%

Total value locked · asset comparison

2/21 level · 1/21 change

Latest comparable data · top 20 shown first

Asset	Quarter-end TVL	TVL growth
geodnet	—	—
helium	—	—
bless-2	—	—
siacoin	—	—
peaq-2	—	—
bittorrent	—	—
power-ledger	—	—
nym	—	—
filecoin	—	—
mass-vehicle-ledger	$0	—
iota	—	—
beldex	—	—
jasmycoin	—	—
storx	—	—
pocket-network	—	—
xyo-network	—	—
ankr	$17.9M	-56%
xpin-network	—	—
chia	—	—
janction	—	—
impossible-cloud-network-token	—	—

Showing 20 of 21 assets

04 · let price answer last

Which assets lead on price and relative strength?

Helium leads the DePIN tape on Bitcoin-relative strength at +46% over 90 days. 4 of 21 covered assets are above their own 200-day average. Price shows what happened; BTC-relative strength shows whether the asset beat crypto’s opportunity-cost benchmark. Both lines run through 2026-09-11.

Complete set · no silent drops

Which assets are in DePIN?

21 of the 24 coins assigned to DePIN are rated and ranked below, and the other 3 are listed under it with the reason each one is not rated — tape-only names that publish no protocol activity included. Each asset has exactly one canonical functional theme, chosen by a specific-to-general first match on its categories.

Rank	Asset	Price	90d	RS-BTC	200-DMA	30d vol	Median volume	Price quality	Activity source	Score	Evidence
1	Geodnet GEOD	$0.2166	-0.1%	-20%	Above	75%	$1.9M	usable	protocol	64.1	86%
2	Helium HNT	$0.5022	+66%	+46%	Below	319%	$6.4M	usable	protocol	58.6	50%
3	Bless BLESS	$0.0083	+53%	+34%	Above	179%	$5.6M	usable	tape only	58.2	50%
4	Siacoin SC	$0.0009	+21%	+0.7%	Above	226%	$3.7M	usable	tape only	57.9	50%
5	peaq PEAQ	$0.0256	+15%	-4.7%	Above	150%	$2.1M	usable	protocol	57.2	50%
6	BitTorrent BTT	$0.0000	—	—	Below	—	$6.5M	usable	tape only	50.0	16%
7	Powerledger POWR	$0.0539	+9.4%	-10%	Below	53%	$1.5M	usable	tape only	49.1	50%
8	Nym NYM	$0.0218	+20%	+0.1%	Below	278%	$2.2M	usable	tape only	47.5	50%
9	Filecoin FIL	$0.7854	+0.2%	-20%	Below	89%	$85.0M	usable	protocol	44.5	66%
10	MVL MVL	$0.0010	+0.4%	-19%	Below	49%	$89.6K	usable	protocol	42.6	50%
11	IOTA IOTA	$0.0398	-14%	-34%	Below	83%	$6.1M	usable	tape only	42.5	50%
12	Beldex BDX	$0.0768	-4.0%	-24%	Below	31%	$11.2M	usable	tape only	42.4	50%
13	JasmyCoin JASMY	$0.0040	-21%	-41%	Below	109%	$10.9M	usable	tape only	40.6	50%
14	StorX SRX	$0.0555	+2.5%	-17%	Below	27%	$1.3M	usable	tape only	40.1	50%
15	Pocket Network POKT	$0.0082	-4.4%	-24%	Below	54%	$358.3K	usable	tape only	39.0	50%
16	XYO Network XYO	$0.0034	-6.5%	-26%	Below	75%	$1.4M	usable	tape only	38.8	50%
17	Ankr Network ANKR	$0.0041	+4.4%	-15%	Below	56%	$5.5M	usable	protocol	38.2	91%
18	XPIN Network XPIN	$0.0009	-30%	-50%	Below	110%	$2.3M	usable	tape only	33.2	50%
19	Chia XCH	$1.48	-32%	-51%	Below	63%	$692.1K	usable	tape only	32.7	50%
20	Janction JCT	$0.0015	-78%	-98%	Below	209%	$2.6M	usable	tape only	32.7	50%
21	Impossible Cloud Network Token ICNT	$0.0958	-53%	-73%	Below	77%	$1.0M	usable	tape only	29.1	50%

Showing 20 of 21 assets

Not rated — and why

3 of the 24 DePIN coins are not rated this week: 2 have no price within 7 days, 1 reports no traded volume. Each one stays on this page with its reason instead of being scored at the midpoint of a range nothing measured.

Coin	Market cap	Reason	Detail
Holo HOT	$55.9M	No traded volume reported	No traded volume is reported on most of the last 30 days, so it has no liquidity reading.
Spacecoin SPACE	$34.6M	No price this week	No traded price in the 95 days to 2026-09-11.
Starpower STAR	$27.6M	No price this week	No traded price in the 95 days to 2026-09-11.

Methodology · boundaries make the answer useful

What can make this comparison misleading?

This DePIN comparison names 5 ways its own evidence can mislead, all listed below. The largest is that crypto network activity is not company earnings: protocol revenue does not automatically accrue to token holders. Coverage is also uneven — 2 of 21 assets carry enough native evidence to rank on more than price.

Crypto network activity is not company earnings. Protocol revenue does not automatically accrue to token holders.
Market-cap values are a dated universe snapshot, not point-in-time historical supply data.
Current category labels are applied to historical prices; this creates survivorship and taxonomy hindsight.
Funding rates, open interest, liquidations, exchange flows, unlock schedules, historical circulating supply and developer activity are not held and are not inferred.
Equal weighting is used for sector history because true historical market-cap weights are unavailable.

Price and technicalsThrough 2026-09-11. Five-year weekly observations benchmarked to Bitcoin.

Protocol activityThrough 2026-09-11. Fees, revenue, protocol TVL and DEX volume.

Chain activityUsers and transactions through unavailable; separately sourced chain TVL through unavailable.

Market capSnapshot dated 2026-07-04; no historical supply series is implied.

Questions the page should answer directly

Crypto analysis FAQs

These 20 answers cover the questions this page can settle from data it holds — what the category is, how the score is built, what the coverage gaps are, and what would change the read. Every answer below is also present in the page’s FAQ schema and in its plain-text rendition. None of them is a recommendation.

What is DePIN crypto?

DePIN crypto refers to cryptocurrency projects grouped by what they actually do rather than by market fashion. This page tracks 21 such coins by market cap, price and Bitcoin-relative strength, with protocol fees and revenue where a project publishes them. Readings are as of 2026-09-11.

What is the total market cap of DePIN crypto coins?

The 21 DePIN coins on this page have a combined market cap of about $2.6B as of 2026-07-04. Individual figures are in the table. Market-cap metadata is a dated snapshot, separately from the price series.

Are DePIN crypto coins outperforming Bitcoin?

DePIN has returned -14.1% versus Bitcoin over 52 weeks and -13.6% over 13 weeks on an equal-weight current-member index. 4/21 covered assets are above their 200-day averages as of 2026-09-11.

Which DePIN asset has the strongest research score?

Geodnet ranks first at 64.1/100: 17.0 + 23.0 + 17.2 + 6.9 = 64.1. It is labelled “Illiquid · research only” with 86% overall evidence and 72% native-economics evidence.

Why are some DePIN coins not rated?

3 of the 24 coins are not rated this week: 2 have no price within 7 days, 1 reports no traded volume. They stay listed with the reason beside each one rather than being scored at a neutral midpoint, because a missing reading is not a middling reading.

How is the DePIN 4-factor score calculated?

The exact sum is Market leadership /35 + Network and economic traction /30 + Value capture /20 + Liquidity and downside risk /15. Missing data pulls only the affected factor toward neutral and lowers evidence; it is never silently reweighted.

Why can a DePIN asset be labelled tape-led?

Tape-led means price and relative-strength evidence exists but less than half of the native traction and value-capture evidence is available. Such assets remain visible but rank below fully evidenced assets.

Does protocol revenue accrue to the token?

Not necessarily. Protocol fees and revenue measure network economics; token-holder value depends on the protocol’s burn, buyback, staking, distribution and governance rules. This page never assumes accrual merely because revenue exists.

Does crypto have a P/E or PEG ratio?

No comparable company-style P/E or PEG is used. Where coverage permits, the page shows network fee yield and protocol-revenue yield against a dated market-cap snapshot, with an explicit token-accrual caveat.

How much history is shown for DePIN?

The page shows five years of weekly price and relative-strength history and 20 complete calendar quarters of on-chain activity where available. Missing periods remain gaps.

Why do the crypto data dates differ?

Prices and technical metrics run through 2026-09-11; protocol activity through 2026-09-11; chain users and transactions through the latest available chain date; chain TVL through the latest available chain-TVL date; market capitalisation is a separate snapshot dated 2026-07-04.

Are stablecoins and wrapped tokens included in DePIN?

No. Pegged, wrapped, liquid-staking receipt and tokenized-asset instruments are excluded because they do not have independent price discovery.

Can one token appear in multiple raw crypto categories?

Yes, but pages on this site assign each asset to exactly one functional theme using a specific-to-general first-match taxonomy. DePIN therefore has one canonical membership list.

What would invalidate the current DePIN theme read?

Two of the three weakening conditions are already in place as of 2026-09-11: the 13-week return versus Bitcoin is -13.6% (below zero) and 4 of 21 covered assets are above the 200-day average (below one-third). The read depends on native protocol activity remaining supportive — a contraction there would complete the invalidation.

Does this page include funding rates, open interest or token unlocks?

No. Those datasets are not held in the current research store, so the page names them as unavailable rather than inferring them from price.

Which projects are generating the most network fees?

Geodnet leads DePIN crypto on Trailing 12-month fees at $6.8M, 175% ahead of Filecoin. 1 of 2 assets with comparable change data is growing. Coverage is 3 of the 21 ranked assets in this theme, through the Q2 2026 calendar quarter. Where a project publishes nothing, the cell stays blank rather than being read as zero. Investor read: Use this as a network-economics research lead, not token-holder earnings. Verify whether the measured activity accrues to the token before treating scale as value capture. This conclusion weakens if fee growth turns negative across two complete calendar quarters or fee coverage falls below the stated threshold.

Which projects convert activity into protocol revenue?

Geodnet leads DePIN crypto on Trailing 12-month revenue at $6.8M, 175% ahead of Filecoin. 1 of 2 assets with comparable change data is growing. Coverage is 3 of the 21 ranked assets in this theme, through the Q2 2026 calendar quarter. Where a project publishes nothing, the cell stays blank rather than being read as zero. Investor read: Use this as a network-economics research lead, not token-holder earnings. Verify whether the measured activity accrues to the token before treating scale as value capture. This conclusion weakens if revenue growth turns negative or the revenue-to-fees take rate falls for two complete calendar quarters.

Where is capital actually committed on-chain?

Ankr Network leads DePIN crypto on Quarter-end TVL at $17.9M. 0 of 1 asset with comparable change data are growing. Coverage is 2 of the 21 ranked assets in this theme, through the Q2 2026 calendar quarter. Where a project publishes nothing, the cell stays blank rather than being read as zero. Investor read: Use this as a network-economics research lead, not token-holder earnings. Verify whether the measured activity accrues to the token before treating scale as value capture. This conclusion weakens if TVL rises while fees and users fall; that pattern can be incentive-funded mercenary liquidity.

Which DePIN project has the largest fee base?

Geodnet leads covered trailing-12-month fees at $6.8M. Coverage is 3/21; this is network activity, not automatically token-holder income.

Which are the biggest DePIN crypto coins by market cap?

Beldex is the largest DePIN crypto coin by market capitalisation at $695.4M, ahead of Filecoin at $635.5M and BitTorrent at $262.2M. The 21 DePIN coins on this page carry $2.6B between them, with a market-cap figure on file for 21 of them. Market-cap metadata is dated 2026-07-04.

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