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 75.8/100, and its native activity evidence clears the coverage gate. The theme's 13-week excess versus Bitcoin is -4.2% on 18% breadth, which is what decides whether that lead is isolated or broad. 2 of the 24 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 5 years. Over the most recent two of them this theme is 73% behind Bitcoin. Protocol revenue across its protocols grew 36% on average over the last four reported quarters.

ASLEEP · 1y −9.2%·Fundamentals up, price down6 of 19 coins ahead of Bitcoin by 5% or more over three months

RS — · 3/19 >200d (+0) · 6/19 lead (+1) · EPS —

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

Strength anatomy MixedHow much of the theme is participating, how recently, and whether the movers score well.

Together6 of 19 coins moving

Fresh1 crossed in the last 4 weeks

Down the cap ladder — bar is now, tick is four weeks ago

Large 1/40

Mid 3/7+1

Small 2/80

Participation is spreading downward — the mid and small companies added more this month than the large ones did.

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.

RISK OFF market context

DePIN vs Bitcoin — Relative Strength & Breadth

DePIN crypto has underperformed Bitcoin by 3.2% over 52 weeks on an equal-weight index of current members. Over 13 weeks the figure is -4.2%. 4 of 22 covered assets are above their own 200-day average. Geodnet leads Bitcoin-relative strength at +76%. Price readings are as of 2026-07-24.

-4.2%13w vs BTC

-3.2%52w vs BTC

4/22Above 200-DMA

GEODRS leader · +76%

Assets

canonical functional membership

Activity-covered

2/24

enough native evidence

Top score

75.8/100

Geodnet

Calendar quarters

complete; missing stays missing

Global asset selection · top 20 shown

Showing 20 of 24 assets

00 · exact additive research priority

4-Factor Crypto Evidence Score

A within-theme research-priority score for the 24 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 75.8/100 on 82% 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 75.8/100 with 82% evidence.

2/24 assets have enough native activity evidence to move beyond a tape-led label.

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.

1. Geodnet · GEOD

75.8/100 · Illiquid · research only · 82% evidence

Exact sum: 31.0 + 23.0 + 15.8 + 6.0 = 75.8

Decision use: Tape and usage agree. Advance to token-accrual, catalyst and custody-risk diligence.

31.0/35Market leadership

RS-BTC 76 pp · RS-sector 0 pp · 200-DMA above

100% evidence

23.0/30Network & economic traction

Fees 146.2% · revenue 146.2% · users —

53% evidence

15.8/20Value capture

Fee yield 6.48% · revenue yield 6.48%

80% evidence

6.0/15Liquidity & downside risk

30d median volume $394,783 · vol 51.3%

100% evidence

2. Ankr Network · ANKR

38.2/100 · Lagging · market gate closed · 87% evidence

Exact sum: 11.4 + 7.4 + 8.3 + 11.1 = 38.2

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

11.4/35Market leadership

RS-BTC -14.4 pp · RS-sector 4.2 pp · 200-DMA below

100% evidence

7.4/30Network & economic traction

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

70% evidence

8.3/20Value capture

Fee yield 2.89% · revenue yield 0.29%

80% evidence

11.1/15Liquidity & downside risk

30d median volume $5,846,123 · vol 51.8%

100% evidence

3. Beldex · BDX

64.1/100 · Tape-led · on-chain proof incomplete · 50% evidence

Exact sum: 27.3 + 15.0 + 10.0 + 11.8 = 64.1

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

27.3/35Market leadership

RS-BTC 21.3 pp · RS-sector 5.3 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

11.8/15Liquidity & downside risk

30d median volume $14,319,607 · vol 92.7%

100% evidence

4. Janction · JCT

60.7/100 · Illiquid · research only · 50% evidence

Exact sum: 29.7 + 15.0 + 10.0 + 6.0 = 60.7

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

29.7/35Market leadership

RS-BTC 74.2 pp · RS-sector -2.1 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

6.0/15Liquidity & downside risk

30d median volume $4,374,757 · vol 183.8%

100% evidence

5. XPIN Network · XPIN

59.5/100 · Illiquid · research only · 50% evidence

Exact sum: 25.8 + 15.0 + 10.0 + 8.7 = 59.5

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

25.8/35Market leadership

RS-BTC 34.8 pp · RS-sector 14.4 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

8.7/15Liquidity & downside risk

30d median volume $4,459,460 · vol 125.3%

100% evidence

6. Bless · BLESS

54.2/100 · Illiquid · research only · 50% evidence

Exact sum: 24.6 + 15.0 + 10.0 + 4.6 = 54.2

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

24.6/35Market leadership

RS-BTC 29.8 pp · RS-sector -2.6 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

4.6/15Liquidity & downside risk

30d median volume $2,942,615 · vol 156.5%

100% evidence

7. BitTorrent · BTT

50.8/100 · Tape-led · on-chain proof incomplete · 21% evidence

Exact sum: 14.0 + 17.1 + 10.0 + 9.7 = 50.8

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

17.1/30Network & economic traction

Fees — · revenue — · users —

17% evidence

10.0/20Value capture

Fee yield — · revenue yield —

0% evidence

9.7/15Liquidity & downside risk

30d median volume $5,570,630 · vol —

60% evidence

8. Spacecoin · SPACE

50.0/100 · Tape-led · on-chain proof incomplete · 0% evidence

Exact sum: 17.5 + 15.0 + 10.0 + 7.5 = 50.0

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

17.5/35Market leadership

RS-BTC — · RS-sector — · 200-DMA —

0% evidence

15.0/30Network & economic traction

Fees — · revenue — · users —

0% evidence

10.0/20Value capture

Fee yield — · revenue yield —

0% evidence

7.5/15Liquidity & downside risk

30d median volume — · vol —

0% evidence

9. JasmyCoin · JASMY

49.8/100 · Tape-led · on-chain proof incomplete · 50% evidence

Exact sum: 13.0 + 15.0 + 10.0 + 11.8 = 49.8

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

13.0/35Market leadership

RS-BTC -7 pp · RS-sector 0.2 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

11.8/15Liquidity & downside risk

30d median volume $8,716,059 · vol 54.9%

100% evidence

10. XYO Network · XYO

49.7/100 · Tape-led · on-chain proof incomplete · 50% evidence

Exact sum: 14.6 + 15.0 + 10.0 + 10.1 = 49.7

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

14.6/35Market leadership

RS-BTC -0.1 pp · RS-sector -3.6 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

10.1/15Liquidity & downside risk

30d median volume $5,122,858 · vol 26.7%

100% evidence

11. peaq · PEAQ

48.6/100 · Illiquid · research only · 50% evidence

Exact sum: 20.1 + 15.0 + 10.0 + 3.5 = 48.6

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

20.1/35Market leadership

RS-BTC 31.3 pp · RS-sector -12.1 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

3.5/15Liquidity & downside risk

30d median volume $1,493,766 · vol 74.2%

100% evidence

12. StorX · SRX

48.3/100 · Illiquid · research only · 50% evidence

Exact sum: 14.9 + 15.0 + 10.0 + 8.4 = 48.3

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

14.9/35Market leadership

RS-BTC -0.9 pp · RS-sector 0 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

8.4/15Liquidity & downside risk

30d median volume $2,515,408 · vol 10.1%

100% evidence

13. Starpower · STAR

47.3/100 · Illiquid · research only · 12% evidence

Exact sum: 17.5 + 15.0 + 10.0 + 4.8 = 47.3

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

17.5/35Market leadership

RS-BTC — · RS-sector — · 200-DMA —

0% evidence

15.0/30Network & economic traction

Fees — · revenue — · users —

0% evidence

10.0/20Value capture

Fee yield — · revenue yield —

0% evidence

4.8/15Liquidity & downside risk

30d median volume $0 · vol —

80% evidence

14. Holo · HOT

45.0/100 · Illiquid · research only · 50% evidence

Exact sum: 16.5 + 15.0 + 10.0 + 3.5 = 45.0

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

16.5/35Market leadership

RS-BTC -7 pp · RS-sector 12.1 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

3.5/15Liquidity & downside risk

30d median volume $0 · vol 91.4%

100% evidence

15. Filecoin · FIL

44.3/100 · Tape-led · on-chain proof incomplete · 68% evidence

Exact sum: 13.2 + 12.5 + 6.0 + 12.6 = 44.3

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

13.2/35Market leadership

RS-BTC -5.9 pp · RS-sector -0.3 pp · 200-DMA below

100% evidence

12.5/30Network & economic traction

Fees — · revenue — · users —

17% evidence

6.0/20Value capture

Fee yield 0.39% · revenue yield 0.39%

65% evidence

12.6/15Liquidity & downside risk

30d median volume $52,184,072 · vol 50.3%

100% evidence

16. Powerledger · POWR

43.6/100 · Illiquid · research only · 50% evidence

Exact sum: 11.9 + 15.0 + 10.0 + 6.7 = 43.6

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

11.9/35Market leadership

RS-BTC -16.2 pp · RS-sector 5 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 $3,102,799 · vol 97%

100% evidence

17. MVL · MVL

39.6/100 · Illiquid · research only · 50% evidence

Exact sum: 8.8 + 15.0 + 10.0 + 5.8 = 39.6

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

8.8/35Market leadership

RS-BTC -15.6 pp · RS-sector 1 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

5.8/15Liquidity & downside risk

30d median volume $154,401 · vol 30.9%

100% evidence

18. Pocket Network · POKT

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

Exact sum: 8.6 + 15.0 + 10.0 + 5.2 = 38.8

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

8.6/35Market leadership

RS-BTC -21.4 pp · RS-sector 3.9 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

5.2/15Liquidity & downside risk

30d median volume $518,091 · vol 60.7%

100% evidence

19. IOTA · IOTA

37.7/100 · Tape-led · on-chain proof incomplete · 55% evidence

Exact sum: 4.2 + 13.3 + 10.0 + 10.2 = 37.7

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

4.2/35Market leadership

RS-BTC -22.8 pp · RS-sector -10.4 pp · 200-DMA below

100% evidence

13.3/30Network & economic traction

Fees — · revenue — · users —

17% evidence

10.0/20Value capture

Fee yield — · revenue yield —

0% evidence

10.2/15Liquidity & downside risk

30d median volume $6,663,125 · vol 58.3%

100% evidence

20. Impossible Cloud Network Token · ICNT

37.6/100 · Illiquid · research only · 50% evidence

Exact sum: 7.7 + 15.0 + 10.0 + 4.9 = 37.6

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

7.7/35Market leadership

RS-BTC -38.4 pp · RS-sector 4.3 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

4.9/15Liquidity & downside risk

30d median volume $3,220,656 · vol 136.5%

100% evidence

Showing 20 of 24 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

Coverage3/24 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

3/24 level · 2/24 change

Latest comparable data · top 20 shown first

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

Showing 20 of 24 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

Coverage3/24 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

3/24 level · 2/24 change

Latest comparable data · top 20 shown first

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

Showing 20 of 24 assets

03 · complete calendar-quarter evidence

Where is capital actually committed on-chain?

LeaderAnkr Network · $17.9M

Gap374% versus #2

Persistence1 assets have positive comparable growth

Coverage7/24 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

2Filecoin FIL$3.8M

3IOTA IOTA$2.2M

4peaq PEAQ$728.7K

5BitTorrent BTT$325.5K

TVL growthtop five

1BitTorrent BTT+49%

2Ankr Network ANKR-56%

3IOTA IOTA-75%

4Filecoin FIL-87%

Total value locked · asset comparison

7/24 level · 4/24 change

Latest comparable data · top 20 shown first

Asset	Quarter-end TVL	TVL growth
geodnet	—	—
ankr	$17.9M	-56%
beldex	—	—
janction	—	—
xpin-network	—	—
bless-2	—	—
bittorrent	$325.5K	+49%
spacecoin-2	—	—
jasmycoin	—	—
xyo-network	—	—
peaq-2	$728.7K	—
storx	—	—
starpower	—	—
holotoken	—	—
filecoin	$3.8M	-87%
power-ledger	—	—
mass-vehicle-ledger	$0	—
pocket-network	—	—
iota	$2.2M	-75%
impossible-cloud-network-token	—	—
siacoin	—	—
nym	—	—
helium	—	—
chia	$193.9K	—

Showing 20 of 24 assets

04 · let price answer last

Which assets lead on price and relative strength?

Geodnet leads the DePIN tape on Bitcoin-relative strength at +76% over 90 days. 4 of 22 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 2026-07-24.

Complete set · no silent drops

Which assets are in DePIN?

24 priced assets are assigned to DePIN, listed below by rank with every one visible — including tape-only names that publish no protocol activity. Each asset has exactly one canonical functional theme, chosen by a specific-to-general first match on its categories. Pegged, wrapped, liquid-staking receipt and tokenized-asset instruments are excluded because they have no independent price discovery.

Rank	Asset	Price	90d	RS-BTC	200-DMA	30d vol	Median volume	Price quality	Activity source	Score	Evidence
1	Geodnet GEOD	$0.1951	+59%	+76%	Above	51%	$394.8K	usable	protocol	75.8	82%
2	Ankr Network ANKR	$0.0035	-32%	-14%	Below	52%	$5.8M	usable	protocol	38.2	87%
3	Beldex BDX	$0.0834	+3.9%	+21%	Above	93%	$14.3M	usable	tape only	64.1	50%
4	Janction JCT	$0.0042	+57%	+74%	Above	184%	$4.4M	usable	tape only	60.7	50%
5	XPIN Network XPIN	$0.0015	+17%	+35%	Below	125%	$4.5M	usable	tape only	59.5	50%
6	Bless BLESS	$0.0075	+12%	+30%	Above	157%	$2.9M	usable	tape only	54.2	50%
7	BitTorrent BTT	$0.0000	—	—	Below	—	$5.6M	usable	chain TVL	50.8	21%
8	Spacecoin SPACE	—	—	—	—	—	—	usable	tape only	50.0	0%
9	JasmyCoin JASMY	$0.0043	-24%	-7.0%	Below	55%	$8.7M	usable	tape only	49.8	50%
10	XYO Network XYO	$0.0029	-18%	-0.2%	Below	27%	$5.1M	usable	tape only	49.7	50%
11	peaq PEAQ	$0.0184	+14%	+31%	Below	74%	$1.5M	usable	protocol + chain TVL	48.6	50%
12	StorX SRX	$0.0502	-18%	-0.9%	Below	10%	$2.5M	usable	tape only	48.3	50%
13	Starpower STAR	$0.0000	—	—	—	—	$0	usable	tape only	47.3	12%
14	Holo HOT	$0.0003	-24%	-7.0%	Below	91%	$0	usable	tape only	45.0	50%
15	Filecoin FIL	$0.7188	-23%	-5.9%	Below	50%	$52.2M	usable	protocol + chain TVL	44.3	68%
16	Powerledger POWR	$0.0430	-34%	-16%	Below	97%	$3.1M	usable	tape only	43.6	50%
17	MVL MVL	$0.0009	-33%	-16%	Below	31%	$154.4K	usable	protocol	39.6	50%
18	Pocket Network POKT	$0.0075	-39%	-21%	Below	61%	$518.1K	usable	tape only	38.8	50%
19	IOTA IOTA	$0.0345	-40%	-23%	Below	58%	$6.7M	usable	chain TVL	37.7	55%
20	Impossible Cloud Network Token ICNT	$0.1693	-56%	-38%	Below	137%	$3.2M	usable	tape only	37.6	50%
21	Siacoin SC	$0.0006	-40%	-22%	Below	32%	$4.3M	usable	tape only	37.2	50%
22	Nym NYM	$0.0166	-44%	-26%	Below	24%	$1.4M	usable	tape only	33.5	50%
23	Helium HNT	$0.1985	-80%	-63%	Below	68%	$2.0M	usable	protocol	30.1	50%
24	Chia XCH	$1.15	-51%	-34%	Below	67%	$1.5M	usable	chain TVL	30.0	50%

Showing 20 of 24 assets

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 24 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 2026-07-24. Five-year weekly observations benchmarked to Bitcoin.

Protocol activityThrough 2026-07-24. Fees, revenue, protocol TVL and DEX volume.

Chain activityUsers and transactions through unavailable; separately sourced chain TVL through 2026-07-24.

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

Questions the page should answer directly

Crypto analysis FAQs

These 18 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 24 such coins by market cap, price and Bitcoin-relative strength, with protocol fees and revenue where a project publishes them. Readings are as of 2026-07-24.

What is the total market cap of DePIN crypto coins?

The DePIN coins on this page are tracked against a universe of 894 of the top 1,000 crypto currency assets by market cap. Market-cap metadata is dated 2026-07-04, separately from the price series, and each coin's own figure is in the table on this page.

Are DePIN crypto coins outperforming Bitcoin?

DePIN has returned -3.2% versus Bitcoin over 52 weeks and -4.2% over 13 weeks on an equal-weight current-member index. 4/22 covered assets are above their 200-day averages as of 2026-07-24.

Which DePIN asset has the strongest research score?

Geodnet ranks first at 75.8/100: 31.0 + 23.0 + 15.8 + 6.0 = 75.8. It is labelled “Illiquid · research only” with 82% overall evidence and 64% native-economics evidence.

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 2026-07-24; protocol activity through 2026-07-24; chain users and transactions through the latest available chain date; chain TVL through 2026-07-24; 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 public MLA pages 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?

The read weakens if the sector’s 13-week relative return versus Bitcoin falls below zero, fewer than one-third of covered assets remain above the 200-day average, and the leading asset’s native activity also contracts.

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 24 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 24 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, 374% ahead of Filecoin. 1 of 4 assets with comparable change data is growing, fastest at BitTorrent. Coverage is 7 of the 24 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 3/24; this is network activity, not automatically token-holder income.