Decentralized Physical Infrastructure Networks (DePIN) is one of the top crypto narratives to explore, leaving crypto enthusiasts from all backgrounds looking to get in on the best DePIN coins. DePIN projects decentralized real-world infrastructure ecosystems, such as GPU rendering, wireless internet access, and cloud storage.
This guide explores the 10 best DePIN coins to buy right now. Discover the most undervalued DePIN projects before altcoin season arrives.
List of the Top DePIN Cryptocurrencies for 2024
In my view, these are the best DePIN coins offering the highest long-term upside:
- PlayDoge ($PLAY) – Overall best DePin crypto, combining P2E game and Meme appeal.
- Render – Peer-to-peer GPU rendering services with tokenized rewards
- BitTorrent – Decentralized file-sharing platform for music, videos, and images
- Filecoin – Volatile DePIN project offering decentralized storage systems
- Theta Network – Innovative video streaming network with bandwidth-sharing rewards
- MultiversX – Proprietary blockchain infrastructure supporting DePIN initiatives
- Ocean Protocol – Tokenized data-sharing marketplace with fair and secure monetization
- Livepeer – On-demand infrastructure for faster and more cost-effective video transcoding
- Storj – Low-cap cloud storage project with a global network of independent nodes
- World Mobile Token – Mobile node operators earn rewards for sharing internet access
Exploring the Best DePIN Cryptocurrency Projects: My Analysis
The best DePIN crypto projects decentralize entire infrastructure ecosystems, whether that’s cloud storage, data sharing, or internet services. Each DePIN network has a native crypto coin that incentivizes participation.
In theory, DePIN coins are expected to experience significant growth as the sector acquires more network activity along with investor interest and participation from users. Read on for my full analysis of the top projects in the growing DePIN space.
1. PlayDoge (PLAY) – Top DePin Cryptocurrency Offering High APY Rewards and P2E Game
PlayDoge is emerging as a leading DePin cryptocurrency for 2024 and has already raised over $550k during its presale. Utilizing the BNB blockchain, offers investors a rare combination of the Doge memes and a nostalgic play-to-earn (P2E) game, creating a unique investment opportunity.
This project entices players by offering the ability to earn $PLAY tokens by caring for their virtual pets, tapping into the thriving P2E market in the process. According to CoinMarketCap, the sector reached a $13 billion market cap in May this year. In a wider lens, the global gaming market is projected to hit $665 billion by 2033, emphasizing the longer-term potential of mobile P2E games.
PlayDoge is offering impressive staking rewards exceeding 500% APY, with over 30 million tokens staked thus far. In total, there are 9.4 billion PLAY tokens, with the vast majority allocated to the presale. The remainder has been designated to marketing, project development, liquidity, community rewards, and staking.
This combination of high staking rewards and an engaging P2E model makes PlayDoge a compelling investment in the DePin space. Stay updated by following PlayDoge on X (Twitter) and joining their Telegram channel. The fusion of meme culture and practical utility positions PlayDoge as a top pick for investors seeking substantial staking returns in the crypto space.
| DePIN Project | PlayDoge |
| Ticker | $PLAY |
| Chain | BNB Chain |
| Token Supply | 9.4 billion |
| Presale Raise | $616,000 |
| Accepted Presale Payments | BNB, USDT (BEP-20), ETH, Credit Cards |
2. Render – Peer-to-Peer GPU Rendering Services With Tokenized Rewards
Render is also one of the best DePIN coins to consider. In simple terms, Render has developed a decentralized, peer-to-peer framework for graphics processing unit (GPU) services. End users are typically involved in high-end video and image rendering, which requires significant GPU space. Instead of using centralized providers – end users can engage with the Render platform.
In doing so, GPU space is rented from peer-to-peer users. Anyone can offer spare GPU storage; all that’s required is a home computing device. Those offering GPU space are rewarded in RNDR tokens. Render’s framework is self-sufficient, as end users need RNDR to pay for their GPU requirements.
Like other prominent DePIN projects, Render leverages AI within its ecosystem. AI protocols optimize the Render network, ensuring speed, cost-effectiveness, and reliability. In terms of performance, Render has increased by almost 250% in the past year. The project is up over 19,000% since launching in 2020.
| DePIN Project | Render |
| Ticker | RNDR |
| Market Cap | $2.8 billion |
| DePIN Market | GPU rendering |
| All-Time High | $13.60 |
| 1-Year Price Gains | 250% |
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more.
Cryptocurrency is offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured. Investing involves risk, and content is provided for educational purposes only, does not imply a recommendation, and is not a guarantee of future performance. [website domain name] is not an affiliate and may be compensated if you access certain products or services offered by the MSB.
3. BitTorrent – Decentralized File-Sharing Platform for Music, Videos, and Images
Next on this list of DePIN cryptocurrency projects is BitTorrent. In a nutshell, BitTorrent is a file-sharing platform. Purchased by TRON in 2018, it’s a continuation of the original BitTorrent software that launched in 2001. However, BitTorrent is now completely decentralized, allowing users to share files without going through a centralized server.
What’s more, participants are now incentivized to share files with other users – whether that’s music, videos, or images. Rewards are distributed in the project’s native token, BTT. In addition, BitTorrent offers a beginner-friendly experience. The platform can be accessed via Windows and Mac software, plus an Android app.
However, there’s currently no support for iOS. Nonetheless, BitTorrent tokens have increased by almost 85% in the past year. That said, BitTorrent currently trades 62% below all-time highs. BitTorrent has a market capitalization of just over $1.1 billion, offering plenty of room for long-term growth.
| DePIN Project | BitTorrent |
| Ticker | BTT |
| Market Cap | $1.1 billion |
| DePIN Market | Decentralized file-sharing |
| All-Time High | $0.000003054 |
| 1-Year Price Gains | 85% |
4. Filecoin – Volatile DePIN Project Offering Decentralized Storage Systems
Filecoin is another top-rated DePIN project that investors should consider. It specializes in decentralized storage systems. The network is open-sourced and leverages a peer-to-peer framework. For instance, those offering cloud storage space are incentivized with tokenized rewards.
These are distributed in FIL tokens, which are unique to Filecoin. At the other end of the transaction are those requiring storage space. Rental payments are made in FIL, ensuring a sustainable tokenized model. Filecoin is one of the most established DePIN projects on this list. As reported by Reuters, Filecoin raised over $257 million in its 2017 presale campaign.
Since the presale, the Filecoin price has witnessed extreme volatility. Originally listing at $11.48, FIL tokens hit all-time highs of $237.24 in 2021. This represents growth of almost 2,000%. However, Filecoin has since declined by over 97% from its peak valuation. In the prior year, FIL has increased by just 7%.
| DePIN Project | Filecoin |
| Ticker | FIL |
| Market Cap | $3 billion |
| DePIN Market | Cloud storage |
| All-Time High | $237.24 |
| 1-Year Price Gains | 7% |
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more.
Cryptocurrency is offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured. Investing involves risk, and content is provided for educational purposes only, does not imply a recommendation, and is not a guarantee of future performance. [website domain name] is not an affiliate and may be compensated if you access certain products or services offered by the MSB.
5. Theta Network – Innovative Video Streaming Network With Bandwidth-Sharing Rewards
DePIN investors might also consider Theta Network a great option. This innovative project is decentralizing the video streaming industry. It aims to democratize streaming access on a global basis, including increased video quality and faster loading times. It operates a peer-to-peer model to achieve these goals.
Anyone can offer their spare internet bandwidth to the Theta Network ecosystem. This enables users to earn tokenized rewards, paid in THETA. Those buying bandwidth space also require THETA tokens. The Theta blockchain is unique to the project and smart contract development is supported.
Moreover, Theta Network has created a secondary token for transaction fees, TFUEL. This ensures cost-effective transfers at all times. Theta Network is currently valued at almost $2 billion. It has increased by more than 101% in the prior year. However, THETA tokens currently trade 87% below all-time highs.
| DePIN Project | Theta Network |
| Ticker | THETA |
| Market Cap | $2 billion |
| DePIN Market | Video streaming |
| All-Time High | $15.90 |
| 1-Year Price Gains | 101% |
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more.
Cryptocurrency is offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured. Investing involves risk, and content is provided for educational purposes only, does not imply a recommendation, and is not a guarantee of future performance. [website domain name] is not an affiliate and may be compensated if you access certain products or services offered by the MSB.
6. MultiversX – Proprietary Blockchain Infrastructure Supporting DePIN Initiatives
MultiversX is a multi-niche project that covers DePIN, decentralized finance, and the Internet of Things (IoT). It has developed a proprietary blockchain infrastructure with strong fundamentals. MultiversX claims to have scalability capabilities of up to 100,000 transactions per second. The average transaction cost is just $0.002, making it ideal for micro-transactions.
The MultiversX network is suitable for both online and offline DePIN initiatives. For example, consider a traditional lending company that operates on the African continent. Through MultiversX, the lender could offer collateralized stablecoin loans. Execution would be automated via smart contracts.
Another use case is data integrity; MultiversX leverages ZK technology to detect inaccurate information and even ‘deep fakes’. Its native token, EGLD, is required when transacting in the MultiversX ecosystem. However, MultiversX has underperformed the broader DePIN market with 1-year losses of 5%. It also trades 93% below all-time highs.
| DePIN Project | MultiversX |
| Ticker | EGLD |
| Market Cap | $1 billion |
| DePIN Market | Blockchain infrastructure |
| All-Time High | $542.58 |
| 1-Year Price Loss | 5% |
7. Ocean Protocol – Tokenized Data-Sharing Marketplace With Fair and Secure Monetization
Ocean Protocol has developed an innovative ecosystem that supports decentralized and secure data-sharing. It has an incentivization model that enables data owners to monetize their findings. For example, consider a research organization that specializes in marine wildlife, covering everything from water quality and population numbers to average lifespans.
The organization can securely share its data on the Ocean Protocol marketplace. The data will be tokenized and sold on a peer-to-peer basis. Anyone who wants the marine data can purchase it with OCEAN tokens. This offers a direct income stream for those providing useful, accurate, and unbiased data streams.
Ocean Protocol is currently valued at just over $461 million. Considering that just 40% of the token supply is in circulation, this translates to a fully diluted valuation of $1.1 billion. Over the past year, OCEAN tokens have increased by 128%. However, those entering the market today will secure a 58% discount from all-time highs.
| DePIN Project | Ocean Protocol |
| Ticker | OCEAN |
| Market Cap | $461 million |
| DePIN Market | Data monetization |
| All-Time High | $1.94 |
| 1-Year Price Gains | 128% |
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more.
Cryptocurrency is offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured. Investing involves risk, and content is provided for educational purposes only, does not imply a recommendation, and is not a guarantee of future performance. [website domain name] is not an affiliate and may be compensated if you access certain products or services offered by the MSB.
8. Livepeer – On-Demand Infrastructure for Faster and More Cost-Effective Video Transcoding
Livepeer is also one of the best DePIN coins to revolutionize online video streaming. It offers on-demand video infrastructure solutions for faster and more cost-effective outputs. Livepeer’s target market is application developers who want to streamline the video transcoding process. According to Livepeer, its solutions are 50 times cheaper than conventional providers.
In addition, Livepeer operates a decentralized framework with tokenized incentives. Anyone can join its network of ‘orchestrators’, who provide spare computational resources. This includes everything from internet bandwidth to CPU and GPU storage. These resources enable participants to earn Livepeer’s native token, LPT.
Like many DePIN crypto projects, Livepeer has enjoyed strong price momentum recently. LPT tokens have increased by almost 130% in the past year. Those buying LPT today will secure a huge discount; current prices trade 87% below all-time highs. Livepeer has a modest valuation of just under $340 million.
| DePIN Project | Livepeer |
| Ticker | LPT |
| Market Cap | $340 million |
| DePIN Market | Video transcoding |
| All-Time High | $12.66 |
| 1-Year Price Gains | 130% |
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more.
Cryptocurrency is offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured. Investing involves risk, and content is provided for educational purposes only, does not imply a recommendation, and is not a guarantee of future performance. [website domain name] is not an affiliate and may be compensated if you access certain products or services offered by the MSB.
9. Storj – Low-Cap Cloud Storage Project With a Global Network of Independent Nodes
Storj could be the next crypto to explode in the DePIN space – especially considering its attractive valuation. Currently, Storj has a market capitalization of just $207 million. Almost 100% of the Storj supply is circulating, so there’s no risk of new tokens entering the market. What’s more, Storj currently trades 87% below its all-time high.
Nevertheless, Storj’s price momentum is strong, with 49% growth in the prior year. In terms of use cases, Storj offers decentralized cloud storage solutions. It has developed a global network of independent nodes, ensuring there’s no single point of value. This means end users can avoid the risks of data breaches.
Storj is also an environmentally friendly project; nodes aren’t required to purchase specialist hardware. On the contrary, existing capabilities are being maximized, resulting in a reduced carbon footprint. Privacy is also assured – only data owners can access their files. The Storj user experience is also solid, meaning its storage ecosystem will appeal to the masses.
| DePIN Project | Storj |
| Ticker | STORJ |
| Market Cap | $207 million |
| DePIN Market | Data storage |
| All-Time High | $3.91 |
| 1-Year Price Gains | 49% |
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more.
Cryptocurrency is offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured. Investing involves risk, and content is provided for educational purposes only, does not imply a recommendation, and is not a guarantee of future performance. [website domain name] is not an affiliate and may be compensated if you access certain products or services offered by the MSB.
10. World Mobile Token – Mobile Node Operators Earn Rewards for Sharing Internet Access
Last on this list of DePIN cryptocurrencies is World Mobile Token. This project is one of the most inclusive DePIN initiatives. Anyone with a smartphone can become a network node and earn passive, tokenized rewards. There are two different node types to choose from. First, ‘EarthNodes’ keep the network secure and operational.
They verify transactions and other ecosystem services. Second, ‘AirNodes’ enable users to become independent network operators. They share WiFi or mobile data and are paid tokenized rewards. Network operating access is also shared, meaning rewards are also paid when end users call or text.
All reward distributions are made in the project’s native DePIN token, WMT. World Mobile Token is also one of the best cryptocurrencies to buy for small-cap investors. The WMT market capitalization is just $155 million. Price performance is strong, with World Mobile Token increasing by 117% in the past year.
| DePIN Project | World Mobile Token |
| Ticker | WMT |
| Market Cap | $155 million |
| DePIN Market | Mobile node services |
| All-Time High | $0.9804 |
| 1-Year Price Gains | 117% |
Buy World Mobile Token on MEXC
What is DePIN in Crypto?
DePIN is an abbreviation of Decentralized Physical Infrastructure Networks. It’s a fast-growing industry that bridges the gap between real-world services and blockchain technology. One of DePIN’s most important tasks is decentralization. For example, consider the traditional cloud storage market, which is dominated by Amazon and Google.
These services are centralized, meaning the risks of data breaches and hacks are ever-present. In contrast, DePIN providers like Filecoin and Storj offer decentralized storage alongside a peer-to-peer framework. This means anyone can offer their spare computing resources and earn tokenized rewards for doing so.
Security is vastly increased too, as there’s no single point of failure. The DePIN concept extends to many other use cases and industries. This covers everything from supply chain management and image rendering to video streaming and decentralized file sharing. DePIN has also made its way to sustainable transportation, with eTukTuk building electric tuk-tuks for the Asian market.
Each DePIN project has a native token. They typically have strong utility within the respective ecosystem. Moreover, DePIN tokens incentivize participation. For instance, BitTorrent users earn BTT tokens for sharing videos, music, or images. Similarly, World Mobile Token users earn WMT when sharing their WiFi or 5G connections.
How Does DePIN Revolutionize the Crypto Market?
The crypto markets are commonly associated with risk, speculation, and a lack of utility. While this is true for many tokens – including the best meme coins, DePIN offers an alternative side to crypto. This is because DePIN coins offer real-world use cases. They bridge the gap between offline services and the Web 3 era, meaning DePIN solves many existing issues.
This is because DePIN decentralizes traditional services, whether that’s cloud storage, energy supply, or transportation. Moreover, DePIN coins incentivize participation through tokenization. This means that DePIN projects can scale infinitely. This is without hindering the user experience or compromising on security and cost-effectiveness.
For example, consider a DePIN project like Render. Anyone can sell their spare GPU resources and earn RNDR tokens. GPU availability increases as more people join the network. Crucially, like many DePIN projects, Render operates a sustainable tokenization model. This is because RNDR rewards are funded by those buying GPU space.
Should I Buy DePIN Coins? The Investment Thesis
Some analysts believe that DePIN will be one of the biggest narratives during the next bull cycle. This is in addition to artificial intelligence, blockchain gaming, and real-world asset (RWA) tokens. Feel free to check out our top picks for the Best AI Crypto Coins in 2024 if you are bullish on AI.
Crucially, the broader markets – especially long-term holders, favor projects with specific use cases. DePIN fits within this category.
Let’s take a closer look at the DePIN investment thesis.
Strong Price Momentum
First, let’s start with DePIN’s strong price momentum over the prior year. Put simply, the best DePIN coins have outperformed the broader markets.
- For example, Render, Ocean Finance, and Livepeer have increased by 250%, 128%, and 130%, respectively.
- Bitcoin and Ethereum – the two largest cryptocurrencies by market capitalization, have increased by 105% and 60% over the same period.
Ultimately, if your main focus is to outperform the wider markets, DePIN coins have proven their ability to do so.
Seamless Diversification
According to CoinMarketCap, there are more than 130 DePIN projects in the market. This gives the DePIN industry a total valuation of over $31 billion. Crucially, you can reduce the risks of investing in DePIN by diversifying across multiple projects.
For a start, a well-balanced DePIN portfolio should cover many different sub-niches. This can include sustainable transportation, cloud storage, file-sharing, video streaming, mobile internet services, and GPU rendering. The next step is to choose the best altcoins coins within each niche.
A popular strategy is to cover a variety of large and small-cap projects. For example, Filecoin, Render, and Theta Network are large-cap players at the top of the DePIN ecosystem. These are considered ‘safer’ plays than small-caps but the growth potential will be more limited.
With this in mind, a collection of small-caps projects should also be explored. Examples include Livepeer, Storj, and World Mobile Token, which are valued between $155 million and $340 million.
Investors targeting even higher returns might consider a micro-cap DePIN token like eTukTuk. Its native token, TUK, is being sold to presale investors, meaning they aren’t available on exchanges yet. This offers a first-mover advantage at an attractive entry price.
Utility Projects Have Long-Term Potential
Although meme coins are some of the strongest performers in recent months, price momentum is often short-lived. This means that successful meme coins might pump for several days or weeks before losing a significant chunk of their valuation. In contrast, DePIN coins have strong utility, meaning they’re a lot more suitable for long-term growth.
What’s more, DePIN coins create organic demand – meaning they’re not only purchased for speculative gains. This reduces the investment risks. For example, those renting cloud storage space on the Filecoin network need FIL tokens. This is because FIL is the only accepted payment currency, ensuring solid utility.
This concept can be found in most DePIN projects. Therefore, DePIN should be viewed as a long-term play. Ensure your portfolio is well diversified across multiple utilities and target markets. This will enable you to gain exposure to DePIN in a risk-averse way.
The Verdict?
DePIN is one of the hottest crypto narratives in 2024. Building a DePIN portfolio while prices are cheap could yield solid returns. However, ensure you’re diversified across multiple DePIN niches to reduce the risks.
It’s also worth considering DePIN projects in presale. PlayDoge, for example, bridges the gap between gaming, staking, and memes . PlayDoge’s presale is still ongoing and over $600 has been raised so far. Be sure to check out our article on the Best Crypto ICOs in 2024 if you are on the search for more crypto projects with high potential.
FAQs
What is the most promising DePIN in crypto?
PlayDoge is the most promising DePIN crypto. This P2E gaming platform offers players the opportunity to earn rewards by raising a digital pet.
What are the top DePIN projects?
As per CoinMarketCap, the top DePIN projects by market capitalization are Internet Computer, Filecoin, Render, Bittensor, and Theta Network.
Is Siacoin a DePIN?
Yes, Siacoin is a DePIN cryptocurrency. It has developed a decentralized cloud storage platform with tokenized incentives.
References
- Breakingviews – ICO Represents Last-Gasp Hope for Struggling Kodak (Reuters)
- Decrypting Financial Stability Risks in Crypto-Asset Markets (European Central Bank)
- Memecoin Billionaires Are Back With Bets on Being the ‘First Idiot In’ (Bloomberg)
- Top DePIN Tokens by Market Capitalization (CoinMarketCap)
