Introduction

In recent years, the DePIN concept has gained traction in the cryptocurrency market. According to research from institutions like Messari and Delphi Digital, the market potential of the DePIN track is estimated to be worth trillions of dollars. However, between the bubbles and expectations, real income performance is the key standard for assessing the value of a project.

In past crypto cycles, many projects relied on an “incentive-driven growth” model, attracting a large number of users and node deployments in the short term. However, as token prices fluctuated, rewards diminished, and user enthusiasm waned, some projects struggled to maintain healthy cash flow and ecosystem vitality. Therefore, revenue has become a key indicator for assessing the sustainability of DePIN projects.

This article will conduct an in-depth review of currently representative DePIN projects based on publicly available blockchain data, project disclosures, and third-party research. It will cover their primary revenue streams, business models, key operational metrics, and potential expansion opportunities. Through this review, we aim to offer a more valuable analytical perspective for industry observers, enabling readers to understand which DePIN projects are progressing toward “self-sustaining growth” and which are still in the process of transitioning from “incentive-driven growth” to “income-driven growth.”

Aethir: Building the Decentralized AI Cloud Computing Super Engine

Source: Official Website

Project Overview and Vision

Aethir is a decentralized GPU cloud computing platform for AI, cloud gaming, and virtualization scenarios. It aims to be the “GPU aggregator for the masses.” The project establishes a global, distributed network comprising enterprises, mining farms, data centers, and retail users to deliver high-performance GPU services for computation-intensive applications. Aethir’s core vision is to lower the entry barriers for AI and high-performance computing, break the technological and cost monopolies of centralized cloud providers, and provide a more open and flexible computing infrastructure for the Web3 world. We previously provided a systematic introduction to the Aethir project.

Profit Model and Revenue Performance

Aethir adopts a two-sided market model connecting GPU providers with computational demanders, generating profits through service fees paid in $ATH tokens. Its primary revenue streams include:

• Providing GPU cloud services to computation-demanding entities (e.g., AI companies, gaming studios, telecom enterprises) and charging service fees;
• Charging platform commissions (20% service fee) to GPU node operators;
• Extracting 5% from token emissions for network operations and incentives.

According to publicly available information, Aethir has achieved an annual recurring revenue (ARR) of $91 million in 2024, making it one of the top-performing projects in the DePIN track.

On the user side, Aethir expects its monthly active users to reach 10 million. On the social side, its community has accumulated over 170,000 followers, demonstrating strong external attention and growth potential.

Tokenomics

Aethir’s native token, $ATH, is the core mechanism for capturing value on the platform. It is used for network payments, node staking, governance voting, and for rewards and incentives.

50% of the total $ATH supply is allocated to incentive mechanisms, distributed in three main forms:

• Service Fee Incentives: 80% of service fees are returned to node operators.
• Proof of Rendering: Tokens are rewarded upon completing computation tasks.
• Proof of Capability: Nodes in standby mode also receive base rewards.

This design ensures network quality while lowering the entry barrier and financial pressure on operators.

Source: Official Website

Future Outlook and Challenges

Compared to competitors such as Akash, Render, and io.net, Aethir demonstrates clear advantages in GPU specs (e.g., H100), customer strength (contracts with telecom and gaming giants), and revenue scale (over $90 million in ARR). Its flywheel effect is gradually taking shape: contracts boost node utilization, which increases network value, thereby attracting more contracts and capital inflows.

However, as Aethir expands its global decentralized GPU cloud infrastructure, it must confront increasingly stringent data and compute regulations. For example, under the EU’s Digital Services Act (DSA) and AI Act, unauthorized use of GPU resources for AI training or inference may lead to compliance liabilities. Additionally, strict data sovereignty and transparency requirements for cloud service providers in the EU challenge Aethir’s “global node sharing” model. Should Aethir deploy nodes or serve enterprise clients in the EU, it may need to introduce KYC and data auditing mechanisms—potentially clashing with its “trustless, permissionless” design ethos.

Braintrust: The Dark Horse of Revenue Among Web3 Freelance Platforms

Source: Official Website

Project Overview and Vision

Braintrust is a decentralized freelance marketplace that connects top global talent with enterprise clients, focusing on high-skilled roles such as software engineering, design, and product management. Unlike traditional platforms like Upwork or Fiverr, Braintrust operates on a “disintermediation” model—owned by its community, with all revenues used to buy back tokens and no commissions taken from freelancers. Its vision is to build a fairer, more transparent, and user-owned global talent network, unlocking the true potential of the freelance economy.

Profit Model and Revenue Performance

Braintrust primarily earns by charging a 15% markup fee to enterprise clients. In contrast to traditional platforms that take a cut from freelancers, Braintrust shifts the cost entirely to the demand side, protecting freelancer earnings.

According to public data, Braintrust achieved an annualized revenue (ARR) of approximately $3.3 million in 2024.

Tokenomics

Braintrust’s native token, $BTRST, serves as the core for governance and incentives and has the following functions:

• Platform Governance: Token holders can participate in proposals and votes to decide platform rules and fee structures.
• Incentives: Users who refer talent or clients receive a share of revenue.
• Staking & Reputation: Freelancers and employers can stake $BTRST to increase visibility and build trust.
• Buyback and Burn: All platform revenue is used to buy back and burn $BTRST, increasing its scarcity.

Source: Research Report

Future Outlook and Challenges

Braintrust’s core strength lies in its sustainable cash flow and token buyback model, which stands in sharp contrast to most Web3 projects that rely heavily on subsidies. Its business model aligns well with structural shifts in the freelance economy, particularly in the context of remote work and greater talent mobility, making it a high-growth potential project.

However, despite its innovative “employer-pays + zero commission” model, Braintrust faces regulatory challenges in its global expansion. According to IRS and GDPR regulations, freelance platforms must maintain transparency around employment relationships, tax obligations, and data handling practices. As Braintrust onboards more Web2 enterprise clients, it must carefully navigate legal definitions to avoid being classified as an “employment intermediary” or “employer.” Furthermore, the use of $BTRST as an incentive medium may be seen by some regulators as a “work token” or even a “security,” posing compliance uncertainties.

GEODNET: The Rise of the World’s Largest Real-Time Positioning DePIN Network

Source: Official Website

Project Overview and Vision

GEODNET is a decentralized, high-precision positioning network built on GNSS (Global Navigation Satellite System). By deploying a wide network of RTK (Real-Time Kinematic) base stations, it provides centimeter-level positioning services for applications such as autonomous driving, agriculture, and robotics.

The project’s vision is to become “the positioning backbone for physical intelligent devices”, replacing expensive and closed traditional positioning service providers (e.g., Trimble) through a decentralized model, and accelerating the global adoption of autonomous machines and smart devices.

As of the end of 2024, GEODNET has deployed over 13,500 reference base stations globally, covering more than 140 countries and 4,000 cities, making it one of the largest RTK networks in the world by node count.

Source: Official Website

Profit Model and Revenue Performance

GEODNET operates on a two-sided marketplace model, connecting data providers with data consumers, and monetizes through data subscriptions and enterprise partnerships. Its revenue model includes:

• Direct subscription sales of GNSS correction data to enterprise clients
• Integration and revenue-sharing with third-party hardware manufacturers (e.g., agricultural drones, robots)
• 80% of all platform revenue is used to buy back and burn $GEOD tokens, creating a value feedback loop for the token.

In 2023, GEODNET’s @wunderlichvalentin/geodnet-why-were-bullish-3515812dcd18">annualized revenue (ARR) reached $630,000. Reports suggest this number increased by over 400% in 2024, possibly surpassing $3 million.

Tokenomics

GEODNET’s native token is $GEOD, issued on the Solana network. The tokenomics design includes:

• Incentives: Node operators (called “satellite miners”) earn $GEOD rewards by uploading accurate positioning data
• Deflationary Model: 80% of platform revenue is used to buy back and burn $GEOD, reducing long-term supply
• Hardware Binding: Miners must purchase compatible GNSS equipment (e.g., HYFIX Station) to ensure data authenticity
• Zonal Incentives: Only the first high-quality node in each Hex region receives full rewards, encouraging wide geographic distribution

Future Outlook and Challenges

GEODNET’s positioning services are closely tied to high-growth sectors like IoT, autonomous vehicles, and agricultural tech, implying massive market potential. Compared to traditional providers like Trimble, GEODNET does not own hardware, build base stations, or manage sales channels. Instead, it leverages a purely crypto-native network to coordinate distributed hardware, achieving higher scalability at lower cost.

However, GEODNET’s base station data involves high-precision geographic information (e.g., centimeter-level coordinates), which is classified as sensitive in certain countries and regions, such as China, India, and Russia, and may require special licenses or government approval. If nodes are deployed in unauthorized areas, this could raise compliance risks related to geospatial data misuse and national security.

Additionally, the platform’s “hardware-as-miner” model introduces challenges in device quality control. If third-party equipment fails to provide consistently high-quality data, it could compromise the overall network’s stability and node credibility.

NodeOps: The Node Orchestration Engine for Decentralized Computing

Source: Official Website

Project Overview & Vision

NodeOps is a decentralized physical infrastructure network (DePIN) targeting blockchain nodes and general computing resources. It began as a Node-as-a-Service platform and has since evolved into a multi-functional computing orchestration layer that supports AI, RPC, validator nodes, storage, and more. Its core vision is to build a decentralized cloud resource marketplace, serving Web3, AI, and enterprise applications, through a permissionless and modular node deployment toolset.

NodeOps aims to eliminate the centralization, high costs, and access barriers of traditional cloud services by providing developers and organizations with one-click, verifiable, secure, and reliable computing services.

Business Model & Revenue Performance

NodeOps operates on a dual-layer business structure:

• NodeOps Console: A visual platform for node deployment that charges users via a subscription model.
• NodeOps Network: The underlying orchestration layer that matches computing supply and demand, taking a cut from transactions and charging for verification services.

According to data from Messari, NodeOps achieved an annualized revenue (ARR) of approximately $2.5 million in 2024. The platform has over 700,000 verified users and more than 88,000 node deployments, covering 80+ blockchain networks.

Source: Messari

Tokenomics

NodeOps recently launched its native token, $NODE, as the platform’s core economic asset. Key utilities include:

• Node Staking: Computing providers must stake $NODE to join the network, incentivizing honest behavior.
• Payment Medium: Future node deployments and computing calls will support $NODE payments.
• Governance & Profit Sharing: Token holders can participate in governance and share platform revenues.
• Incentives: Providers can earn $NODE rewards for completing compute tasks and maintaining high uptime.

Additionally, NodeOps introduced a secondary token, $UNO (Universal Node Orchestrator), which is used for profit distribution and ecosystem privileges.

Future Outlook & Challenges

Compared to projects like Akash and Aethir, NodeOps differentiates itself with its “general-purpose node orchestration” focus, serving both on-chain infrastructure and Web2/AI scenarios, offering greater flexibility and horizontal scalability. However, NodeOps remains in an early stage and must continue improving Console stability, deployment experience, and the onboarding of high-quality computing providers.

NodeOps currently is still in early stage, its “multi-task computing orchestration” design may in future touch multiple regulatory gray areas: on one side, some deployment tasks may involve machine learning model training, anonymous anonymous node proxy and other sensitive computing tasks, need perform platform responsibility; on other side, NodeOps plans introduce token payment and profit-sharing mechanism, may trigger US SEC, EU MiCA to “token is security” judgment standard. In addition, node deployer if involves user identity verification, storage service, may also face data protection regulation (such as GDPR) compliance pressure.

Akash Network: The Continuous Evolver of Decentralized Cloud Computing

Source: Official Website

Project Introduction and Vision

Akash Network is a decentralized cloud computing market built on Cosmos SDK, aiming to connect global computing power supply and demand through an open auction mechanism, breaking the monopoly of centralized giants like AWS, Google Cloud, reducing cloud computing costs, improving resource utilization efficiency. Since its establishment in 2015, Akash has always adhered to the philosophy of “no permission, decentralized,” its vision is to build a high-performance, elastic, and secure “super cloud” platform, allowing developers and enterprises to deploy applications of any scale freely. We have also discussed the Akash Network project in previous articles.

Profit Logic and Revenue Performance

Akash Network adopts a reverse auction mechanism to match supply and demand. Computing buyers pay rent in $AKT or $USDC, and resource providers bid for orders. The platform profits by charging service fees: 4% fee when paying with AKT, 20% fee when paying with USDC. Additionally, Akash Network also has an inflation mechanism, with an annual inflation rate of 13%, used to incentivize nodes and community funds.

In 2024, Akash Network’s annual revenue saw significant growth, breaking revenue records for four consecutive quarters, with total annual revenue exceeding $1.36 million, a year-on-year increase of over 300%.

According to Messari data, Akash Network’s quarterly revenue for 2024 was:

• Q1: $140,000
• Q2: $176,000
• Q3: $304,000
• Q4: $742,000

By the end of 2024, Akash Network owns:

• 17,700+ CPU cores;
• 258 GPU nodes (including A100, RTX 3000/4000 series);
• Dozens of data centers and miner nodes.

Token Economics

Akash Network’s native token $AKT is the core of the platform’s operation. It has the following functions:

• Payment medium: Used for leasing resources, with lower service fees;
• Staking and security: Ensures network security through DPoS consensus mechanism;
• Governance mechanism: Token holders can participate in proposals and voting;
• Incentive mechanism: Inflation output is used to reward nodes and community building.

Source: Tokenomist

Future Outlook and Challenges

Akash Network’s advantages in the decentralized computing track mainly lie in:

• Stable resources: The number of CPU and GPU nodes continues to grow;
• Low entry barriers: The reverse auction mechanism and graphical deployment tools reduce development difficulty;
• Rapid ecosystem expansion: Multi-protocol integration drives platform user growth;
• Mature economic model: Staking, inflation, and fee mechanisms form a self-consistent flywheel.

Akash’s reverse auction mechanism indeed lowers the deployment threshold; however, since the resource providers are diverse, some nodes may originate from unaudited data centers, anonymous miners, or overseas organizations, posing risks to compliance and service stability. Especially since Akash Network plans to support AI training tasks and enterprise-level deployments, once services are exported to the European and American markets, it will need to face complex regulatory frameworks like DSA, AI Act, and data localization laws. Ensuring that service tasks are not abused (such as mining, DDoS relays, or illegal training) will also become a key challenge for the platform.

Conclusion

With the DePIN boom, countless projects have emerged under the banner of “decentralized infrastructure,” but only a few have truly achieved product deployment and revenue growth. The five representative DePIN projects highlighted in this series each have their own unique features but share one common point: they have all achieved real, verifiable business revenue and user growth, and have begun to build self-reinforcing economic flywheels.

These projects no longer rely solely on narrative-driven strategies; they have validated the feasibility and scalability of the DePIN model through real contracts, actual deployments, user retention, and revenue growth. Together, they signify that DePIN has moved from the “incentive-driven experimental phase” to the “revenue-driven industrialization phase.”

In the future, with the large-scale implementation of AI, IoT, and Web3 applications, DePIN is poised to become a key infrastructure layer linking the virtual and real worlds. The projects that can truly cross cycles and build a moat will no longer be the ones that tell the best stories but the ones that establish positive cash flow and a real user value loop the earliest. DePIN is moving from narrative to reality, from vision to business.

Please note that investing in the cryptocurrency market carries high volatility and significant risks. Before making any investment decisions, please conduct thorough research and make judgments based on your own risk tolerance. This article does not constitute financial advice, and investments should be made with caution.