Permissionless Labs Raises $10M to Disrupt Internet Infrastructure With DeVIN Pipe Network

Ahead of its planned testnet launch at the Breakpoint conference in Singapore, Permissionless Labs has raised $10 million in a funding round led by Multicoin Capital.

Permissionless Labs, the organisation building the decentralised virtual infrastructure network (DeVIN) Pipe, has raised $10 million in a funding round led by Multicoin Capital.

The announcement comes ahead of Pipe Network’s planned testnet launch at the Breakpoint conference in Singapore.

Pipe is using an emerging concept of tokenomics that allows regular people to share resources in exchange for token rewards. The platform offers a content delivery network (CDN) that incentivises those hosting internet infrastructure.

This concept is similar to the more popular decentralised physical infrastructure networks (DePINs), that have been popularised by the likes of Daylight – which allows users to share excess power via a decentralised network, peaq – which offers a modular DePIN function for the development of multi-chain machine IDs, AI agents and data verification systems, and Uplink which is forecasted on decentralising large enterprise networks like electric vehicle charging networks and telecommunication networks.

Permissionless Labs’ focus is on disrupting the internet infrastructure network, which features the likes of Cloudflare and Akamai. Built on the proof-of-stake Solana blockchain, Pipe Network enables users to rapidly scale up CDN nodes in the places they’re needed most by lending their existing computing power, CEO David Rhodus told CoinDesk.

“Their computers will then help end-users access cached content that might have otherwise been difficult to quickly deliver because of the distance between them and the servers that content lives on.”