分散的物理基礎設施網絡（DEPIN）隨著收入增長而吸引了傳統股票投資者的注意

一份新報告強調了分散的物理基礎設施網絡（DEPIN）如何隨著收入增長而吸引傳統股票投資者的注意。

A new report from Tom Trowbridge, co-founder of Fluence and host of the DePINed Podcast, has highlighted how Decentralized Physical Infrastructure Networks (DePIN) are catching the eye of traditional equity investors for their rapid revenue growth.

Fluence的聯合創始人湯姆·特羅布里奇（Tom Trowbridge）的一份新報告，也是播客的主持人，他強調了分散的物理基礎設施網絡（DEPIN）如何吸引傳統股票投資者的眼睛，以促進其快速收入增長。

The report, titled The DePIN Token Economics Report and recently released by Fluence, delves into the implications of DePIN on real-world services and its impact on a critical investor group.

該報告的標題為《迪卡特代幣經濟學報告》，並最近由弗弗倫斯發布，探討了迪帕丁對現實服務的影響及其對關鍵投資者集團的影響。

DePIN's Scalability and Revenue Growth

Depin的可伸縮性和收入增長

DePIN, which includes over 1,000 projects and 3 million providers delivering services like Wi-Fi, energy, and compute, has seen remarkable progress. Hardware costs have fallen 95% in recent years, bringing devices like routers down to $500, and open-source software is now competitive with centralized firms, according to Trowbridge.

Depin包括1,000多個項目和300萬提供商提供Wi-Fi，Energy和Compute等服務的提供商，取得了顯著的進展。據Trowbridge稱，近年來，硬件成本已下跌了95％，將路由器等設備降低到500美元，而開源軟件現在與集中式公司競爭。

As reported by DePIN Scan, Helium's 145,000 users generated $350,000 in Q4 2024 revenue, while Hivemapper saw a triple increase in demand with new mapping devices.

據Depin Scan報導，Helium的145,000用戶在Q4 2024收入中產生了35萬美元，而HiveMapper的新映射設備的需求增加了三倍。

Geodnet, meanwhile, reports annualized revenue of $3 million, using an 80% buy-and-burn rate, which reached an all-time high on January 25, 2024. The rapid growth of Hivemapper highlights the potential of DePIN. Helium, which claimed $70 million in revenue, faced an SEC charge on January 25, 2025, for allegedly misleading investors about clients like Lime, Nestlé, and Salesforce, as per Trowbridge.

與此同時，Geodnet的年度收入為300萬美元，使用了80％的買入和燃燒率，該收入在2024年1月25日達到了歷史最高水平。 HiveMapper的快速增長強調了Depin的潛力。氦氣收入為7000萬美元，於2025年1月25日面臨SEC指控，因為據稱對Lime，Nestlé和Salesforce等客戶誤導了投資者，如Trowbridge所述。

Why Traditional Investors Are Taking Notice

為什麼傳統投資者註意

Equity investors, who were initially skeptical of valuing token projects, are now turning their attention to DePIN, says Trowbridge. This investor group, far larger than alt-coin investors, is interested in the tangible services and revenue metrics that DePIN projects offer.

Trowbridge說，最初對估價令牌項目持懷疑態度的股票投資者現在將注意力轉移到迪普林上。這個投資者集團遠大於Alt-Coin投資者，對Depin Projects提供的有形服務和收入指標感興趣。

With annualized revenue of $3 million, Geodnet provides a clear benchmark for these investors, who are used to working with multi-billion dollar projects in the equity markets.

Geodnet的年薪為300萬美元，為這些投資者提供了明確的基準，這些投資者習慣於在股票市場與數十億美元的項目合作。

DePIN's token models also support this interest. Buy-and-burn mechanisms, used by Geodnet (80%), Glow (100%), Render (95%), and Hivemapper (50%), directly link revenue to token value.

Depin的代幣模型也支持這一興趣。 Geodnet（80％），Glow（100％），渲染（95％）和HiveMapper（50％）使用的購買機制（80％）使用，將收入直接連接到代幣價值。

For instance, Geodnet's $500,000 Q4 2024 revenue bought back the same tokens that were sold for $300,000 in Q3 2004, showcasing the potential for price growth.

例如，Geodnet $ 500,000 Q4 2024收入回購了相同的代幣，該代幣在2004年第三季度以300,000美元的價格售出，展示了價格上漲的可能性。

Moreover, the report highlights that the Fiat-linked rewards, such as Fluence's $10 per core monthly and Storj's $1.50 per TB, provide a stable source of income.

此外，該報告強調，菲亞特連接的獎勵（例如Fluence的每月10美元，每TB的$ 1.50）提供了穩定的收入來源。

DePIN's token economics are now under the microscope of equity investors, who are used to simpler models. Trowbridge emphasizes the need for brevity, stating that models should fit on one page to avoid confusion.

Depin的代幣經濟學現在處於股權投資者的顯微鏡下，他們習慣了更簡單的模型。 Trowbridge強調了對簡潔的需求，並指出模型應該適合一頁以避免混淆。

The presence of buy-and-burn offers allows for on-chain revenue verification, which is crucial in a sector largely devoid of regulation and audits. Helium's SEC charge highlights the need for transparency, and Deodnet's 80% rate stands in stark contrast to Nodle's 5%, according to the report, rendering the latter less believable.

購買和燃燒的優惠允許進行鏈接收入驗證，這在很大程度上沒有監管和審計的領域至關重要。氦SEC的指控凸顯了對透明度的需求，根據該報告，Deodnet的80％比率與Nodle的5％形成了鮮明的對比，這使後者不太可信。

Staking obligations, common in Web3 projects, are also relevant to investors familiar with publicly traded companies and their dividend or share buyback programs.

Web3項目中常見的存放義務也與熟悉公開交易公司及其股息或共享回購計劃的投資者有關。

Fluence, for instance, requires $12,000 per CPU in FLT—48,000 FLT at $0.25 or 12,000 at $1—while Filecoin mandates 30% of supply be staked, and IO.net needs 200 IO tokens per GPU, valued at $250 to $1,200.

例如，Fluence在FLT中需要每CPU $ 12,000 -48,000 flt，$ 0.25或12,000美元，$ 1- $ 1-而Filecoin要求將30％的供應固定，而IO.NET需要每GPU 200 IO令牌，價值為250至1,200美元。

Finally, DePIN's focus on revenue shifts the narrative away from the speculative nature often associated with cryptocurrencies and towards utility.

最後，Depin對收入的關注使敘事從經常與加密貨幣相關的投機性和效用轉移。

In an industry saturated with 32 million tokens and volatile meme coins, DePIN projects stand out due to their small token count and rapid growth. As projects offering real-world services are scaling faster and offering better services at lower prices than centralized competitors, DePIN will shift the narrative in crypto.

在一個充滿3200萬個令牌和波動模因硬幣飽和的行業中，由於其少量的代幣數量和快速增長，迪普（Depin Projects）脫穎而出。隨著提供現實服務的項目的擴大速度更快，以比集中競爭者更低的價格提供更好的服務，DePin將改變加密貨幣的敘述。