分散的物理基础设施网络（DEPIN）随着收入增长而吸引了传统股票投资者的注意

一份新报告强调了分散的物理基础设施网络（DEPIN）如何随着收入增长而吸引传统股票投资者的注意。

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的联合创始人汤姆·特罗布里奇（Tom Trowbridge）的一份新报告，也是播客的主持人，他强调了分散的物理基础设施网络（DEPIN）如何吸引传统股票投资者的眼睛，以促进其快速收入增长。

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.

该报告的标题为《迪卡特代币经济学报告》，并最近由弗弗伦斯发布，探讨了迪帕丁对现实服务的影响及其对关键投资者集团的影响。

DePIN's Scalability and Revenue Growth

Depin的可伸缩性和收入增长

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多个项目和300万提供商提供Wi-Fi，Energy和Compute等服务的提供商，取得了显着的进展。据Trowbridge称，近年来，硬件成本已下跌了95％，将路由器等设备降低到500美元，而开源软件现在与集中式公司竞争。

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.

据Depin Scan报道，Helium的145,000用户在Q4 2024收入中产生了35万美元，而HiveMapper的新映射设备的需求增加了三倍。

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.

与此同时，Geodnet的年度收入为300万美元，使用了80％的买入和燃烧率，该收入在2024年1月25日达到了历史最高水平。HiveMapper的快速增长强调了Depin的潜力。氦气收入为7000万美元，于2025年1月25日面临SEC指控，因为据称对Lime，Nestlé和Salesforce等客户误导了投资者，如Trowbridge所述。

Why Traditional Investors Are Taking Notice

为什么传统投资者注意

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说，最初对估价令牌项目持怀疑态度的股票投资者现在将注意力转移到迪普林上。这个投资者集团远大于Alt-Coin投资者，对Depin Projects提供的有形服务和收入指标感兴趣。

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的年薪为300万美元，为这些投资者提供了明确的基准，这些投资者习惯于在股票市场与数十亿美元的项目合作。

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的代币模型也支持这一兴趣。 Geodnet（80％），Glow（100％），渲染（95％）和HiveMapper（50％）使用的购买机制（80％）使用，将收入直接连接到代币价值。

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收入回购了相同的代币，该代币在2004年第三季度以300,000美元的价格售出，展示了价格上涨的可能性。

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，该报告强调，菲亚特连接的奖励（例如Fluence的每月10美元，每TB的$ 1.50）提供了稳定的收入来源。

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的代币经济学现在处于股权投资者的显微镜下，他们习惯了更简单的模型。 Trowbridge强调了对简洁的需求，并指出模型应该适合一页以避免混淆。

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.

购买和燃烧的优惠允许进行链接收入验证，这在很大程度上没有监管和审计的领域至关重要。氦SEC的指控凸显了对透明度的需求，根据该报告，Deodnet的80％比率与Nodle的5％形成了鲜明的对比，这使后者不太可信。

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

Web3项目中常见的存放义务也与熟悉公开交易公司及其股息或共享回购计划的投资者有关。

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要求将30％的供应固定，而IO.NET需要每GPU 200 IO令牌，价值为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.

最后，Depin对收入的关注使叙事从经常与加密货币相关的投机性和效用转移。

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.

在一个充满3200万个令牌和波动模因硬币饱和的行业中，由于其少量的代币数量和快速增长，迪普（Depin Projects）脱颖而出。随着提供现实服务的项目的扩大速度更快，以比集中竞争者更低的价格提供更好的服务，DePin将改变加密货币的叙述。