State of DePIN 2025 | Fully Diluted

Jan 28, 2026

Connor Lovely, founder of Proof of Coverage Media and DePIN storyteller, and Sal Gala, co-founder of Escape Velocity Ventures and DePIN investor, discuss 2025’s DePIN landscape. They talk about revenue growth at GeoNet and Helium. They debate buybacks versus growth, the rise of InfraFi and asset-backed financing, and why decentralized compute underperformed. They close with 2026 predictions for enterprise adoption and winners.

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INSIGHT

DePIN Revenue Proves Real-World Resilience

DePIN shows resilience because real customers keep using services even when crypto prices crash.
Sal Gala says this proves DePIN can generate non-reflexive value beyond token speculation.

ADVICE

Use Moderate Programmatic Buybacks

Commit to programmatic buybacks but keep the percentage reasonable to avoid hamstringing growth.
Sal Gala suggests 20–50% as a balanced range so founders won't feel forced to reverse course.

INSIGHT

On-Chain Revenue Is Imperfect But Useful

On-chain revenue is an imperfect but useful proxy to show paid usage and growth across DePIN.
Sal notes revenue often reflects pass-through cash flows or marketplace GMV, not pure protocol profit.

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In this episode of Fully Diluted, Messari’s Dylan Bane sits down with Sal Gala, co-founder and managing partner at Escape Velocity Ventures, and Connor Lovely, founder at Proof of Coverage Media, to explore the current state of DePIN in 2025.

They delve into the evolution of DePIN, its revenue growth, and the challenges faced by the sector.

They cover:

• The impressive revenue growth of GeoNet and Helium

• The challenges and setbacks in the decentralized compute sector

• The role of buybacks and growth in the DePIN ecosystem

• The impact of regulatory clarity on enterprise interest in DePIN

• Predictions for the future of DePIN and its potential to attract more enterprises

00:40 – Introductions

03:27 – DePIN Growth

09:20 – Revenue & Buybacks

11:55 – Where Money is Going

16:00 – InfraFI Shift

23:48 – Big Wins & Misses

31:05 – What's Next (2026)

39:18 – Conclussion

Hosted by Dylan Bane of MessariSubscribe for more conversations at the intersection of crypto, Deepin, and real-world infrastructure.

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This episode and its contents do not necessarily reflect the opinions of Messari, Inc. Hosts and guests may hold cryptocurrencies discussed in this content. This content is meant for informational purposes only. It is not meant to serve as investment advice. You should conduct your own research, and consult an independent financial, tax, or legal advisor before making any investment decisions. Nothing contained in this content is a recommendation or suggestion, directly or indirectly, to buy, sell, make, or hold any investment, loan, commodity, or security, or to undertake any investment or trading strategy with respect to any investment, loan, commodity, security, or any issuer. This content should not be construed as an offer to sell or the solicitation of an offer to buy any security or commodity. Messari does not guarantee the sequence, accuracy, completeness, or timeliness of any information provided in this content.