Connor Lovely
Founder of Proof of Coverage Media, a DePIN-focused media company and podcast host who works with founders and venture funds to tell stories and support business development in the sector.
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Jan 28, 2026 • 40min
State of DePIN 2025 | Fully Diluted
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.
