DePIN has attracted significant investment interest from the market with most protocols trading anywhere between a 25-200x onchain revenue multiples (with RNDR leading the pack with about a 1000x multiple). Most tokens in the category command valuations that seem difficult to justify when examining their actual user adoption metrics and growth trajectories.

Protocols spanning wireless connectivity, compute resources, and data storage have demonstrated impressive technical achievements. Yet despite matching and exceeding the quality of centralized alternatives in some cases, widespread user adoption remains very far. The uncomfortable truth is that being marginally better than est