The Old Routine of the Web3 World: The DePIN Model Rises Again

In the Web3 world, the old routine of "economic incentives + scenario packaging" is constantly being repeated. From Filecoin mining machines to the GameFi craze, and now to the concept of DePIN( decentralized physical infrastructure network), this model seems to be timeless.

The emergence of DePIN has once again ignited the imagination within the Web3 community. Compared to GameFi, DePIN extends its reach into various aspects of real life: charging, communication, transportation, energy, and more have all become new scenarios for token mining. This idea that "everything can be DePIN" seems to have more practical value and application prospects than virtual games.

However, when we delve into the implementation of these projects and their economic models, we discover some concerning phenomena. Most of the DePIN equipment suppliers come from Huaqiangbei in Shenzhen, and the prices of these devices are often tens of times the wholesale price. Many hardware investors have therefore suffered heavy losses, and the performance of the related tokens has also been disappointing. This situation raises the question: Does DePIN truly represent infrastructure innovation, or is it merely another round of a "zombie" hardware scam?

Project Case: The Blood and Tears Lessons of Investors

Helium: From Hard to Find to No One Cares

Helium was once a star project in the DePIN field, with its hotspot devices building a decentralized LoRaWAN network. The project also partnered with well-known telecom companies to launch low-cost mobile communication services. However, the story of Helium devices has become a typical case of "retail investor harvesting." The mining machines, which were once speculated to $2500 each, are now left unattended, and many investors have lost all their capital.

Hivemapper: High-priced cameras are difficult to recoup costs.

Hivemapper has launched a $549 dashcam, and users can earn token rewards by uploading geographic data. However, the project faces several issues: the token price has been persistently low, the quality of the map data is concerning, and the practical applications are limited. Although hardware sales have generated significant revenue, this reflects more of the income from "selling devices" rather than a healthy DePIN economic model.

Jambo: The Web3 Mobile Myth of the African Market

Jambo's $99 Web3 phone launched in the African market has achieved significant sales, but it is more about riding the wave of a certain well-known token's surge. Although it has activated a large number of wallet addresses, the actual value of the token and the sustainability of the ecosystem remain in question.

Ordz Game: A Web3 version of the nostalgic handheld console

Although the BitBoy handheld console launched by Ordz Game was once a hot seller, it is essentially a replica of the GameFi mining model. The gaming experience is lackluster, and the token liquidity is insufficient, making it difficult to achieve long-term player retention and earnings.

TON phone: an expensive ordinary Android phone

Despite the high price of the TON phone, the user experience is mediocre, being described as having an "old phone feel." Although there are expectations of airdrops, its UI/UX lacks innovation, and the ecosystem development remains in the conceptual stage.

Starpower: Incomprehensible High-Priced Plug

Starpower sells smart sockets for $100, but the project's background is opaque, technical details are lacking, and ecological incentives are vague. Its operating model is similar to past "mining machine futures scams."

Energy DePIN: The Huge Gap Between Ideal and Reality

Energy-related DePIN projects like Glow and PowerLedger, although conceptually appealing, face numerous challenges in practical operation. The business models for carbon credit trading and P2P energy trading have yet to be validated, and the performance of the associated tokens has been poor.

Reflection and Prospect

Theoretically, DePIN has the potential to decentralize real-world infrastructure, build large-scale user networks, and achieve fair incentives and transparent governance. However, most DePIN projects at the current stage rely on "selling hardware" to harvest retail investors, and there are very few projects that truly address real-world problems.

Successful DePIN projects require a strong supply and demand model design, a continuously transparent incentive mechanism, and a deep understanding of the hardware and infrastructure sectors. Currently, most projects are more about packaging concepts to harvest users rather than solving real problems.

Looking forward to the near future, where we can see some DePIN projects that do not rely on hardware sales and hollow narratives, but instead achieve sustainable development through real usage and revenue. Only then can DePIN truly become the cornerstone of the Web3 world, rather than just another victim of a Ponzi scheme.