DePIN – Killer use case or solution looking for a problem?

Is DePIN really the “killer use-case” the crypto world’s been waiting for – or just another solution in search of a problem?

That’s the question Vikara co-founder Mark Riccio tackles in our new July 2025 report, “DePIN: Killer Use Case or Solution Looking for a Problem?” The paper breaks down ten of the most talked-about Decentralised Physical Infrastructure Network (DePIN) projects – from Helium and Render to relative newcomers like Grass and Silencio – and scores each on three simple lenses:

1. Business model – how (and whether) the network actually makes money.

2. Real-world adoption – who’s using it, and at what scale.

3. Tokenomics – the incentives, burn mechanics and supply dynamics that can make or break long-term value.

What did we find?

In short, user-funded networks are growing, but mainstream demand remains patchy; burn-and-mint reward structures dominate; builders are flocking to Solana for speed and cost; and despite the hype, DePIN tokens have been among the worst price performers this cycle – which may spell opportunity for selective investors.

Curious to see which projects are quietly gaining traction, which ones are burning cash (and tokens) without users, and where the next wave of real-world infrastructure disruption might emerge?

Download the report here.