📝 Editor’s Note:

Welcome to OurNetwork's latest, a dive into decentralized physical infrastructure networks. Below, we have analysis from Robert, showing that price-to-sales ratios for DePIN networks are falling, which may be a sign of maturity for the space.

Doug from Livepeer, the video infra network, and Daniel from Silencio, the decentralized sound mapping network, chipped in to cover two major DePINs as well. Owen from the OurNetwork team covered Helium.

Be on the lookout for Part 2 of this DePIN series, which comes out on Tuesday.

– ON Editorial Team

Sector Overview | Livepeer | Silencio | Helium

• In Q2 2025, the price-to-sales ratio (fully-diluted valuation over annualized revenues) for DePINs continued its decline, hitting an all-time low median of 115 in June. This is a ~90% year-over-year decrease across the 26 DePINs with tokens and reported revenue. This is because DePIN revenues continue to grow (now ~1 M $ median annualized revenue) while prices drop in line with the overall market. These ratios exhibit significant variance though, e.g. the interquartile range ranges from 40 to 650 for June P/S ratios.

• Not all DePINs have the exact multiple. Valuation drivers have been analysed in the latest part of the 1kx/Messari series on tokenomics of DePINs. One driver is liquidity (corresponding to listings on major CEXs): DePINs with a higher P/S ratio and comparable revenues have deeper liquidity.

• P/S-ratios follow a declining trendline when revenue increases. As most DePIN saw rising revenues, the P/S ratios came down over the last quarters, as shown here for Akash, Helium, and Geodnet. Interestingly, those ratios for Q2 2025 are below what the their historical trendline of P/S ratio vs. revenue would predict.

• Livepeer is a video infrastructure network for live and on-demand streaming. It has integrated AI Video Compute capabilities and launched Daydream, an AI-powered video tool that enables users to apply real-time visual effects and transformations to their video streams. Consequently, the fees paid to node operators on the Livepeer network have been rising over the past few weeks. Since April, fees have surged by 49.7%, reflecting the growing utilization of the network’s AI compute capabilities.

• AI video demand on Livepeer is rising. Weekly AI fees are up roughly 500% since April and are contributing about 70% of network traffic, thanks to the Agent SPE working on agents and intelligent avatar workloads, and Realtime AI powering Daydream’s generative real-time video.

• The onchain community-governed treasury hit its cap of 750,000 LPT. Previously, 10% of inflationary LPT was routed into the treasury, but that has been reduced to 0% until the community reintroduces it via governance. Meanwhile, 208,160 LPT have been used to fund several Special Purpose Entities.

• Silencio Network is building the largest decentralized sensor grid on Earth by turning smartphones into onchain data nodes. The network just passed 1M onchain devices, now representing 33% of all connected machines on peaq, a DePIN-focused Layer 1 network. With zero hardware cost, global coverage in 190 countries, and real enterprise traction, Silencio is proving that consumer-owned infrastructure can scale faster, cheaper, and smarter than traditional DePINs.

• Silencio’s Alpha Burn Program has removed 1.36B SLC token in just 8 weeks, worth $273,781. Fueled by 2.3B unclaimed rewards and future network revenue, the program creates deflationary pressure by design, turning activity into permanent scarcity and aligning utility with token value.

• Behind every Silencio device is a real user. The app has recorded 10.6M hours of environmental data from 190 countries, creating over 172,000 mapped complaints and over 1.37B hexagons. This is not theoretical DePIN. It’s an active, global consumer network producing enterprise-grade data daily.

• Silencio has processed more than 11.9M onchain transactions on peaq, with the majority generated by real-world user actions through the mobile app, including street-level sound readings, venue check-ins, and mapped complaints. This live data now powers SoundCheck, a Chrome extension that brings noise scores to platforms like Airbnb, Booking, and Google Maps.

• The Helium Network powers IoT and mobile wireless networks. A key metric to watch is DC burned. DC are Helium's stable-value tokens which are burned when users use the network. Roughly 1% of Helium's usage came from the IoT network, with the rest coming from the mobile network in the last month. Just over $3M in DC has been burned since Helium migrated to Solana in 2023 after HIP70, a governance proposal.

• When Helium first migrated to Solana, nearly 100% of the usage came from its IoT network. That figure has flipped to be nearly 100% mobile. Additionally, at $84,000 the amount of weekly DC burned has consistently increased and is five times higher than it was a year ago, in July 2024.

• DC can either be bought with a credit card or acquired by burning HNT, Helium's native token. HNT inflates as a reward for operating hotspots that provide wireless coverage and transfer data. Overall HNT's supply has increased by roughly 24% since the Solana migration. This puts downward pressure on HNT's price, but the token is still up ~50% in that time frame.