📝 Editor's Note:

Welcome to OurNetwork's latest.

In this issue we're looking at decentralized physical infrastructure networks (also known as DePIN). The essential idea behind DePIN is that blockchain-based networks can be used to incentivize disparate actors to provide a real world service.

These services range from compute, storage, mapping services, cellular data, and more. It's a tricky arena to navigate and revenue has been flat in the last year, according to DePIN Pulse.

Still, as you'll read below in Robert Koschig of 1kx's submission, the space is generating interest, and has grown significantly on a multi-year basis.

And specific projects like, Daylight Energy, an energy company, raised $75M in October to build out a decentralized electrical grid. Hivemapper too, a project which maps the globe through a decentralized cadre of cameras, people, raised $32M in October as well.

As DePIN still seeks to dethrone traditional forms of infrastructure provision, OurNetwork's analysts, Robert, Nitin Shukla of Top Ledger, and Theo Messerer of Silencio, are digging into onchain latest in the space.

– ON Editorial Team

Sector Overview | Helium | Silencio

• Based on November year-to-date data, Q4 2025 DePIN fees are on track to reach another all-time high of $76M. As highlighted in the 1kx revenue report, DePIN remains the fastest-growing sector, with 3.5x year-over-year growth. The increase in Q4 is driven by reported Bittensor Subnet burns, which are not 100% user-paid fees, yet only fee Subnets provide explicit fee numbers (e.g. Celium). The remaining 31 DePINs actually saw a 27% quarter-over-quarter decline in fees.

• Median Price-to-Fee ratio of DePINs is now 106x, down from 211x in Q3 2025 as DePINs have fallen steadily since late 2023. Some of the largest DePINs are on par with DeFi protocols in terms of their ratios, (e.g. Aethir at 9x and Geodnet at 24x).

• DePIN is the main driver of the 2025 cohort that started to monetize or report on-chain fees - nearly 20% of 488 protocols. Of the 85 DePIN projects, most are Bittensor subnets, with others like Impossible Cloud Network, Silencio, and Walrus. New additions include Rovr and Beamable.

• Helium's cumulative data credits burned tops $9.43M. This is considered as revenue for the Helium Network as data credits are burned each time the network is utilised by an end point to access the internet.

• A broad, oscillating holder base near 15M supports ecosystem resilience for Helium on Solana, sustaining onchain liquidity, staking participation, and governance signals.

• Cumulative subscribers show accelerating growth in 2025, rising from 131,983 in Jan 2025 to 409,182 in Aug 2025, with large month-on-month increments especially Feb–May 2025 (e.g., +76,013 in May) .

• There are over 1.1M users in the Silencio Network.

• Users deliver daily value to the Silencio Network. There are over 150,000 monthly active users. All data is stored securely on the Peaq blockchain. This allows Silencio to commercialize the collected data in a privacy-compliant way, as the network stores user consent on the blockchain.

• Every month, Silencio performs token burns as part of its deflationary tokenomics plan.