OurNetwork

ON–194: DePIN 📍

Coverage on HONEY, DIMO, AR, RNDR, AKT, LPT, IOTX

Dec 1, 2023

ON–194: DePIN 📍

About the Editor: Spencer Noon is an independent angel investor. Looking to get in touch? DM him on Telegram or reply to this email and say hi 👋

NEW: OurNetwork Alerts Is Now Live On Telegram ⚡


This Issue Is Powered By Polygon 💜. Check out the new hyper-scalable DeFi hub emerging on Polygon zkEVM.

Now Hiring 🌱 — OurNetwork is growing!

We have multiple roles open across editorial ops, community and social. Click here to view our job board and reach out if you’d like the opportunity to come aboard and help scale the leading onchain data community.

EXCLUSIVE ONCHAIN COVERAGE:

DePIN 📍

① Hivemapper 🐝

📈 Hivemapper Hits 90M Total Km, Maps 10% of the World's Roads in a Year

  • Hivemapper has now mapped some 90 million total road km in just its first year, more than 6 million of which are unique. This steady progress accounts for 10% of global roads, marking a significant milestone in our mission to accurately map the world's roadways. With more than 8,000 dashcams delivered worldwide, everyday drivers are helping to build the world's freshest map. The network's rapid growth underscores its effectiveness, the enthusiasm of its community, and its increasing adoption.
Source: Hivemapper
  • Hivemapper's Map AI pipeline is fully operational, autonomously generating map features from road imagery. More than 2,000 monthly AI Trainers are actively validating the system's outputs. Last week, the system processed some 4.2 million reviews, a big surge from 500,000 weekly reviews in September.
Source: Hivemapper
  • Map customers set HONEY Burst bounties for contributors to target specific areas. In November, Hivemapper deployed Bursts in select cities to meet those needs. The response was very positive — hit rates exceeded 90%. The Greater Phoenix area saw the highest activity, with 1,996 of 2,017 targets hit.
Source: Hivemapper
  • 💦🔬 Tx-Level Alpha: Hivemapper is now licensing data to paying customers, which directly generates rewards for our map contributors. This is an example of a Map Consumption reward of 5,188.55 HONEY tokens to a contributor. When map customers pay to access data, HONEY is burned and then minted to contributors as rewards. The process exemplifies the reciprocal relationship between Hivemapper's contributors and the growing demand for Hivemapper’s map data, reflecting Hivemapper’s commitment to building a sustainable ecosystem.

② DIMO 🚘

📈 24,000+ vehicles earning DIMO rewards

  • DIMO is an open connected vehicle platform that gives drivers insight into car health & driving habits, while rewarding users with $DIMO tokens. Rewards are used on auto services like insurance, maintenance, repairs, or EV charging. Since launch in Q4 2022 there have been 24k+ vehicles added to the network and 7.3k+ unique drivers, averaging 3.4 cars connected per user. 72% of cars are paired using on-board software, with the other 28% using DIMO hardware devices connected to the car's OBD2 port.
Source: Dune Analytics - @olreliable
  • The DIMO platform began distributing $DIMO tokens in December 2022, by rewarding users for maintaining their vehicle's connection to the network. The retention in DIMO reward recipients is high with 52% of users still holding 100% of any token rewards received from the protocol.
Source: Dune Analytics - @olreliable
  • Additionally, users can earn rewards by using service providers available in the DIMO Marketplace. Vehicle Genius is a service that provides emergency support and automated maintenance. This past year, they rewarded DIMO drivers with over 53k $DIMO tokens for beta testing their new mobile app.
Source: Dune Analytics - @jdbender128
  • 💦🔬 Tx-Level Alpha: The DIMO Macaron installs in the car's OBD2 port and is minted on-chain as an NFT to configure its identity. The DIMO Registry smart contract can be found in the Polygon Block Explorer, and tracks transactions related to registering DIMO hardware devices. A manufacturer, Hashdog, has already minted over 5k devices on the network, burning 120k+ $DIMO tokens in the process. In this transaction, 20 new Macarons are minted by calling the method ‘mintAftermarketDeviceByManufacturerBatch’.

③ Arweave 🐘

📈 Arweave reaches ATH in monthly transactions, 9.4x+ YoY growth

  • Arweave is decentralized protocol enabling permanent data storage. Arweave users pay a one-time, up-front fee to store their data permanently - this pay once, store forever model enables a suite of net new applications and use cases. Arweave has seen an explosion of activity reaching an ATH of 321M monthly transactions in November 2023. November’s monthly transaction count represents over 159% MoM growth and roughly 9.4x YoY growth.
Source: ViewBlock
  • Arweave is currently adding around 170 pieces of data to the network per second. While txn volume continues to grow MoM, Arweave’s fee market has remained stable - demonstrating Arweave's scalability. In total, Arweave has tallied 1.69B txns since inception. ~1.2B of these txns have been in 2023.
Source: ViewBlock
  • There is currently more than 142 TiB of data stored on Arweave (weave size). Weave size has grown roughly 28% YoY. Moreover, Arweave’s endowment has grown to ~62k AR as of November 2023, representing a 40% increase YoY.
Source: ViewBlock
  • 💦🔬 Tx-Level Alpha: This is a bundled transaction via Irys, a provenance layer and L2 scaling solution for Arweave, which includes 5000 individual data txns. Iyrs has driven a majority of Arweave txn growth accounting for over 1.5B txns (~90% of all Arweave txns) and 82.45 TB of data since launch. Irys functions similar to L2s in other ecosystems, bundling individual txns together before submitting a single bundle to Arweave (the L1).

④ Render ⭕

📈 Payments to GPU providers up 898% Y/Y

  • Render is a distributed marketplace for GPU-intensive rendering jobs. The network matches GPU requesters looking for affordable rendering power with GPU providers that have excess capacity. GPU providers received $958K in November, which is up 82% M/M and 898% Y/Y as artists and other creators spend more on rendering jobs, and RNDR price increases. (Note that OTOY's payments to GPU providers are often delayed significantly, so spikes might reflect 'catch up' payments from prior months.)
Source: Dune Analytics - @ericwallach
  • There were 326 unique Render node operators receiving payments in November. This is up 36% M/M and 11% Y/Y, which is relatively constant and reflects the fact that OTOY artificially limits supply (to balance it with demand).
Source: Dune Analytics - @ericwallach
  • The average annualized monthly payment per unique Render node operator is now at an all-time high of $35,256, which is up 34% M/M and 797% Y/Y.
Source: Dune Analytics - @ericwallach
  • 💦🔬 Tx-Level Alpha: Render Network upgraded its core infrastructure from Ethereum to Solana in November 2022. Now it wants RNDR token holders to migrate tokens from Ethereum to Solana using the Render Network Upgrade Assistant, which uses Wormhole's cross-chain messaging protocol. Here, gigwage.eth (0xC0682d…4d476A70) sends 12,570.35 RNDR to the Wormhole: Portal Token Bridge (0x3ee18B…7E8fa585) as part of the RNDR (Ethereum) <> RENDER (Solana) token migration.

⑤ Akash Network 🐋

📈 Akash's usage grew by 147% month over month since GPU market launch

  • Akash is a decentralized Supercloud that federates various public and private clouds into one platform, offering a marketplace to trade computing power, including hard-to-get GPUs like NVIDIA H100 and A100, essential for AI tasks. Akash's GPU launch revenue constitutes 37% of Akash's lifetime revenue, having increased by 147% monthly over the past three months, and currently generates approximately $2,000 per day in usage, indicating a growing demand for GPUs in the decentralized network.
Source: Cloudmos - Akash
  • Akash's daily cumulative GPU utilization on Akash Network currently stands at 42%, indicating a healthy demand for GPUs available on the network. This utilization showcases the network's capability to efficiently allocate resources, meeting the computational needs of diverse applications.
Source: Cloudmos - Akash
  • CPU capacity on Akash has set a new record with over 6,400 CPUs active on the network, boasting a 57% utilization rate. This uptick in CPU utilization is driven by PoW miners using Akash for the privacy and censorship resistance that Akash provides.
Source: Cloudmos - Akash
  • 💦🔬 Tx-Level Alpha: Foundry Digital, a subsidiary of Digital Currency Group, is the first prominent crypto mining company to repurpose their mining GPUs for AI with Akash, representing a profound shift in GPU utility. All the bids and earnings are verifiable on-chain. In this transaction Foundry Digital places a 5M uAKT (5 AKT) bid to lease compute. Since that TX, they amassed 25k AKT in 90 days.

⑥ Livepeer 💚

📈 Livepeer powers over 11 million minutes of unique video streamed in November

  • Livepeer is a decentralized video streaming infrastructure network coordinated by an Ethereum based protocol. In the month of November, the network was used by developers to power 11.3M minutes of unique video. Despite a growing number of minutes streamed, open price competition on the network resulted in video encoding becoming 48% more cost effective for users than two months prior ($4.21k vs. $8.27k), supporting Livepeer's thesis that competition between idle compute will drive down costs for users.
Source: The Web3 Index
  • The Livepeer Community Treasury was approved by the community via protocol governance vote and went live on October 12th, accumulating over 56,000 LPT since launch. LPT holders can make proposals via the governor framework to access treasury funds for public goods initiatives.
Source: Dune Analytics - @dob
  • In addition to inflationary LPT rewards, node operators earn ETH for video transcoding jobs on the network. This 30-day payout chart highlights the top 25 nodes brining in between 0.114 and 1.46 ETH each.
Source: Livepeer.tools

⑦ IoTeX 🤖

📈 IoTeX hits 258k global users

  • IoTeX is a modular Web3 infrastructure platform connecting smart devices and real-world data to blockchains, focused on the DePIN sector. Backed by a global team of 60+ research scientists and engineers, IoTeX combines its EVM-compatible L1 blockchain, off-chain ZK compute middleware W3bstream, and open hardware to connect smart devices and dApps across the physical and digital world. IoTeX has over 258k global users across 120 countries.
Source: Chainanalytics
  • DePINscan is a DePIN map explorer and dashboard built by IoTeX for the DePIN community. All integrated device data flows through IoTeX’s off-chain compute middleware. Connected devices on DePINscan have grown by over 300k in the past month.
Source: DePINscan
  • New DePIN tokens often face a lack of liquidity, prompting IoTeX to launch the DePIN Liquidity Hub. By joining forces with DePIN projects, liquidity and volume on mimo, the DePIN DEX, have risen by over 100% in the past 2 months.
Source: Mimo Analytics

💦🔬 Tx-Level Alpha: This is a transaction bridging 312,101 $WIFI (Valued at over $15,000 USD) over to the IoTeX Network. By working with DePIN projects like WiFi Map to bring their tokens to the IoTeX network and making it a hub for DePIN liquidity, IoTeX stimulates trading volume on the bridged DePIN tokens while also stimulating activity on the IoTeX network.