State of DePIN 2025 | Fully Diluted

About this episode

The episode discusses the state of DePIN in 2025, focusing on its growth, challenges, and future predictions.

In this episode of Fully Diluted, Messari’s Dylan Bane sits down with Sal Gala, co-founder and managing partner at Escape Velocity Ventures, and Connor Lovely, founder at Proof of Coverage Media, to explore the current state of DePIN in 2025. They delve into the evolution of DePIN, its revenue growth, and the challenges faced by the sector. They cover: • The impressive revenue growth of GeoNet and Helium • The challenges and setbacks in the decentralized compute sector • The role of buybacks and growth in the DePIN ecosystem • The impact of regulatory clarity on enterprise interest in DePIN • Predictions for the future of DePIN and its potential to attract more enterprises 00:40 – Introductions 03:27 – DePIN Growth 09:20 – Revenue & Buybacks 11:55 – Where Money is Going 16:00 – InfraFI Shift 23:48 – Big Wins & Misses 31:05 – What's Next (2026) 39:18 – Conclussion Hosted by Dylan Bane of MessariSubscribe for more conversations at the intersection of crypto, Deepin, and real-world infrastructure. Follow Messari on Twitter: / messaricrypto Follow Unqualified Opinions on Spotify: https://open.spotify.com/show/0uG5qpw...Follow Unqualified Opinions on Apple Podcasts…

People in this episode

Host: Dylan Bane

Guests: Sal Gala, Connor Lovely

Topics covered

• DePIN
• revenue growth
• decentralized compute
• regulatory clarity
• enterprise interest
• future predictions

Keywords

• DePIN
• revenue growth
• GeoNet
• Helium
• decentralized compute
• buybacks
• regulatory clarity
• enterprise

Mentioned in this episode

Organizations: Escape Velocity Ventures, Proof of Coverage Media, Messari, GeoNet, Helium

Places: DePIN

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