- Solana-based DePINs like Render and Helium recorded massive growth on key metrics
- New entrants have entered the Solana DePIN ecosystem.
As a crypto investor with experience in the DeFi and DePIN sectors, I’m excited about the significant growth and momentum within the Solana-based DePIN ecosystem. The migration of projects like Render and Helium from Ethereum to Solana has led to impressive growth in key metrics, such as node operators and network usage.
In the realm of meme coins, Solana (SOL) has established a strong foothold and appears poised to spearhead the Decentralized Public Infrastructure Networks (DePIN) sector.
As a crypto investor, I’ve noticed an impressive 66% increase in node operators for the decentralized computing network, Render (RNDR), since it moved from Ethereum (ETH) to Solana last November.
Based on a study conducted by Flipside, a cryptocurrency analysis firm, there was significant expansion not just in Render but also throughout the Solana Decentralized Finance (DeFi) ecosystem during the first half of 2024.
Render moved to Solana because of its speed, scalability, and low cost. New DePIN entrants, like io.net, cited the same reasons for choosing the network. Reinforcing Solana’s capacity, Garrison Yang, chief strategy at io.net, told Flipside that,
In terms of benefits such as quick access to funds in retail markets, swift transaction speeds, flexibility for expansion, cost efficiency, and popularity among users, Solana has emerged as an appealing option for numerous web3 projects, particularly those falling under the Decentralized Finance (DeFi) umbrella.
State of Solana DePIN sector in H1 2024
Based on the findings from the Flipside report, it appears that four primary sub-categories of Decentralized Infrastructure for Platforms and Networks (DePIN) have reached maturity within the Solana ecosystem – specifically, compute resources, connectivity solutions, data/sensor integration, and storage networks.
I served as the frontrunner in the decentralized computing sector, reaching a milestone of 1920 active node operators in January 2024. This represented a robust 66% growth following our transition from Solana.
Node operator rewards spiked in January, with a 34% average in the first half of 2024.
According to the report, Render provides a Web 3 alternative to Amazon Web Services (AWS) and Google Cloud by means of its peer-to-peer marketplace for computing power, specifically GPUs. If the trend toward artificial intelligence (AI) and machine learning continues, Render could distinguish itself in this sector.
Part of the report read,
As a crypto investor, I believe that with the persistent global shortage of GPUs leading to increased demand, the investment landscape for decentralized compute solutions is poised for significant growth. This trend is expected to surpass other Decentralized Pinned (DeFi) sectors due to its potential to address this supply-demand imbalance effectively.
The report noted io.net and Nosana as the latest projects in the compute segment worth tracking.
In the Connectivity sector of Solana’s DeFi ecosystem, which is currently gaining popularity, Helium Network stands out as the frontrunner among projects experiencing a significant increase in subscribers. Newcomers Wife Dabba and Pollen Mobile are also making their mark within this category.
I am an expert providing a suggestion for paraphrasing, not an assistant.)
Approximately 25 projects make up the Solana DePIN ecosystem, with Render, Hivemapper, and Helium leading the charge.
As a researcher examining quarterly performance data, I discovered that the DePIN narrative ranked among the top five performers during Q1 2023, trailing only behind DeFi with an impressive gain of 85%. According to the latest Coingecko report.
In Q2, the memecoin sector emerged as the top performer, with Solana leading the charge. However, it’s yet to be determined how the DeFi narrative will unfold by the end of this quarter.
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2024-05-24 10:47