Decentralized physical infrastructure networks, or DePINs, are not merely a buzzword confined to late‑cycle crypto chatter. A joint State of DePIN 2025 report from Messari and Escape Velocity argues the sector has matured into a $10 billion market, with on‑chain revenue tallying around $72 million in the prior year. The analysis contrasts the post‑2018–2022 DePIN token cohort—down a staggering 94% to 99% from their all‑time highs—with a handful of projects that are now generating verifiable recurring revenue and commanding valuation multiples in the 10x–25x revenue band. Messari frames these multiples as undervalued given the growth trajectory, highlighting a shift that aligns networks with real‑world usage rather than subsidy‑driven expansion. According to the report, the DePIN class of 2018‑2022 remains deeply discounted versus historic highs, but the rhetoric is giving way to a narrative of practical utility. The study notes a pivot away from subsidized growth toward networks that ...