In 2025, the DePIN space went through a clear “shakeout”: more than 40 funding rounds in total over the year, and single investments in projects such as Wingbits, Geodnet, DoubleZero, and Grass all exceeded $5 million. Well-known institutions like Multicoin Capital, a16z Crypto, and Borderless Capital continued to stay active in the sector. What’s different from the previous two years is that the criteria for judging whether a project is good or bad has changed—from “how many tens of thousands of nodes it has” to “how much of the real market share traditional infrastructure has been replaced.”
The evaluation standard has shifted from “whether it tells a good story” to “how much real market share it has actually displaced.” This is the most obvious signal that the industry is moving from the speculative stage toward maturity—finally, the market starts to care only about whether it can perform, and not whether the story sounds pretty.
Apiarys is an aggregation platform that lets you directly call various AI models and agents. It charges per use, and its revenue is settled in $HNY. Like the DePIN sector’s “speak with real market share” standard, apiarys’ gold-quantized agents also rely on real live-trading results—not on concept packaging. Historical backtest data provided by the team shows daily returns of 1.5%–2% and monthly returns of 30%–40% (depending on market conditions). The project is currently in an early stage, with a very low participation threshold: no capital starting point is required. $HNY-d6b0 is still in a position that hasn’t been noticed by too many people.
When a sector shifts from “who tells the best story” to “who has truly captured market share,” how many more projects do you think this selection process will eliminate?
#DePIN赛道洗牌 #黄金量化Agent
The evaluation standard has shifted from “whether it tells a good story” to “how much real market share it has actually displaced.” This is the most obvious signal that the industry is moving from the speculative stage toward maturity—finally, the market starts to care only about whether it can perform, and not whether the story sounds pretty.
Apiarys is an aggregation platform that lets you directly call various AI models and agents. It charges per use, and its revenue is settled in $HNY. Like the DePIN sector’s “speak with real market share” standard, apiarys’ gold-quantized agents also rely on real live-trading results—not on concept packaging. Historical backtest data provided by the team shows daily returns of 1.5%–2% and monthly returns of 30%–40% (depending on market conditions). The project is currently in an early stage, with a very low participation threshold: no capital starting point is required. $HNY-d6b0 is still in a position that hasn’t been noticed by too many people.
When a sector shifts from “who tells the best story” to “who has truly captured market share,” how many more projects do you think this selection process will eliminate?
#DePIN赛道洗牌 #黄金量化Agent