Solana
Rendering and Helium Fuel Solana’s DePIN Ecosystem Expansion: Flipside
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Solana’s decentralized physical infrastructure network (DePIN) ecosystem is seeing significant growth, driven by its high-throughput transactions, low costs, and robust infrastructure, according to the company’s “Solana DePIN Snapshot: H1 2024” report of Flipside on-chain data. The report explored different sectors of the DePIN narrative by analyzing their key projects.
Render Network has been used as a benchmark for the decentralized computing sector. Decentralized computing networks provide scalable and cost-effective computing power by leveraging a network of decentralized nodes.
Render managed to render approximately 33 million frames, equivalent to 33,000 GPU hours with NVIDIA RTX 3090 GPUs. Weekly active node operators peaked at 1,900 in January 2024, an increase of 66.3 % since migrating to Solana. Node operator rewards increased by 34.3% after the migration, peaking at 228,000 RNDR in early January 2024.
Another sector of the DePIN narrative is decentralized connectivity, which was represented in Helium’s report. Decentralized wireless networks are based on the idea that as technology advances, physical networks no longer need to be built in a top-down approach.
The number of tokens burned on Helium Network’s mobile network far exceeds that of the IoT network, thanks to the rapid adoption of Helium Mobile services. Helium Mobile subscribers peaked at nearly 90,000 in January 2024, supported by competitive pricing and MOBILE token incentives. Mobile Discovery Rewards growth has accelerated since December 2023, outpacing new subscriber growth.
Decentralized data and sensor networks are also part of the DePIN industry and are represented in the Hivemapper report. Projects in this sector leverage distributed technology to collect, process and share data from a wide range of sensors, creating a robust, real-time information network.
Hivemapper has mapped over 50 million kilometers in over 90 countries, making it the fastest growing mapping project. There has been a significant increase in net MIEL consumptions due to increased network activity and enterprise adoption. Nearly a third of HONEY token owners are active contributors, indicating high community engagement.
Additionally, another traditional service that has its decentralized version in DePIN is storage solutions. Decentralized storage networks provide secure, scalable, and cost-effective data storage solutions by distributing data across multiple nodes rather than relying on centralized servers.
ShdwDrive is the representation of this DePIN niche in the Flipside report. The project demonstrated impressive performance in Testnet 2, handling up to 38,000 transactions per second during peak scenarios. The number of SHDW token holders peaked at 67,000 in March 2024, with more top wallets accumulating than selling. Staking activity has shifted to withdrawals since rewards ended, typical of pre-utility phases.
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