Analysis of Important Projects in the DePIN Track

DoubleZero - The Highway of Web3 Built on Solana

On March 10, amid a sluggish overall crypto market, the DePIN newcomer project DoubleZero Foundation secured a massive investment of $28 million. The project has garnered such favor for several key reasons:

1. The founding team is experienced, has successful cases in the blockchain field, and possesses rich ecological resources. Founder Austin Federa was the Strategic Director of the Solana Foundation and was one of the key drivers in the early development of the Solana ecosystem.

2. The investment lineup is strong, with participants including the founder of Solana, showing support for the Solana DePIN strategy. Investors include top VCs such as Dragonfly and Multicoin Capital, as well as Solana Ventures and the co-founders of Solana Labs.

3. The technical solution is leading and aims to address issues at the Web3 infrastructure level, enhancing the smoothness of Web3 projects. DoubleZero adopts a unique double-ring architecture, handling traffic filtering and consensus building through the outer ring and inner ring respectively, improving network efficiency and security.

Roam - Web3 Version of Starlink Built on Solana

On March 6th, the decentralized wireless network project Roam was launched on the exchange, with a circulating market value exceeding 60 million USD. Roam is a global provider of seamless WiFi and eSIM connectivity services based on Solana, currently boasting over 2.3 million users and 2 million WiFi nodes, covering more than 190 countries.

The technical advantages of Roam include:

• Adopting OpenRoaming™ WiFi and eSIM technology, supporting seamless network switching
• Use decentralized identity and verifiable credentials to protect user privacy
• Encourage users to participate in network construction through blockchain incentive mechanisms.

The project team has been deeply involved in Web3 for many years, quickly accumulating a user base through incentive models such as挂机 and sharing. Although Roam started in April 2024, its predecessor MetaBlox was established as early as 2018, achieving today's results after years of accumulation.

Ecological Observation

As of March 14, 2025, the total market value of the DePIN ecosystem based on Solana has reached over $25 billion, far exceeding the scale of DePIN projects on other public chains. There are approximately 78 DePIN projects on Solana, covering multiple fields such as wireless communication, computing resources, geolocation, and cloud storage.

The advantages of Solana in the DePIN track include:

• High performance, low cost, especially suitable for DePIN projects that require frequent trading.
• Proof of History and parallel processing capabilities are suitable for handling large amounts of real-time data.
• The Solana Foundation actively promotes the development of DePIN projects through grants and special funds.

Representative projects include Helium, Render Network, Hivemapper, etc., with multiple projects having fully diluted valuations exceeding $10 billion.

Recent Important Events in the DePIN Track

1. On February 1, IoTeX released its 2025 development roadmap, focusing on the DePIN+AI ecosystem.

2. On March 3, during ETHDenver 2025, the DePIN+AI R3al World Summit will be held to discuss the regulatory framework for cryptocurrency and DePIN+AI.

On March 6th, the Solana Foundation and the Chinese community Solar announced that they will hold a DePIN Day event in Shenzhen.

Recent Industry Financing Events

1. On February 27, the Solana ecosystem DePIN project Shaga completed a $4 million seed round financing.

On February 25th, the DePIN project Geodnet completed a token financing of 8 million USD.

3. On February 5, the DePIN game infrastructure platform Beamable completed a $13.5 million Series A funding round.

4. DoubleZero Foundation has secured a $28 million investment, led by Dragonfly and Multicoin Capital.