DePIN coins are cryptocurrencies that are part of blockchain networks designed to build and maintain physical infrastructure. DePIN stands for Decentralised Physical Infrastructure Networks. Infrastructure, such as wireless networks, storage systems, and sensors, is managed by a community of participants (decentralised) rather than by a central company. DePIN coins have many applications, and there are numerous projects in this space. Below you'll find the top 10 DePIN coins by market capitalisation as of June 2025.

1. Bittensor (TAO)

Bittensor (TAO) is an open-source protocol that powers a decentralised, blockchain-based machine learning network. It creates a marketplace for artificial intelligence (AI) where machine learning models are collectively trained. This network builds and incentivises the development of AI models and computational power. This underlying infrastructure is what makes Bittensor a DePIN project. Bittensor creates a network where computers (miners) make their computational power and AI models available. These "miners" compete to deliver the most valuable and accurate AI output. Participants who contribute to the network – whether by training AI models, providing computational power, or validating output – are rewarded with TAO tokens. The reward amount is based on the value the user adds.

2. Internet Computer (ICP)

Internet Computer (ICP) is a blockchain that allows developers to build fully decentralised systems without the need for traditional centralised IT. This is achieved via smart contract software. The network consists of 'subnet blockchains', which in turn provide more capacity to host additional smart contracts. Essentially, ICP is a network of independent data centres worldwide that pool their computational power and storage to offer an alternative to centralised internet providers like AWS (Amazon Web Services) or Google Cloud. A unique aspect is the "Reverse Gas Model," where developers pay the costs for running their smart contracts, instead of the end-user. The ICP token is not only used for governance but is also 'burned' to be used as computational power and can be used as an investment within the network.

3. Render (RNDR)

Render Network is a decentralised network where you can utilise graphical processing unit (GPU) power. At its core, Render is a global network of GPUs (Graphics Processing Units). These are the physical hardware components of computers responsible for heavy graphical computations. Render enables individuals and businesses to make their unused GPU power available to the network. Those with excess GPU capacity can provide their power via this network to those who have a shortage. These so-called Node Operators are rewarded with RENDER tokens for their contributions. Providing this infrastructure makes Render a DePIN project, as it decentralises computational power.

4. Filecoin (FIL)

Filecoin is a peer-to-peer, decentralised storage network that allows anyone, anywhere in the world, to store and retrieve data. Users can rent or buy hard drive space. The goal is to offer a decentralised alternative to large cloud storage services like Google or Amazon, by utilising the unused storage space of individuals and businesses worldwide. The core of Filecoin is a network of Storage Providers. These are individuals or entities who make their excess hard drive space available to the Filecoin network. This physical storage equipment forms the "physical infrastructure" of the network. The FIL token is used to pay for transactions on the network, for both storing and retrieving files.

5. Theta Network (THETA)

Theta Network (THETA) is a Layer 1 blockchain and a decentralised infrastructure specifically developed for video and entertainment. Theta aims to offer low-cost solutions for improving video content delivery. This open-source peer-to-peer video delivery protocol and network rewards its users for offering additional computing resources and bandwidth to help improve the quality of video streams. The goal is also to keep costs low. Users are rewarded in THETA tokens, which serve as staking and governance tokens. The other active token is TFUEL, which is used to pay for transactions.

6. IOTA (IOTA)

IOTA is an open-source distributed ledger technology (DLT), similar to a blockchain, but with a different architectural structure called the Tangle. Instead of blocks being added sequentially, the Tangle is a Directed Acyclic Graph (DAG) where each transaction directly validates two previous transactions. Rather than using miners to validate transactions, the IOTA system requires all users initiating new transactions to perform a check and approve two preceding transactions, making transactions feeless. This design is specifically created for the Internet of Things (IoT) and focuses on facilitating transactions between machines. The IOTA token incentivises the security and contribution to the blockchain's infrastructure.

7. BitTorrent (BTT)

BitTorrent (BTT) is the cryptocurrency that powers the BitTorrent ecosystem. The original BitTorrent protocol was already at the forefront of decentralised peer-to-peer (P2P) file sharing. It enables users to distribute data over the internet without relying on a central server. BitTorrent serves users who want access to faster upload and download speeds, services not provided to free users of the peer-to-peer sharing network. Initially established in 2001 without a blockchain network, it was acquired by the TRON network in 2018, after which it became more decentralised. BitTorrent (BTT) is a DePIN coin because it creates a large-scale, decentralised network of physical storage space and bandwidth. It incentivises millions of users worldwide to contribute their unused computer resources (hard drives and internet connections) to a shared infrastructure, rewarding them with BTT tokens.

8. Walrus (WAL)

Walrus (WAL) is a decentralised data storage protocol designed to enable the efficient storage and retrieval of large binary files, or "blobs." It allows apps to publish, read, and program large files and heavy media content such as videos, images, and audio. Walrus works by utilising a network of decentralised storage nodes to securely store unstructured data. The Walrus Network is designed to provide an alternative to centralised cloud services by leveraging the unused storage and computational capacity of individuals worldwide. Participants who contribute to this network by making their hardware available (e.g., for storing data or performing computations) are rewarded with WAL tokens.

9. Helium (HNT)

Helium (HNT) is one of the most well-known and pioneering projects within the DePIN space: it decentralises wireless networks. The goal is to connect a decentralised wireless network with IoT (Internet of Things) devices and mobile traffic, by incentivising individuals to contribute to the network infrastructure. This makes it a unique concept. Instead of large telecom companies building expensive infrastructure, Helium enables anyone to host "Hotspots." These Hotspots are physical devices that act as miniature cell towers, simultaneously forwarding data and securing the network via a unique consensus mechanism called Proof-of-Coverage (PoC). These hotspots provide public network coverage; those who manage the hotspots are compensated via the Helium blockchain using its native token, HNT.

10. MultiversX (EGLD)

MultiversX (formerly Elrond, with the native token EGLD) is a highly scalable blockchain that positions itself as a foundational infrastructure for the new internet economy, decentralised applications, and the metaverse. It was created to offer high transaction throughput and significant scalability by using sharding, a database partitioning technique that allows for more transactions per second to be completed by dividing everything into 'shards'. The goal is to build a decentralised platform that offers higher quality performance, especially compared to centralised networks. It is built to process millions of transactions per second at minimal cost. The EGLD token is the native cryptocurrency of the MultiversX network and has multiple functions: it is used for transaction fees, staking (to secure the network and earn rewards), governance, and as a means of payment within the MultiversX ecosystem.

Conclusion

DePIN coins represent a fascinating and rapidly evolving sector within the broader crypto landscape. By decentralising the ownership and operation of physical infrastructure, these projects aim to offer more resilient, accessible, and often more cost-effective alternatives to traditional centralised services. From cloud storage and computing power to wireless networks and AI development, DePIN is paving the way for a future where essential services are built, maintained, and governed by a distributed community, rather than a select few. The continued growth and innovation in this space highlight the transformative potential of blockchain technology beyond purely digital applications.