DePIN Project Analysis and Ecological Observation

DoubleZero - Web3 Highway on Solana

On March 10, amid the downturn in the cryptocurrency market, the DePIN newcomer project DoubleZero Foundation secured a $28 million investment. The main reasons attracting investment to this project are:

1. The founding team is experienced, has successful cases in the blockchain field, and possesses abundant ecological resources. Founder Austin Federa previously served as the Strategic Director of the Solana Foundation, promoting the integration of USDC and USDT on Solana.

2. The investment lineup is strong, including top VCs like Dragonfly and Multicoin, as well as angel investors such as the founder of Solana, demonstrating the strategic layout of the Solana ecosystem for DePIN.

3. The technical solution is advanced and aims to address issues at the Web3 infrastructure level. DoubleZero adopts a dual-ring architecture: the outer ring connects to the public internet for attack protection and transaction filtering, while the inner ring processes traffic and builds consensus through dedicated bandwidth. This design can enhance network efficiency and security.

Roam - Web3 Version of Starlink on Solana

On March 6th, the decentralized wireless network project Roam was launched on the exchange with a circulating market value of over 60 million USD. Roam is a global seamless WiFi and eSIM connection network based on Solana, currently having 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
• Ensure privacy and security using decentralized identities and verifiable credentials
• Encourage users to contribute network resources through blockchain incentive mechanisms

The Roam team has been deeply involved in Web3 for many years, quickly accumulating a user base through incentive models such as挂机 and sharing. The project originally known as MetaBlox was established in 2018 and rebranded and migrated to Solana in 2024, demonstrating the project's long-term accumulation.

Solana DePIN Ecosystem Observation

As of March 2025, the market capitalization of the DePIN ecosystem on Solana has reached over 25 billion USD, far exceeding other public chains. There are about 78 DePIN projects on Solana, covering multiple fields such as wireless communication, computing resources, geolocation, and cloud storage.

Representative projects include:

• Helium: the world's largest decentralized wireless network
• Render Network: Decentralized GPU Computing Platform
• Hivemapper: decentralized digital mapping network
• GenesysGo SHDWDrive: Decentralized cloud storage solution

The advantages of Solana in the DePIN field:

• High performance, low cost, suitable for DePIN projects with frequent trading
• Strong parallel processing capability, can handle a large amount of real-time data
• The Ecological Foundation is actively promoting the development of the DePIN project.

Recent Important Events in the DePIN Track

1. IoTeX releases 2025 roadmap, focusing on DePIN + AI ecosystem
2. The DePIN+AI Summit will be held during ETHDenver to discuss regulatory frameworks.
3. The Solana Foundation held a DePIN Day event in Shenzhen, with multiple projects participating.

Recent Industry Financing Events

1. Shaga completed a $4 million seed round financing, led by IOSG Ventures.
2. Geodnet completes $8 million token financing, led by Multicoin
3. Beamable completes $13.5 million Series A funding, led by Bitkraft Ventures.
4. DoubleZero secures $28 million investment, led by Dragonfly and Multicoin Capital.