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The hidden worries behind the DePIN craze: The old tricks of Web3 economic incentives resurface.
The Old Tricks of the Web3 World: Concerns Under the DePIN Craze
In the Web3 field, waves of enthusiasm rise and fall. From the Filecoin mining machine craze a few years ago, to the large-scale hype around GameFi in the last cycle, and now the trending DePIN( decentralized physical infrastructure network) concept, it seems to follow a similar pattern - packaging various application scenarios with economic incentives.
The concept of DePIN seems to be closer to real life than GameFi, covering multiple fields such as charging, communication, and transportation. However, when we take a closer look at the actual implementation and economic models of these projects, we discover some concerning phenomena. Most DePIN projects' hardware devices come from a certain electronics distribution center in Shenzhen, and their prices are often dozens of times the wholesale price. Many investors not only lost their hardware investments, but also found it difficult to recover their costs from the DePIN tokens they purchased, and could only hope for the long-awaited "ecological implementation" and "future airdrops."
Project Case Analysis
Helium: From a scarcity of devices to no issues at all
Helium was once a star project in the DePIN field, focusing on decentralized LoRaWAN networks and mobile communication services. However, the price of its devices soared from dozens of dollars to 2500 dollars, and the promise of "three days to break even" ultimately turned into a mirage. Due to various restrictions, many miners lost their investments, and the token price also plummeted.
Hivemapper: High-priced cameras are difficult to recoup costs
Hivemapper has launched a $549 dashcam, claiming that users can earn token rewards by uploading geographic data. However, its token price has been sluggish for a long time, and there are issues with the quality and coverage of the map data, making it difficult to compete with established mapping services.
Jambo: The Web3 Mobile Myth of the African Market
Jambo launched a Web3 phone priced at $99 in the African market, and sales have been impressive. However, its success relies more on the surge of a certain well-known token rather than the intrinsic value of the project itself. The dApp ecosystem pre-installed on the phone is difficult to meet the long-term needs of users.
Ordz Game: The Web3 version of the retro handheld console
Ordz Game has launched the BitBoy handheld console priced at 0.01 BTC, focusing on the "play-to-earn" concept. However, its gaming experience is only at the level of retro ROMs, and the tokens lack liquidity and real value, essentially being a simplistic replica of the GameFi model.
TON phone: an expensive ordinary Android device
A well-known instant messaging platform has launched the TON phone, priced at nearly $500, but with average specifications and no distinctive user experience. Although it comes with "airdrop expectations," its actual value and ecosystem development remain unclear.
Starpower: Questions Behind High-Priced Sockets
Starpower claims to be a smart power DePIN project under a certain public chain ecosystem, selling smart sockets and other hardware. However, its $100 socket price is much higher than similar products on the market, and the project itself lacks technical transparency and a clear ecological incentive plan.
The Essence and Concerns of DePIN
DePIN is essentially an attempt to extend the Web3 economic incentive model into the real world. Theoretically, it can decentralize infrastructure such as communication, electricity, and maps, building large-scale user networks and achieving fair incentives and transparent governance through token design.
However, most DePIN projects at the current stage rely on "selling hardware" to attract retail investors. These projects often attract users by packaging concepts and hyping airdrop expectations, rather than truly solving real problems or building valuable networks.
Truly successful DePIN projects require a strong supply-demand model design, a transparent and sustainable incentive mechanism, and an in-depth understanding of the hardware and infrastructure sectors. When hardware becomes purely a speculative tool, and tokens degenerate into worthless "digital coupons", DePIN may repeat the bubbles that have previously occurred in the Web3 space.
We look forward to seeing some DePIN projects emerge in the near future that do not rely on hardware sales or hollow narratives, but rather on real use cases and actual revenue to sustain themselves. Only in this way can the DePIN concept truly bring substantial value and progress to the Web3 ecosystem.