Connor Lovely is the DePIN Lead at IoTeX and the Co-Host of the Proof of Coverage Podcast. He was previously a consultant at BCG.
It takes a founder that’s a special kind of crazy to launch a DePIN. Many have said that DePIN is the most multidisciplinary sector in crypto and to me, that’s spot on. While working in crypto broadly might require a fairly diverse skill set, DePIN is on another level entirely.
Every single DePIN project needs an explorer that shows the number and location of their devices, their token price and trading volume, their on-chain revenue, and other important metrics. Historically, each DePIN has had to create this for themselves which involves smart contract, backend, and frontend work and can take months. This is incredibly inefficient as this piece of the stack is basically the same across every DePIN project.
Because of these tools, life for a DePIN founder is much simpler now. They can easily submit their projects for inclusion, integrate their backends, and suddenly have profile pages they can call home, display their data on, and point investors and contributors to. Aggregating and publishing data in this way is great for the entire DePIN sector too.
DePIN represents one of crypto’s best chances to meaningfully impact the world in a positive way. It represents a novel method of capital formation and a new, more equitable way to build physical infrastructure. If these ideas work, the fabric of society will be changed forever. While the sector has come a long way since last cycle and there is a palpable excitement in the air given the number and quality of projects being funded and launched, there is still much work to be done.
Note: The views expressed in this column are those of the author and do not necessarily reflect those of CoinDesk, Inc. or its owners and affiliates.in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.
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