DePin Weekly: VanEck Invests in DAWN, IoTeX Joins Blockchain Association, Exabits Receives $15M Seed Funding, and More

DePin Networks are transforming the tech by enabling decentralized projects in real-world infrastructure. Here's what happened in the DePin sector recently.

Major Developments In The Decentralized Physical Infrastructure Networks (DePin) Sector

Recently, there have been several significant developments in the Decentralized Physical Infrastructure Networks (DePin) sector, which is transforming the tech industry by enabling decentralized projects in real-world infrastructure. Here's a closer look at some of the key happenings:

VanEck Invests In DAWN

Investment firm VanEck has announced its involvement with a decentralized project named DAWN (Decentralized Autonomous Wireless Networks). The company's goal is to establish a wireless service provider that operates on decentralized principles. According to a post on social media by VanEck, DAWN's approach, which can be likened to "AirBnB for the internet," aims to create a decentralized competitor to traditional ISPs (internet service providers).

"While internet usage has exploded, the infrastructure delivering it has been constrained by legacy models that struggle to keep pace with modern demands. In the US alone, over 80 million Americans only have one option for high-speed Internet, creating local monopolies with little incentive to innovate," VanEck stated.

The investment made by VanEck in this project amounts to $2.5 million. This marks a rare instance of DePin involvement for the firm, which has predominantly focused on funding crypto and AI startups and is also known for being a major ETF issuer. Despite its involvement with DAWN, VanEck did not explicitly mention in its social media announcement that it plans to further expand its presence in the DePin sector.

Exabits Receives $15 Million Seed Funding

Another piece of news from the DePin realm involves Exabits, a startup that tokenizes AI GPUs, announcing that it has secured $15 million in seed funding. The company, which enables fractional ownership of GPU compute resources through tokens, shared the news of this funding round on social media. With the new funding, Exabits has reportedly attained a valuation of $150 million and experienced a quarterly revenue increase of 300%.

GPUs (graphics processing units) play a vital role in the DePin AI ecosystem, given the massive computing needs of AI research. Recently, Aethir, a company offering "GPU-as-a-service," has engaged in several large-scale partnerships to explore various subsectors of the field. In contrast, Exabits is presenting a different vision, which is showing promise at the moment.

IoTeX Joins Blockchain Association

IoTeX, known for its modular infrastructure in the DePin space, is venturing into a unique direction for this domain by pursuing friendlier regulations. The company detailed its efforts in a blog post, announcing its membership in the Blockchain Association, a group advocating for crypto, and sharing updates from the "DePIN Working Group" at a recent policy summit.

"Collaboration with policymakers is the cornerstone of building a thriving DePIN… ecosystem. By joining Blockchain Association, IoTeX is [creating] clear pathways for DePIN projects to launch. Together, we can unlock the full potential of decentralized infrastructure… under the guidance of clear regulation," said Raullen Chai, CEO and Co-Founder of IoTeX.

This working group in the realm of policy also includes leaders in the DePin sector, such as Hedera and Helium, a company offering infrastructure on the Solana blockchain. In the broader crypto/Web3 scene, there has been a growing presence of political lobbying groups, which played a substantial role in the last US election. By joining this type of advocacy movement, IoTeX contributes to further innovation in the DePin domain.

Karrier One Launches WiFi Hotspots

Finally, Karrier One has announced the launch of its decentralized WiFi hotspot devices, utilizing the SUI network to expand DePin efforts in internet access. The company's initiative enables users who provide WiFi offloading services to various carriers to earn KONE tokens, the protocol's native cryptocurrency. To mark the launch, the company is hosting a giveaway of 300 hotspot devices.

“At a time when traditional telecom providers are struggling to keep pace with growing demand, Karrier One is leveraging Sui's technology to add much-needed capacity and expand access to underserved areas,” said Jameel Khalfan, Head of Ecosystem Development for Sui Foundation.

The company also highlighted the close collaboration with Sui, which went beyond their standard relationship and involved greater support from the foundation. Through these efforts, Karrier One aims to contribute to decentralized WiFi access through Sui's blockchain.