分散的物理基礎設施網絡（DEPIN）部門正在經歷顯著的增長

評估驅動程序評估了Depins，分為數字資源網絡（DRN）和物理資源網絡（PRN）

The Decentralized Physical Infrastructure Networks (DePIN) sector has seen substantial growth, with over 25 projects now generating revenue, a report by Messari has found.

梅薩里（Messari）的一份報告發現，分散的物理基礎設施網絡（DEPIN）部門已經實現了巨大的增長，現在有25個項目正在產生收入。

According to the report by the blockchain research firm, the sector's price-to-sales (P/S) ratio currently sits between that of base layer protocols and DeFi projects, which is an indication of a maturing market with increasing revenue.

根據區塊鏈研究公司的報告，該行業的價格對銷售比率目前位於基礎層協議和DEFI項目之間，這表明隨著收入的增加，成熟的市場。

DePINs, which are further divided into Digital Resource Networks (DRNs) and Physical Resource Networks (PRNs), were evaluated for valuation drivers, and the report, which was released in the fourth quarter of 2023, provides an analysis of 80 DePIN projects, of which 25 are known to be generating revenue.

對估值驅動因素進行了評估，該報告進一步分為數字資源網絡（DRN）和物理資源網絡（PRN），並在2023年第四季度發布的報告提供了對80個Depin項目的分析，其中25個已知25個項目是生成收入的。

The valuations were based on Fully Diluted Valuations (FDVs) and some revenue data may be skewed by inflationary token practices, and not all figures are verifiable on-chain.

這些估值是基於完全稀釋的估值（FDV），並且某些收入數據可能會因通貨膨脹令牌實踐而偏向，而且並非所有數字都是可驗證的鍊子。

DRNs vs. PRNs

DRNS與PRNS

Interestingly enough, despite both being part of the same decentralized infrastructure design space, there seems to be a valuation gap between DRNs and PRNs in the DePIN sector.

有趣的是，儘管兩者都是同一分散基礎設施設計空間的一部分，但在Depin行業中，DRN和PRN之間似乎存在估值差距。

Specifically, DRNs are averaging an FDV of $132 million, which is 3.5 times higher than PRNs at $36 million. This disparity could suggest that markets treat DRNs and PRNs as economically distinct, potentially driven by differences in fundamentals like revenue.

具體而言，DRN的平均FDV為1.32億美元，比PRN高3.5倍，為3600萬美元。這種差異可能表明，市場將DRN和PRN視為經濟上的不同，可能是受收入等基本面差異的推動。

For instance, Median DRN revenue was $1.5 million compared to $730k for PRNs in the first quarter of this year.

例如，DRN收入中位數為150萬美元，而今年第一季度PRN的收入為7.3萬美元。

A Growing Market

一個不斷增長的市場

Regardless of the disparity, the data already shows a growing DePIN market that surpassed $50 billion last year, and by some projections is estimated to reach $3.5 trillion by 2028.

無論差異如何，數據已經表明，去年不斷增長的depin市場超過500億美元，而某些預測估計到2028年將達到3.5萬億美元。

The market encompasses around 350 tokens and that daily, over 13 million devices participate in DePIN operations across the globe. When it comes to blockchains, Solana leads in infrastructure while Base dominates in consumption and market share.

市場包含大約350個令牌，每天，超過1300萬個設備參加了全球的DEPIN操作。當涉及區塊鏈時，Solana在基礎設施中領先，而基礎在消費和市場份額中占主導地位。

DePIN looks to be on the rise when it comes to venture and institutional capital as well. Last year, DePINs raised more than $350 million across Pre-Seed, Seed, and Series A rounds.

當涉及風險和機構資本時，Depin似乎正在上升。去年，Depins籌集了超過3.5億美元的預播，種子和A系列賽。

As DePIN projects continue to mature, their focus on real-world utility and revenue generation positions them as a compelling segment within the crypto ecosystem.

隨著Depin項目的繼續成熟，他們對現實世界公用事業的關注和收入產生將其定位為加密生態系統中的引人注目的細分市場。