分散的物理基础设施网络（DEPIN）部门正在经历显着的增长

评估驱动程序评估了Depins，分为数字资源网络（DRN）和物理资源网络（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.

梅萨里（Messari）的一份报告发现，分散的物理基础设施网络（DEPIN）部门已经实现了巨大的增长，现在有25个项目正在产生收入。

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.

根据区块链研究公司的报告，该行业的价格对销售比率目前位于基础层协议和DEFI项目之间，这表明随着收入的增加，成熟的市场。

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.

对估值驱动因素进行了评估，该报告进一步分为数字资源网络（DRN）和物理资源网络（PRN），并在2023年第四季度发布的报告提供了对80个Depin项目的分析，其中25个已知25个项目是生成收入的。

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.

这些估值是基于完全稀释的估值（FDV），并且某些收入数据可能会因通货膨胀令牌实践而偏向，而且并非所有数字都是可验证的链子。

DRNs vs. PRNs

DRNS与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，尽管两者都是同一分散基础设施设计空间的一部分，但在Depin行业中，DRN和PRN之间似乎存在估值差距。

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.

具体而言，DRN的平均FDV为1.32亿美元，比PRN高3.5倍，为3600万美元。这种差异可能表明，市场将DRN和PRN视为经济上的不同，可能是受收入等基本面差异的推动。

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

例如，DRN收入中位数为150万美元，而今年第一季度PRN的收入为7.3万美元。

A Growing Market

一个不断增长的市场

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.

无论差异如何，数据已经表明，去年不断增长的depin市场超过500亿美元，而某些预测估计到2028年将达到3.5万亿美元。

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.

市场包含大约350个令牌，每天，超过1300万个设备参加了全球的DEPIN操作。当涉及区块链时，Solana在基础设施中领先，而基础在消费和市场份额中占主导地位。

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.

当涉及风险和机构资本时，Depin似乎正在上升。去年，Depins筹集了超过3.5亿美元的预播，种子和A系列赛。

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.

随着Depin项目的继续成熟，他们对现实世界公用事业的关注和收入产生将其定位为加密生态系统中的引人注目的细分市场。