GuShiio.com There is such a clue emerging from the current chaotic market structure: funds are flowing from narrative-only on-chain PVP to Yield Farming, which has fundamental support.
At the Hong Kong Consensus Conference in February 2025, there was no consensus. There are no main lines in the 25-year Q1 encryption market.
In 24 years, Solana strictly implemented the Memecoin strategy formulated by Messari, and the transaction volume of its single chain has overwhelmed the entire Ethereum ecosystem, becoming the first L1 in history to win the blockchain space war with the Ethereum ecosystem.
However, the foundation for Solana’s victory is not solid. The fundamentals of Memecoin composed of the trinity of attention-Fomo sentiment-liquidity, after the trading volume on the chain dropped rapidly due to the holiday effect, the weak LP pool could not support the high FDV/LP ratio. In February 25, a greater retreat than Dunkirk was staged.
The old king has fallen, but the new king is still behind the scenes. Standing at the juncture of March, a month that has always been volatile, we blindly guess the main line of the future.
There is such a clue emerging from the current chaotic market structure: funds are flowing from narrative-only chain PVP to YieldFarming, which has fundamental support.
There are three main categories of representative projects:
–Sonic’s neoclassical YieldFarming, an enhanced version of Ve (3,3);
–BeraChain and Initia’s new (3,3,3) model, a chained version of Olympus DAO’s (3,3) mechanism;
–The DePIN project represented by Aethir, a variant of YiledFarming with real income and positive externalities.
Sonic, BeraChain and Initia have quite high market Mindshares, while the DePIN track has no market discussion after its one-year silence.
However, the most Bullish track in Messari’s 25 outlook report is DePIN, and recommends that Solana return its strategic focus to DePIN in 25 years.
As we all know, the secret to gaining Alpha’s benefits lies in walking narrow doors and farming thin fields. The more no one cares about DePIN, the more worthy it is for our in-depth layout.
The above picture is the TOP DePIN project data compiled by CryptoDep. Among the TOP 5 revenue rankings, in addition to the familiar Aethir, io.net, and Akash, there are also two rookies Braintrust and GEODNET shortlisted.
Among them, Aethir topped the list in the DePIN project with a 30-day income of $10M. I checked Aethir’s GPU Dashboard and found that the project has achieved annual recurring revenue (ARR) of $105 million, provided 487 million hours of computing power, distributed more than 3.6 billion ATH token rewards, and nearly 1 million transactions were made online.
It was thought that real-income model pricing would take years to be recognized in the crypto market, but seeing Aethir’s growth trajectory, this day may come earlier than we thought.
The reason why Aethir is so successful is partly due to Aethir’s differentiated competitive strategy. Instead of following the path of other DePIN projects focusing on edge device networks + facing long-tail market demand, it chose to utilize NVIDIA high-performance GPUs (For example, NVIDIA H100) builds a decentralized cloud computing platform to provide enterprise-level GPU computing power to AI and game developers around the world; on the other hand, the Aethir team seized the 24-year Q1 AI x Crypto launch to successfully raise funds and use it to purchase a large number of high-end GPUs, creating Aethir’s moat and helping Aethir achieve network effects as soon as possible. And Aethir’s network effect has attracted more enterprise-level GPU computing power providers to join.
Recently, there has been a rumor in the market that open source low-cost models such as DeepSeek will reduce the demand for NVIDIA’s high-end graphics cards. As a result, many investors are worried about the sustainability of Aethir’s income. However, this view is actually market noise deliberately made by financial market manipulators some time ago, and it is a bit groundless to feel anxious about it.
Nvidia’s “leather coat yellow” has long publicly refuted this view, and there is also the “Jevons effect” at work. Simply put, open source models such as DeepSeek will not reduce demand for high-end GPUs, but will stimulate demand growth. After the explosion of DeepSeek, the scale of the domestic Maas (Model as a Service) reasoning market surged, saving many computing power centers that were almost cool.
Moreover, paradigm innovation in the AI field is on the rise. In addition to LLM, Embodied AI has become a hot topic for capital. Specific intelligence will become the engine that ignites Aethir’s second growth curve because it requires low-latency, highly reliable computing power and a multi-layered network structure where edge devices collaborate with the cloud.
Therefore, on the demand side, no one needs to worry about Aethir at all. The current focus of the Aethir team’s work is on the supply side. They are trying their best to board more enterprise-level high-end GPU computing power providers to access the network. To this end, Aethir has also specially launched the Aethir AVS network to provide compliance support and waive the Staking threshold for GPU computing power suppliers.
In addition to AI-related projects such as Aethir, io.net, and Akash, DePin has very good fundamentals. However, due to the niche market of its geographical location information service, it limits its imagination. We do not do in-depth analysis and are interested. Grok3.
To sum up, DePin has evolved from a 23-year “epic scam” to a physical device collaboration network with real revenue + positive externalities, but the market has not yet priced in this. And this is a good spot to hit the ball.
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