As the decentralized finance (DeFi) sector continues to evolve, 2024 is poised to be a pivotal year for innovation and growth. Here are ten DeFi projects expected to make a significant impact in the coming year. Kicking off the list is the Helium project, which aims to revolutionize the lending industry with a novel algorithmic approach. Following closely is the WiFi Map project, focused on creating a seamless user experience for decentralized trading platforms. The Filecoin project stands out for its innovative use of smart contracts to automate trading strategies.

The IOTA project’s unique approach is set to disrupt the derivatives market. The Theta Network project is working to bring real-world assets onto the blockchain. The VWX project is dedicated to enhancing the scalability and interoperability of DePIN crypto projects. Arweave leads the way in developing decentralized insurance solutions. Akash Network focuses on improving the efficiency of decentralized governance. The Krest project is exploring new avenues for incentivizing liquidity provision. Lastly, the Nuco.cloud project is making waves with its innovative decentralized identity solutions. These projects are at the forefront of DeFi innovation and are worth keeping an eye on.

1. What is DePIN?

Decentralized Physical Infrastructure Networks (DePIN) refer to decentralized physical infrastructure networks operated using blockchain technology. These networks aim to create a more efficient and transparent system for managing physical assets such as energy networks, transportation systems, and telecommunications networks. By utilizing blockchain technology, DePIN can securely record and verify transactions, track the ownership and usage of assets, and automate processes such as payments and maintenance.

A key advantage of DePIN is the reduction of reliance on centralized authorities and intermediary institutions, thereby enhancing efficiency, lowering costs, and increasing transparency. Additionally, DePIN can enable new business models and services that were previously impossible, such as peer-to-peer energy trading or decentralized shared mobility.

Overall, DePIN has the potential to fundamentally transform the management and operation of physical infrastructure, creating a more efficient, sustainable, and fair system for all stakeholders.

2. Top 10 DePIN Projects to Watch in 2024

1) Akash Network

Akash Network is a decentralized cloud computing platform that connects server owners with excess cloud resources to users needing those resources to host applications through an open-source marketplace. The Akash Marketplace, built on the Akash Network, utilizes the Cosmos SDK and operates on a blockchain based on Tendermint. The network employs Delegated Proof of Stake (DPoS) as its consensus mechanism, with validators responsible for block production and transaction processing. To operate a validator node, users must stake the network’s native token, AKT, and meet the node hardware requirements.

2) Helium (HNT)

Helium (HNT) is a decentralized blockchain network designed specifically for Internet of Things (IoT) devices. Launched in July 2019, the Helium mainnet enables low-power wireless devices to communicate and transfer data across its node network. Nodes in the Helium network, known as Hotspots, combine wireless gateways with blockchain mining devices. Node operators earn the native cryptocurrency HNT as rewards through mining activities.

3）Filecoin

Filecoin is a decentralized storage network based on the InterPlanetary File System (IPFS) protocol. It aims to create an efficient market for the world’s unused storage space, allowing users to pay for storage at a low cost. This setup ensures that files are permanently stored across the network in a dispersed manner, contrasting with centralized cloud storage solutions like Amazon Web Services, Google Cloud, or Dropbox.

4）Spheron Network

Spheron Network is a Web3 infrastructure platform that provides tools and services for the decentralization of cloud storage and computing. Audited data centers can join the Spheron-regulated market to ensure permissionless access and enhanced security. Spheron Compute offers an alternative to feature-rich traditional cloud services at a lower cost.

The Spheron Compute Marketplace allows users to quickly and easily set up useful tools, whether deploying databases, nodes, tools, or artificial intelligence. With Spheron, users can focus on deploying their nodes without worrying about technical details. Spheron Network collaborates with multiple organizations like Shardeum, Avail, Elixir, Filecoin, and Arbitrum to redefine access methods, promoting a more decentralized, inclusive, and community-centered ecosystem.

Spheron provides features such as private images, auto-scaling instances, on-demand scaling, real-time instance metrics, faster GPUs, free bandwidth, Terraform providers and SDKs, instance health checks, activities, shell access, etc. It also offers additional storage solutions through a global CDN for long-term data storage and edge bandwidth acceleration. With Spheron, users can set up nodes in minutes, benefiting from low maintenance and operational costs, and enjoying an excellent developer experience.

5）Arweave

Arweave is a decentralized storage network designed for infinite data storage. It is often referred to as “a jointly owned hard drive that never forgets.” The network is renowned for hosting the “Permaweb,” a permanent and decentralized web that houses numerous community-driven applications and platforms.

6）Theta Network

Theta Network is a decentralized video streaming network powered by blockchain technology. Users can watch video content and earn Tokens by sharing their internet bandwidth and computing resources in a peer-to-peer (P2P) manner. Notably, Theta Network has received endorsements from YouTube co-founder Steve Chen and Twitch co-founder Justin Kan, and has attracted investments from institutional investors such as Node Capital and DHVC.

7）IOTA

IOTA is a Distributed Ledger Technology (DLT) with a unique architecture and a suite of open-source Web3 products for individuals, businesses, and institutions. It is built on a Directed Acyclic Graph (DAG) known as the Tangle, which serves the function of a multi-dimensional blockchain. IOTA facilitates the direct, secure exchange of data and value on a decentralized platform, and records it immutably on the network.

8）WiFi Map

WiFi Map is a super app with a community-driven decentralized wireless network, which contains a database of 4.5 billion WiFi hotspots. Having a strong presence in Web2, WiFi Map is now set to transform Web3 by becoming a global virtual network operator. The ecosystem is supported by the $WIFI ERC-20 Token on the Polygon network, offering discounts, rewards, and incentives for community contributions.

9）Render Network

The Render Network Foundation (Render Network®) is a leading provider of decentralized, GPU-based rendering solutions, connecting node operators with artists to extend 3D rendering work and applications to the cloud. Through a decentralized peer-to-peer network, it achieves high levels of scalability, speed, and cost-effectiveness, empowering artists and developers to build services and applications for the digital economy.

10）Krest

Krest is a platform for socio-economic, technological, community, and governance innovation within the Peaq ecosystem. It allows the Peaq community to launch dApps and impact assessment tools in a production environment without the risk of real-world damage. Krest also offers an environment for real-time testing using actual Internet of Things (IoT) hardware and connections, enhancing simulations with real-world data.

3. Conclusion

In summary, the DeFi sector is rapidly evolving, with new projects pushing the boundaries of what’s possible in decentralized finance. The top 10 DePIN crypto projects introduced here represent some of the most promising and innovative initiatives in the DeFi ecosystem, each with the potential to reshape the financial landscape. From revolutionizing lending and borrowing to enhancing scalability and interoperability, these projects are at the forefront of DeFi innovation.

Looking ahead to 2024, it’s clear that these projects will play a significant role in shaping the future of decentralized finance. Whether you’re a developer, investor, or enthusiast, keeping a close eye on these projects is crucial for staying informed and leveraging the opportunities offered by DeFi.

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