📝 Editor’s Note:
Welcome to OurNetwork's latest, a dive into decentralized physical infrastructure networks. Below, we have analysis from Robert, showing that price-to-sales ratios for DePIN networks are falling, which may be a sign of maturity for the space.
Doug from Livepeer, the video infra network, and Daniel from Silencio, the decentralized sound mapping network, chipped in to cover two major DePINs as well. Owen from the OurNetwork team covered Helium.
Be on the lookout for Part 2 of this DePIN series, which comes out on Tuesday.
– ON Editorial Team
ON–352: DePIN Part 1 🛜
Sector Overview | Livepeer | Silencio | Helium
👥 Robert Koschig | Dashboard
📈 DePIN Valuations Continue to Decrease; the Median P/S ratio is Down 60% Since the End of 2024, Contrary to the Trend of Most Other Sectors
In Q2 2025, the price-to-sales ratio (fully-diluted valuation over annualized revenues) for DePINs continued its decline, hitting an all-time low median of 115 in June. This is a ~90% year-over-year decrease across the 26 DePINs with tokens and reported revenue. This is because DePIN revenues continue to grow (now ~1 M $ median annualized revenue) while prices drop in line with the overall market. These ratios exhibit significant variance though, e.g. the interquartile range ranges from 40 to 650 for June P/S ratios.
1k(x)
Not all DePINs have the exact multiple. Valuation drivers have been analysed in the latest partof the 1kx/Messari series on tokenomics of DePINs. One driver is liquidity (corresponding to listings on major CEXs): DePINs with a higher P/S ratio and comparable revenues have deeper liquidity.
