In today’s episode, we’re diving deep into DePIN with Dylan Bane, Prince of DePin at Messari.

We discuss:

• What DePIN actually is and why it matters
• Hardware vs software DePIN models
• The major DePIN categories and leading protocols
• Compute, storage, connectivity, sensor, and energy networks
• Why DePIN is one of the few crypto sectors with real revenue
• Onchain revenue verification and credibility
• Who is actually making money in DePIN today
• Helium’s revenue, buybacks, and valuation
• Energy-focused DePIN as a 2026 breakout theme
• DePIN’s role in physical AI, robotics, and data collection
• InfraFi and financing layers built on DePIN cash flows
• Why DePIN may outperform

And much more—enjoy!
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 Timestamps:
 (00:00) Introduction
 (05:06) What is DePIN?
 (10:12) DePIN categories
 (18:25) DePIN revenue today
 (23:40) Onchain verification
 (29:38) Who makes money
 (34:52) Helium economics
 (41:23) Energy DePIN thesis
 (44:39) Robotics and AI
 (46:53) InfraFi opportunity
 (48:16) Outro
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Content links:
https://depinpulse.app/

https://stg.depin.ninja/
https://x.com/hosseeb/status/1877009623250792892?s=20

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 The Indexed Podcast discusses hot topics, trendy metrics and chart crimes in the crypto industry, with a new episode every 1st and 3rd Thursday of the month, brought to you by wizards @hildobby @0xBoxer @sui414.

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 DISCLAIMER: All information presented here should not be relied upon as legal, financial, investment, tax or even life advice. The views expressed in the podcast are not representative of hosts' employers views. We are acting independently of our respective professional roles.