Latest DePIN Funding News

Filecoin, a prominent player in the blockchain space, is set to make significant strides beyond its traditional focus on decentralized storage. The company is reportedly launching a new product called Filecoin Web Services, which aims to create a decentralized cloud marketplace. This strategic move, highlighted in a recent Messari report, positions Filecoin to delve into AI-centered products, thereby broadening its offerings and potentially enhancing the demand for its FIL cryptocurrency. The report indicates that this expansion will facilitate easier access to decentralized solutions for developers, aligning with current trends in AI and decentralized infrastructure within the blockchain ecosystem. Despite the expansion, Filecoin's core service of decentralized storage continues to show robust utilization. In Q3 2024, storage utilization surged to 29.6%, a significant increase from just 4.1% in Q1 2023. This growth can be attributed to a rise in the number of large dataset clients, which now totals 518, each subscribing to over 1,000 TiB. However, the overall storage capacity has seen a decline, dropping from 13.8 billion EiB to 5.4 billion EiB during the same period. This dynamic suggests that while Filecoin is expanding its service offerings, it is also navigating challenges related to storage capacity. In the broader cryptocurrency market, FIL has struggled to maintain bullish momentum, trading at $3.59 after a notable decline of 10.21% over the past week. This downturn has overshadowed recent gains, as investor interest has shifted towards other narratives, particularly those involving memecoins and AI. As Filecoin ventures into new growth segments, the long-term impact on its competitiveness and the demand for FIL remains to be seen. While the immediate outlook may be challenging, the expansion into AI and decentralized services could ultimately enhance Filecoin's attractiveness to investors in the future.

The crypto market is experiencing a surge of optimism as we move into 2024, with Bitcoin reaching new all-time highs and Ethereum receiving regulatory approvals for spot ETH ETFs. This positive sentiment has sparked discussions about the future of the crypto landscape, highlighting key narratives that are expected to shape the industry in the coming years. Among these trends, decentralized social platforms, restaking, data availability layers, decentralized physical infrastructure networks (DePIN), tokenization of real-world assets (RWA), artificial intelligence (AI), and political memecoins are emerging as significant drivers of both buzz and utility. Decentralized social platforms are gaining traction as they offer users censorship-free environments and control over their data. Platforms like Warpcast and Friend.tech are leading this movement, allowing users to migrate their content and followers seamlessly. Meanwhile, restaking, a concept pioneered by EigenLayer, allows validators to lock up liquid staking tokens as collateral, enhancing the security of the Ethereum network while enabling token holders to earn additional yields. This trend has led to the emergence of several competitors in the restaking space, further diversifying the market. The tokenization of real-world assets is another trend that is gaining momentum, with major players like BlackRock entering the space. By representing assets such as real estate and fine art as digital tokens, tokenization facilitates fractional ownership and enhances liquidity. Additionally, the AI narrative continues to grow, with projects like Fetch.ai and Bittensor focusing on creating decentralized AI solutions. Lastly, political memecoins have captured the attention of investors as they satirize political figures, reflecting the speculative nature of the crypto market. As 2024 unfolds, these narratives will likely continue to evolve and influence the crypto ecosystem significantly.

In the aftermath of the ETHOnline hackathon, the DIMO developer community is buzzing with excitement and innovation. Developers are actively engaging with the DIMO team, sharing ideas and proposals for continuous development on the platform. Notably, one developer is collaborating on a data insight layer that promises to enhance the experience for all developers, while another is working on a no-code solution for DIMO APIs. Additionally, many developers have applied for the DIMO Ignite Grants Program, seeking funding for their innovative business proposals. This vibrant developer activity underscores the core mission behind the DIMO Network: to foster a thriving ecosystem for developers. As the DIMO team progresses with their developer roadmap, significant milestones are being achieved. The upcoming launch of the Global Accounts project, implemented as Accounts API, is a key highlight. This RESTful API service will facilitate the creation of DIMO accounts, allowing users to register a signer account and provision a smart contract wallet. With a focus on user security, the signer wallet is protected by Turnkey’s policy engine, ensuring that only the end user has control. Furthermore, the integration of a fiat-to-crypto on-ramp using Stripe will streamline transactions, making it easier for users to engage with the DIMO ecosystem. The introduction of the DIMO Transactions SDK marks another major advancement, providing developers with the tools to execute on-chain transactions seamlessly. This SDK supports both React Native and web applications, enabling developers to send DIMO tokens, mint vehicles, and manage ownership permissions without switching between applications. By allowing applications to sponsor on-chain transactions, the DIMO Transactions SDK alleviates concerns about gas fees for end users. As the DIMO Engineering team continues to innovate and revolutionize the automotive industry, the community is encouraged to join the conversation and contribute to the development of this exciting network.

In recent weeks, the convergence of cryptocurrency and artificial intelligence (AI) has captured the attention of Web3 venture capital firms, signaling a significant shift in investment focus. Coinbase Ventures, a prominent player in the crypto space, has published an official thesis outlining its commitment to Crypto + AI projects. Hoolie Tejwani, head of Coinbase Ventures, believes that blockchain and generative AI will intertwine to form the foundation of our digital lives. This shift is not isolated; other venture capital firms, such as CoinFund and a16z, are also investing heavily in this emerging sector, with a reported $213 million directed towards AI projects in the third quarter of 2024. Coinbase Ventures categorizes the Crypto + AI landscape into three primary buckets. The first bucket focuses on AI agents that utilize cryptocurrency for transactions, suggesting a future where AI handles various tasks and requires a seamless payment method. Projects like Skyfire and Payman are already exploring this concept, with Payman enabling AI agents to transact with humans. The second bucket encompasses decentralized AI systems, emphasizing the importance of data in training AI. Initiatives like Vana are pioneering ways for users to monetize their data while maintaining privacy, potentially revolutionizing how AI is trained and governed. The third bucket delves into on-chain AI, where AI generates software code and smart contracts in real-time. This innovative approach could redefine how applications are built and operated on blockchain networks. However, the rapid proliferation of Crypto + AI projects raises questions about their substance and viability. While some view this integration as a necessary evolution, others caution against the hype surrounding it. Ultimately, the future of Crypto + AI will depend on its ability to provide tangible benefits and empower users, rather than merely riding the wave of technological trends.

Impossible Cloud Network (ICN) has announced the launch of its incentivized testnet, marking a significant step towards establishing itself as a leading decentralized cloud infrastructure provider. With a strong foundation built on the expertise of Impossible Cloud GmbH, which serves over 1,000 enterprise clients, ICN aims to leverage its web2 experience to create a scalable, multi-service cloud platform. The testnet invites blockchain developers and community members to engage with the platform, providing a hands-on environment to explore features and contribute to its development ahead of the mainnet release scheduled for next year. The testnet serves two primary objectives: refining the platform for stability and functionality, and enhancing community engagement. By simulating real-world conditions, ICN aims to onboard more validators, ensuring a smooth transition to the mainnet. Participants will have the opportunity to contribute to performance improvements while being recognized for their efforts. A FairDrop mechanism will reward the top 20,000 contributors with a share of 10.5 million ICNT tokens, emphasizing genuine contributions such as bug reports and feature testing. Backed by notable investors, including 1kx and HV Capital, Impossible Cloud has successfully raised $18 million to date. The company plans to further decentralize its network through a node sale and the introduction of a native token for decentralized governance. With its innovative approach, ICN is poised to provide an enterprise-grade alternative to traditional cloud providers, aiming to become a decentralized leader in the cloud services space, akin to AWS but with a community-driven focus.

Roam, a decentralized WiFi roaming network, is emerging as a key player in the DePIN (Decentralized Physical Infrastructure Network) ecosystem. Unlike other projects that focus on niche areas, Roam aims to create a global open wireless network that supports decentralized telecom services. A significant challenge in decentralized systems is the manipulation of location data, particularly in gaming, where users exploit GPS systems to bypass geographic restrictions. Roam addresses this issue by employing decentralized identities (DIDs) and verifiable credentials (VCs) to ensure accurate GPS data, thereby reducing the risks associated with location-based exploits. Currently operational in over 190 countries with around 750,000 self-deployed nodes, Roam connects users to a vast network of 3.5 million OpenRoaming™ nodes. The Roam app facilitates seamless connectivity, allowing users to automatically connect to available nodes without repeated logins. Central to Roam's protocol is its user identity verification system, which creates a digital identity upon app installation. This system ensures that user identities are verified each time they access a WiFi node, enhancing security and privacy across the network. Roam's ambitions extend beyond WiFi services, as it seeks to establish itself as a decentralized telecom data layer, similar to how Layer 1 blockchains provide infrastructure for decentralized applications. The network collects and records user data on the Solana blockchain, contributing to a decentralized ledger of telecom data. Roam also encourages community participation through a mining system that rewards users with Roam Points for operating WiFi nodes. With a vision to become a public utility within the DePIN sector, Roam is poised to play a crucial role in the future of decentralized networks, fostering an open-access model that attracts more projects to its ecosystem.

The Streamr team has reached a significant milestone with the completion of their 1.0 Mainnet, marking the end of their 2017 roadmap. This achievement allows the team to transition from research and development to focusing on full protocol adoption. The overarching goal remains to revolutionize the data streaming landscape through decentralized, peer-to-peer technology. The team has successfully built a feature-complete decentralized publish/subscribe network, incorporating elements such as censorship-resistant messaging, end-to-end encryption, and a robust tokenomics model designed to incentivize operators. However, the journey ahead involves redefining a multi-billion dollar industry dominated by established players, and the team is calling for community support to achieve this vision. Currently, the Streamr DAO is voting on SIP-22, which proposes to unlock an additional 100 million DATA tokens from reserves to fund ongoing development as existing funds are projected to run out early next year. The current monthly project expenses are around $230,000, with a notable decrease in development costs since the completion of major tech building blocks. The allocation of resources is strategically focused on marketing, protocol development, and operational costs, with the aim of achieving a 30% growth in network usage and diversifying funding sources. The team is also prioritizing the delivery of high-profile use cases, including live video broadcasting, to demonstrate the network's capabilities. Streamr is actively pursuing commercial adoption across various sectors, including decentralized physical infrastructure networks (DePIN), live video streaming, defense communications, and AI integration. The team has onboarded multiple partners and is exploring innovative use cases that leverage the unique strengths of the Streamr Network. With a focus on enhancing video delivery and establishing secure communication channels for defense applications, Streamr aims to position itself as a leader in decentralized cloud technologies, contributing to a more resilient data management ecosystem. As the community prepares to vote on SIP-22, the team emphasizes the importance of collective participation in shaping the future of the Streamr Network.

XProtocol has officially announced the launch date for its innovative crypto-powered Android phone, the XForge, set for October 30, 2024. This entertainment-focused Ethereum layer-3 network is offering a pre-sale of 10,000 units, each priced at $299. The launch follows a successful Xardian node sale aimed at empowering and rewarding communities. According to Dragonix, a contributor to XProtocol, the initial pricing is expected to increase after the first batch. Each phone will also come with free Xardian Nodes, allowing users to participate in the DePIN network and earn various cryptocurrency-based incentives directly from their devices. In addition to the phone launch, XProtocol has completed multiple fundraising rounds totaling $5.2 million, with participation from notable investors such as Dragonfly Capital, Coinfund, and Razer. The company’s unique proposition lies in its use of Base superchain technology, which provides a scalable and developer-friendly platform for entertainment and gaming projects. XProtocol is compatible with all Ethereum Virtual Machine (EVM) projects, facilitating easy migration and offering tools for developers. The upcoming dApp store on the phone will serve as a gateway for users to access web3 applications built on the XProtocol superchain. The XForge is designed with high-end specifications tailored for gaming, featuring an Octa-Core CPU, Dual Nano SIM capability, a 6.67” AMOLED display, 8GB of RAM, and 256GB of storage. The inclusion of Xardian nodes aims to enhance network decentralization, with operators earning rewards for their participation in the consensus process. Furthermore, XProtocol has locked in 20% of its total token supply for node license holders, to be distributed over 36 months following the mainnet launch later this year. With a team experienced in web3 gaming, XProtocol is poised to revolutionize blockchain-based gaming, enabling creators to develop and scale consumer-focused products effectively.

Ethereum co-founder Vitalik Buterin has recently highlighted the significant challenges facing the Ethereum network, particularly the urgent need for a unified ecosystem. In his latest insights, he discusses the future goals of Ethereum, especially during an upcoming phase known as "The Surge." This phase aims to enhance scalability, enabling swift cross-chain transfers and creating a more cohesive user experience. Buterin points out that Ethereum's biggest hurdle is its fragmented ecosystem, which currently consists of various Layer 2 (L2) solutions, each with unique features. He envisions a future where these solutions achieve interoperability, allowing them to function as a single, cohesive unit rather than 34 separate blockchains, ultimately fostering innovation and improving user experience. The ambitious goals of "The Surge" include achieving over 100,000 transactions per second (TPS) across both Layer 1 (L1) and Layer 2 solutions. However, Buterin emphasizes that this scalability must not compromise decentralization and security, which are core properties of Ethereum. He advocates for the integration of L2 solutions that maintain trustlessness, openness, and resistance to censorship. Additionally, Buterin stresses the importance of scaling the base chain, as a highly scalable L2 could pose risks if L1 struggles to process transactions. Instead of merely increasing the gas limit, he proposes making specific computations cheaper while preserving decentralization, suggesting improvements like multidimensional gas pricing. Furthermore, Buterin underscores the necessity of enhancing user experience within the Ethereum ecosystem. He believes that using L2 networks should feel seamless, allowing users to send tokens across chains without the technical burden of manual bridging. As Ethereum transitions from a monolithic roadmap to a rollup-centric approach, Buterin acknowledges the unique challenges this shift has introduced. The recent Dencun upgrade has been pivotal in scaling Ethereum, but it also raises concerns about siphoning users from the mainnet. Ultimately, Buterin's vision for Ethereum is to address these challenges while preserving its foundational values, ensuring that the evolution towards an L2-dominated ecosystem does not compromise what makes Ethereum unique.

Last week, the Gitex Global Conference took place from October 14th to 18th in Dubai, UAE, where our team had the opportunity to collaborate with our partner Grenton. This annual event serves as a significant platform for fintech decision-makers to connect, share ideas, and network. Located at the Dubai World Trade Centre, Gitex Global attracted tens of thousands of participants, including entrepreneurs, investors, and industry insiders. Our focus during the conference was to showcase the integration of blockchain technology with AI and Smart Home solutions, emphasizing their potential benefits for sustainability and the development of smart cities. During the event, we engaged with key decision-makers and investors, presenting how our joint solutions can enhance community engagement and facility management through innovative technologies. Notably, Bartlomiej Gierszyn, CEO of Grenton, delivered a presentation during the Tech Talks segment of Gitex 2024. He highlighted the aggregation of data from smart homes for notifications and alerts, the role of AI in facility management, and the application of blockchain for fostering community engagement. This presentation not only provided valuable insights but also sparked significant interest among potential investors and attendees. Overall, our experience at Gitex Global was highly productive, allowing us to expand our network and generate interest in our collaborative solutions with Grenton. We believe that the conference could have been even more beneficial with a longer duration, as the discussions and networking opportunities were incredibly valuable. To stay updated on our developments and future initiatives, we encourage following our social media channels.