Latest DePIN Funding News

Theta Labs has signed a multi-year agreement with Seoul Women’s University to provide its AI research lab access to Theta EdgeCloud’s decentralized GPU computing power. The partnership aims to boost computational power for AI research in healthcare, bioinformatics, and finance by leveraging Theta EdgeCloud's network of GPUs. Built on the Theta Network, Theta EdgeCloud offers scalable GPU computing resources for AI, media, and entertainment applications. The project secured a $1 million investment from VC firm DWF Labs last year. The collaboration with SWU exemplifies how decentralized physical infrastructure networks can solve real-world problems, reducing costs and increasing research productivity. Theta EdgeCloud reduces GPU costs by 50-70% and accelerates setup times, benefiting the entire AI ecosystem. The DePIN sector, including projects like Theta EdgeCloud, is rapidly growing in the crypto space, with Messari forecasting a market value of $3.5 trillion by 2028. Early-stage DePIN projects have raised over $246 million across 70 deals by August 2024, marking a 296% surge year-over-year.

DePIN, the sector bridging everyday life with the digital world, is booming with Helium emerging as one of the fastest-growing networks in crypto. Over the last 30 days, DePIN's market cap surged by 22.7%, reaching $20 billion with a 400% increase. The fundraising volume also saw a 296% surge year-over-year, indicating massive growth and investor confidence. With over 100 projects in development, DePIN's potential is undeniable, attracting both developers and investors. Helium, for instance, attracted 756,000 real users on June 18, transferring 19.1 TB of data on their network. This success showcases DePIN's seamless integration into daily life, making blockchain technology accessible without users even realizing it. The sector's rapid expansion and promising future make DePIN a major player in the crypto market.

SEC issues warning to FTX over proposed repayment plan involving stablecoins and cryptocurrencies. FTX, facing an $8 billion deficit, aims to repay creditors up to 118% of their claims in cash, with only claims under $50,000 eligible. While some creditors prefer crypto payments, SEC raises concerns about lack of clarity and regulatory compliance. U.S. Trustee also objects to the plan, criticizing a provision shielding FTX debtors from legal actions. The crypto community, including Coinbase's Chief Legal Officer Paul Grewal, criticizes SEC's stance for lack of clear guidance on crypto transactions.

Helium's native token (HNT) has surged by over 18% in the past week, outperforming many other cryptocurrencies. The rise in price is attributed to the growth in Helium's mobile subscribers, which now exceed 112,000. This surge follows a 40% spike in price just two months ago when the subscriber count crossed 100,000. Helium's decentralized wireless network, focused on IoT, has seen rapid adoption, with Hotspots serving as wireless gateways and mining nodes. Technical analysis suggests potential for further gains, with resistance expected at $9.00 and possible targets at $11.50 - $12.00 and even $14.00. Support levels are crucial between $6.00 and $7.00. The overall outlook for HNT remains bullish, driven by its innovative DePIN model and expanding user base.

Bitcoin price drops to $55,711.26 as Arthur Hayes predicts it could fall below $50K amid market turmoil. Worldcoin CEO Alex Blania reveals plans for global expansion following Facebook's model. Injective launches the 'First Ever' tokenized index for BlackRock's BUIDL Fund, allowing users to take long or short positions. Pepe Unchained raises $12 million in presale with heavy whale buys, attracting attention as the next big crypto. Justin Sun's SunPump shifts to a '100% On-chain Buyback and Burn Process' strategy. Penpie DeFi Protocol hacked, resulting in the theft of $27M in crypto assets.

A recent MV Global report highlights the transformative potential of DePINs in the Web3 space, with over 1,000 projects and a $50 billion market cap. DePINs, decentralized physical infrastructure networks, aim to decentralize real-world systems like communication networks and energy markets. The report predicts a $128 billion market for decentralized data storage by 2028, driven by AI demand. DePIN projects are gaining traction, attracting both existing Web3 users and newcomers from Web 2. Emerging projects like Helium and Destra.network are disrupting traditional infrastructure, while specialized blockchains like Peaq and IoTeX cater to unique network needs. Projects in sensor networks and energy storage solutions are also on the rise, with Daylight and EC3 leading the charge. Established players like Filecoin and Arweave are poised to benefit from the growing demand. The report emphasizes the significant impact DePINs can have on real-world infrastructure across various sectors.

Theta Labs has partnered with Seoul Women's University to provide its AI research lab access to Theta EdgeCloud's decentralized GPU computing power. This collaboration aims to enhance AI research in healthcare, bioinformatics, and finance by reducing costs and boosting computational power. Theta EdgeCloud, built on the Theta Network, offers scalable GPU computing resources for various applications, thanks to its distributed network of over 30,000 nodes. The partnership with SWU exemplifies how decentralized infrastructure networks like Theta EdgeCloud can solve real-world problems, particularly in reducing costs and increasing research productivity. By leveraging Theta's decentralized GPU network, universities can overcome financial and logistical hurdles in AI research, leading to increased innovation and democratization of AI research. The DePIN sector, which includes technologies like Theta EdgeCloud, is experiencing rapid growth, with Messari predicting a market value of $3.5 trillion by 2028. Early-stage DePIN projects have attracted significant venture capital funding, with over $246 million raised across 70 deals by August 2024, marking a 296% surge year-over-year.

The Grass airdrop faced backlash as participants received minimal token rewards, sparking disappointment and criticism. Users expressed frustration over inadequate allocations and lack of communication from the project. In response, Grass introduced the Grass Foundation to address concerns and uphold its mission of decentralizing data management for AI training. Despite community dissatisfaction, Grass secured $4.5 million in funding from investors like No Limit Holdings, Polychain Capital, and Tribe Capital. Moving forward, Grass must prioritize transparent reward distribution to regain user trust and support.

Polygon Ventures and Amber Group co-led a funding round for Edge Matric Chain (EMC), a project focusing on decentralized AI applications. EMC plans to launch a Layer-1 blockchain for AI, enhancing GPU computing capabilities. The investment will introduce a new asset class in decentralized finance, backed by tokenized GPU resources. This move signifies Polygon's deeper expansion into AI and DePIN sectors. The rise of AI and DePIN is a top trend in 2024, with projections of adding $20 trillion to global GDP by 2030. UAE firms have launched a $500 million fund for DePIN and AI development, while Vitalik Buterin sees DePIN as crucial for DeFi. The market capitalization of DePIN is nearing $19 billion, with projects like Render and Bittensor leading the way.

Blockmate Ventures Inc announces a strategic partnership between Hivello Holdings and Mysterium Network, aiming to enhance passive income opportunities for users on both platforms. Users can now share internet bandwidth as a Mystnode on the Mysterium Network, in addition to unused computing power. Key features include user participation, passive income streams, contributing to an open internet, and strengthening decentralized infrastructure. The partnership is expected to expand the reach of both platforms and drive adoption of decentralized technologies.