Latest DePIN Funding News

On November 12, 2024, zkVerify announced the launch of a decentralized proof verifier for Space and Time’s Proof of SQL ZK coprocessor on the SXT Chain. This innovative solution aims to enhance the speed and cost-effectiveness of SQL data verification, particularly for data-intensive applications. By utilizing zkVerify’s capabilities, organizations can validate their ZK-proven SQL queries more efficiently than traditional Ethereum verification methods. The integration of zero-knowledge proofs allows for secure validation of SQL queries against data stored on the SXT Chain, ensuring accuracy without the need for a central authority. The SXT Chain addresses the limitations of traditional smart contracts, which often struggle to access external or historical transaction data. By functioning as a decentralized database, it aggregates data from major blockchains such as Ethereum, Bitcoin, and Polygon, enabling trustless, cross-chain data processing. This capability allows smart contracts to efficiently query and analyze data, which is crucial as concerns about data manipulation and AI-generated content continue to rise. With zkVerify’s technology, organizations can prove data integrity while keeping the underlying information confidential, a significant advancement for sectors like finance and healthcare. Rob Viglione, CEO of Horizen Labs, emphasized that zero-knowledge proofs transform trust in digital systems by providing mathematical assurance of data integrity. The zkVerify platform is designed to facilitate rapid and cost-effective verification of ZK proofs across various blockchain networks, thereby enhancing the performance of existing systems and unlocking new opportunities within the Web3 ecosystem. As the verifier becomes available for testing on the zkVerify testnet, it paves the way for more sophisticated decentralized applications, including DeFi platforms and advanced data analytics solutions.

The Solana network is making significant strides in closing the gap with Ethereum, as highlighted by a bullish report from hedge fund Syncracy Capital. According to the report published on November 12, 2024, Solana's real economic value (REV) reached 111% of Ethereum's REV in October 2024, a dramatic increase from just 1% a year prior. This metric, which encompasses transaction fees and maximal extractable value (MEV) tips paid to validators, indicates a robust economic activity on the Solana network. Additionally, Solana's total application revenue (TAR) was reported at 109% of Ethereum's, showcasing its growing popularity and the increasing fees paid to protocols and applications built on the blockchain. The surge in Solana's economic activity can be largely attributed to the recent memecoin mania, which has seen several new memecoins gain traction within the ecosystem. Notable examples include Goatseus Maximus (GOAT), which achieved a market cap of $400 million in just one week, alongside other significant performers like SPX6900, Apu Apustaja, and FWOG. This influx of interest has resulted in heightened network volumes, fees, and total value locked (TVL), with Solana's TVL reaching a two-year high of over 42 million SOL, while Ethereum's TVL remained stagnant at 17.7 million ETH. Despite the excitement surrounding Solana's memecoin activity, there are concerns regarding its long-term sustainability. Syncracy Capital views this speculative trend as a necessary stress test for the network's reliability, drawing parallels to the early days of DeFi on Ethereum in 2020. Solana has faced challenges with outages since its inception, including a notable five-hour service interruption in February 2024. The network is also attracting decentralized infrastructure protocols, with four unicorns in the DePIN sector. Looking ahead, the Solana Foundation plans to release the full version of the Firedancer upgrade in 2025 to support its growing activity and infrastructure demands.

In the current cryptocurrency landscape, Dogecoin (DOGE) has demonstrated remarkable resilience by maintaining steady liquidity despite market fluctuations. Following the recent U.S. elections, there was a significant uptick in activity from large holders, or whales, with whale netflows increasing by nearly 957%. This surge resulted in transactions soaring from approximately 45 million to over 430 million DOGE in just one day. Although Dogecoin's price experienced a brief climb of about 10% during the election period, it later dipped around 6%, stabilizing at a slightly lower level. Nevertheless, its trading volume remains robust at over $3.8 billion, with a market cap close to $29 billion, underscoring its strong market presence and ongoing interest from major investors. Conversely, Bittensor (TAO) is facing challenges as it experiences a decline in liquidity, raising concerns among its investors. With a market cap of around $3.7 billion and a daily trading volume of approximately $165 million, the reduced trading activity indicates a shift in investor engagement. Currently, there are about 7.4 million TAO tokens in circulation out of a maximum supply of 21 million. The drop in liquidity could lead to increased price volatility, making it crucial for investors to monitor these trends closely. A continued decline may impact the token's value and overall attractiveness to potential investors. In contrast, IntelMarkets (INTL) is emerging as a promising alternative in the crypto trading arena, boasting a unique AI-powered trading platform built on a modern blockchain. Currently in Stage 5 of its presale, IntelMarkets has raised around $2 million, with nearly 10 million tokens sold at a price of $0.045 Tether, set to increase to approximately $0.054. The platform's self-learning bots process over 100,000 data points, allowing traders to make informed decisions based on real-time data. With its limited token supply and advanced technology, IntelMarkets positions itself as a strategic platform for investors seeking consistent growth and stability in a volatile market.

IoTeX has launched its much-anticipated DePIN initiative, Get Goated Season 2, which offers participants the chance to earn a share of 100 million IOTX tokens and 100,000 worth of NUBI tokens. This campaign is touted as the largest DePIN incentives program in history, encouraging users to engage with various decentralized finance (DeFi) projects and contribute to the advancement of the DePIN revolution. Participants can join by connecting their wallets, completing initial tasks, and engaging with the IoTeX ecosystem, which includes acquiring IOTX tokens, staking, and interacting with DeFi applications. To kick off their participation, users must visit the Get Goated Season 2 campaign page, connect their wallets, and complete a series of introductory tasks. These tasks are designed to familiarize participants with the IoTeX ecosystem, such as adding the IoTeX Network to their wallets and joining the IoTeX community on social media platforms. Additionally, Nubila has introduced a campaign on Galxe, where participants can earn rewards by completing specific tasks, including obtaining NFTs and referring friends. This dual approach not only incentivizes participation but also fosters community engagement within the growing IoTeX network. Nubila, the organization behind this initiative, is focused on building a decentralized environmental data network. By collecting real-time weather data through decentralized stations and utilizing AI for actionable insights, Nubila aims to create an environmental data oracle that promotes sustainability and addresses climate change. As participants engage with the Get Goated Season 2 campaign, they are not only rewarded with tokens but also contribute to a larger mission of leveraging blockchain technology for real-world impact. Now is the time to get involved and make a difference in the evolving landscape of decentralized technologies.

PINGPONG has recently launched its computing resource exchange, enabling users to access, trade, and invest in structured financial products that are supported by real computing resources. This innovative platform aims to bridge the gap between traditional finance and decentralized finance by providing a marketplace for computing resources, which can be utilized in various applications ranging from data processing to complex algorithmic trading. According to RootData, PINGPONG serves as a DePIN liquidity and service aggregator. Its two flagship products include the DePIN liquidity-linked money market and the DePIN service-linked integrated SDK. These products are designed to enhance the efficiency of the Decentralized Physical Infrastructure Networks (DePIN) by addressing both supply and demand sides, thereby facilitating smoother transactions and better resource allocation within the ecosystem. ChainCatcher emphasizes the importance of approaching blockchain technology with a rational mindset. It urges users to enhance their risk awareness and exercise caution regarding virtual token issuances and speculative investments. The platform clarifies that all content provided is purely market information or opinions from related parties and does not constitute investment advice. Users are encouraged to report any sensitive information they encounter, ensuring a safer trading environment for all participants.

Filecoin (FIL) has demonstrated remarkable resilience by holding a crucial support level for nearly two years, currently positioned around $2.94. This stability sets the stage for a potential breakout, as analysts predict significant gains for the cryptocurrency. With the increasing demand for decentralized storage solutions, Filecoin's intrinsic value is further enhanced, making it a standout asset in the cryptocurrency market. Popular crypto analyst Ali Martinez has highlighted the bullish potential of FIL, suggesting that if it maintains its current trajectory, it could see a near-term price surge to $9.50, representing a 145% increase, and a long-term target of $30, which would signify a staggering 700% upside. Recent market activity indicates that Filecoin is experiencing notable growth, with a market cap of $2.45 billion and a 24-hour trading volume of $318 million. Technical indicators reveal a bullish trend, with the Relative Strength Index (RSI) climbing to approximately 64.8, suggesting strong buying interest. The increase in trading volume supports this uptrend, as high volume typically indicates investor conviction. Furthermore, data from Santiment shows a rise in social volume and community interest, which often correlates with bullish price movements, indicating that Filecoin is gaining traction among investors. As Filecoin continues to navigate its price dynamics, the $2.94 support level remains critical, with any pullbacks likely to attract strong buyer interest. The resistance zones at $9.50 and $30 are pivotal for future growth. A breach of the $9.50 level could catalyze a significant upward movement towards the $30 target, setting the stage for sustained growth in Filecoin's value as it capitalizes on the increasing demand for decentralized storage solutions.

In a vibrant push towards innovation in the intersection of data, AI, and cryptocurrency, a group of builders is gearing up to engage with the community in Bangkok this month. They will be present at several key events, including the Filecoin FIL Dev Summit on November 11, Devcon from November 12 to 15, and Fluence’s DePIN Day on November 15. These gatherings are designed for builders, operators, and newcomers alike, providing a platform for networking and collaboration in the rapidly evolving Web3 landscape. The focus of these events is to foster connections among those interested in decentralized technologies. Attendees can expect to engage in discussions around various topics such as decentralized storage, verifiable data, and identity management. The organizers are particularly keen on promoting their private Telegram group, Proof of Data, which serves as a collaborative space for individuals tackling challenges within the Web3 data ecosystem. This initiative aims to create a community where participants can share insights and solutions related to data availability and synthetic data. As the Web3 ecosystem continues to grow, events like these are crucial for building relationships and sharing knowledge. By bringing together diverse stakeholders, from seasoned developers to curious learners, the gatherings in Bangkok promise to be a melting pot of ideas and innovations. Attendees are encouraged to connect with the team at DePIN Day for more information and to join the ongoing conversation in the Proof of Data community, ensuring that everyone has the opportunity to contribute to the future of decentralized technologies.

Blockmesh, a decentralized physical infrastructure network (DePIN) project, has gained significant attention after winning the Solana Renaissance Hackathon. This innovative project leverages AI technology to create a decentralized monitoring model that enables users to monetize their idle bandwidth and computing resources. By doing so, Blockmesh allows individuals to generate passive income from their unused resources, while also ensuring that AI activities are closely monitored to mitigate risks such as misinformation and privacy invasion. The project is reminiscent of other successful models like Grass, Dawn, Nodepay, and Gradient, and it has already attracted over 60,000 participants eager to engage in its airdrop program. Currently, Blockmesh has launched a Node program that allows users to accumulate points, which will later be converted into airdrops. To participate in this airdrop, users must follow a straightforward process that includes registering for a Blockmesh account, downloading the Blockmesh Network app from the Chrome store, and connecting their Solana wallet and Twitter account to boost their points. The project emphasizes that users should operate under the principle of one device, one Wi-Fi connection, and one account to ensure compliance with its guidelines. However, it is important to note that the development team, investment fund, and tokenomics details have yet to be announced, leaving some uncertainty about the project's future. In summary, Blockmesh presents a unique opportunity for users to engage with a cutting-edge DePIN project while earning potential rewards through its airdrop program. As the project evolves, participants are encouraged to stay informed about updates and developments. The insights provided in this article aim to equip readers with the necessary knowledge to effectively navigate the airdrop opportunity and maximize their involvement in the Blockmesh ecosystem. By following the outlined steps, users can position themselves to benefit from this promising initiative in the rapidly growing blockchain landscape.

Last night, Binance made headlines with the launch of GRASS perpetual contracts, which significantly boosted market sentiment. The price of GRASS surged to an impressive $3.5, marking a new record high, while trading volume exceeded $700 million within 24 hours. Since its inception on October 29, GRASS has experienced a staggering growth of over 400%. This meteoric rise has sparked interest in the underlying fundamentals of the coin, particularly its innovative approach to data monetization within the DePIN (Decentralized Physical Infrastructure Networks) framework. Supported by major venture capital firms like Polychain and Deiphi, GRASS is positioned as a frontrunner in the data economy, offering rewards for data contributions and challenging the traditional monopolistic data models. The technical analysis of GRASS reveals a strong buying momentum, with the Relative Strength Index (RSI) climbing to 71.8, indicating an overbought condition. This rapid increase in price has attracted significant market attention, but it also raises concerns about potential pullbacks. The Ichimoku cloud chart suggests that GRASS is currently riding high, with key support levels around $2.9 and $2.4, which could cushion any necessary corrections. As the cryptocurrency market continues to evolve, the stability of GRASS's staking numbers—remaining above 26.6 million—demonstrates investor confidence in its long-term potential, despite the risks of profit-taking in a volatile environment. Looking ahead, the DePIN sector is poised for substantial growth, with predictions estimating its market value could reach $3.5 trillion by 2028. This projection highlights the increasing demand for decentralized data solutions, particularly as AI technology continues to advance. GRASS stands out as a promising investment within this burgeoning landscape, appealing to those seeking to capitalize on the data revolution. However, investors must remain vigilant, balancing the excitement of rapid gains against the inherent risks of market fluctuations. The future of GRASS and the DePIN track may well depend on broader market trends and the ongoing evolution of data decentralization strategies.

The Verida DAO has officially launched its inaugural Verida Private AI Grants Program, aimed at promoting innovation within the realms of Private AI and decentralized storage. This initiative is designed to support groundbreaking projects that leverage the Verida Private Data Bridge, which is set to expand its capabilities by integrating additional data connectors. By doing so, the program will empower developers using the Verida API to access a broader range of user data, ultimately leading to the creation of more sophisticated AI agents and applications. The grants will be available from November 15th to February 15th, with a total grant pool valued at $30,000 in VDA tokens. The program features multiple tiers of funding, catering to various levels of project complexity. Tier 1 offers $500 for extending existing connectors, while Tier 2 provides $1,000 for basic connectors. For more advanced projects, Tier 3 awards $2,000 for high complexity connectors, and Tier 4 grants $3,500 for advanced connectors. This tiered approach encourages a wide range of innovative solutions within the decentralized storage ecosystem. Interested participants can register their interest by filling out a designated form, which will be reviewed by the DAO team. Successful submissions will lead to further discussions about the proposed projects. The Verida DAO is enthusiastic about the potential contributions to the future of Private AI and looks forward to seeing innovative solutions that enhance the decentralized storage landscape. This initiative marks a significant step towards realizing Verida's long-term vision of unlocking data for diverse Private AI use cases.