Inside the DePIN sector, 20 September 2026
A snapshot of 46 DePIN tokens as of 20 September 2026, covering sector composition, fee coverage, and distance from all-time highs.
Sector Composition and Concentration
As of 20 September 2026, the DePIN sector as tracked here spans 46 constituents with a combined market capitalisation of approximately $8.54 billion. Concentration is pronounced: the single largest member, Bittensor, accounts for roughly $2.97 billion of that total, representing approximately 35% of the entire sector figure on its own. The five largest members together — Bittensor, Render, Filecoin, Beldex, and BitTorrent — represent well over 60% of reported sector market capitalisation. The remaining constituents are considerably smaller, with several of the 15 largest members carrying market caps below $250 million. This distribution suggests a steep size gradient rather than a flat peer group.
Fee Stream Coverage
Of the 15 largest members listed, only three carry a measurable annualised fee figure (annualized from the trailing 30 days to 20 September 2026): Render at $2,560,329, Filecoin at $891,038, and The Graph at approximately $235,814. The remaining 12 members in this listing — including Bittensor, the largest by market cap — show no fee data. This absence does not necessarily mean those protocols generate no economic activity; it may reflect data availability, protocol design, or fee-routing structures that are not captured in the figures supplied. Readers should treat the fee column as incomplete rather than as a definitive ranking of protocol revenue.
Distance from All-Time Highs
The spread of drawdowns from individual all-time highs is wide across the 15 listed members. At the narrower end, Bittensor is recorded at 65.4% below its all-time high (trailing 7 days reference period). Several others cluster in the 83–94% drawdown range, including Beldex at 83.1% below, Arweave at 94.8% below, and Akash Network at 93.0% below. At the more extreme end, Filecoin sits at 99.6% below its all-time high, JasmyCoin at 99.9% below, and both IOTA and The Graph above 99% below their respective peaks. The variance in these figures — spanning roughly 65 to nearly 100 percentage points of decline — indicates that the members of this sector reached their historical price peaks at very different moments and under very different market conditions, making the drawdown figures difficult to compare directly without knowing when each peak occurred.
What the Sector Label Does and Does Not Convey
The label DePIN (Decentralised Physical Infrastructure Networks) groups assets that share a broad thematic orientation toward tokenised coordination of real-world infrastructure — storage, compute, bandwidth, and sensing among others. However, the 46 constituents tracked here differ substantially in their underlying infrastructure type, tokenomic design, fee mechanisms, and chain architecture. A storage protocol, a GPU compute marketplace, and a data-indexing service share a label but not necessarily comparable revenue models, user bases, or risk profiles. The sector aggregate market cap and the constituent list together describe what is being grouped, not whether the grouping reflects economic equivalence. Readers interpreting sector-level figures should account for this heterogeneity before drawing inferences about any individual member from the aggregate.