Inside the DePIN sector, 20 September 2026
A snapshot of 46 DePIN-labelled assets as of 20 September 2026, covering concentration, fee transparency, and distance from all-time highs.
Sector Composition and Concentration
As of 20 September 2026, the DePIN sector tracked by this site spans 46 constituents with a combined market capitalisation of approximately $8.54 billion. Concentration is pronounced: Bittensor alone accounts for roughly $2.84 billion, or approximately 33% of the total. The next two largest constituents—Render at $786 million and Filecoin at $786 million—are each less than one-third the size of the largest member. The 15 largest members disclosed here sum to well over 90% of the sector total, indicating that the tail of smaller assets contributes relatively little to aggregate capitalisation.
Fee Stream Availability
Among the 15 largest members listed, only three carry a measurable annualised fee figure—Render ($2,560,329, annualised from the trailing 30 days to 20 September 2026), Filecoin ($891,038, same period), and The Graph ($235,814, same period). The remaining 12 of the 15 largest members show no fee data. Whether this reflects genuinely zero protocol revenue, revenue that is not yet captured in the data pipeline, or structural differences in how these networks generate and report economic activity is not determinable from the figures supplied. Readers should treat the absence of a fee figure as an absence of data rather than confirmation of zero fees.
Distance from All-Time Highs
Across the 15 members with reported all-time-high drawdown figures, the spread is wide. The shallowest recorded drawdown is Bittensor at -66.87% below its all-time high, and the deepest is JasmyCoin at -99.92%. Four members—Filecoin, The Graph, IOTA, and JasmyCoin—sit more than 99% below their respective peaks. Several others, including Arweave (-95.20%), Grass (-90.95%), and BitTorrent (-90.42%), are also in the 90–99% drawdown range. These figures describe historical price distance only; they carry no implication about future direction or recovery probability.
What the Sector Label Does and Does Not Convey
The label Decentralised Physical Infrastructure Network (DePIN) groups assets that coordinate real-world hardware or resource provision—storage, compute, bandwidth, sensing—through tokenised incentives. However, the 46 assets tracked here differ substantially in architecture, use case, and economic model. A decentralised storage network, a machine-learning compute marketplace, a peer-to-peer file-sharing protocol, and a privacy-oriented messaging layer all appear under the same label. The sector classification is therefore a thematic grouping rather than evidence of operational or financial comparability. Trailing 7-day returns among the 15 largest members ranged from -1.6% (BitTorrent) to +67.7% (Arweave), a spread that itself illustrates the heterogeneity within the group. Analysts using sector-level aggregates should account for the fact that constituent-level dynamics may diverge significantly from the headline sector figure.