Inside the DePIN sector, 19 October 2026
A snapshot of 42 DePIN constituents as of 19 October 2026, covering concentration, fee coverage, all-time-high distances, and sector comparability.
Sector Composition and Concentration
As of 19 October 2026, the DePIN sector tracked by this site spans 42 constituents with a combined market capitalisation of $10.95 billion. The 15 largest members listed account for the bulk of that figure. Bittensor alone carries a market cap of $3.05 billion, representing roughly 28% of the total sector figure, which signals a high degree of top-end concentration. The second- and third-largest constituents — Render at $936.8 million and Filecoin at $851.8 million — together add another 16%, meaning approximately three assets account for close to half the sector's measured capitalisation. The remaining members individually sit well below $600 million, pointing to a long tail of smaller constituents.
Fee Stream Coverage
Of the 15 largest members listed, only three carry a measurable annualised fee figure derived from the trailing 30 days to 19 October 2026: Render at $5.42 million, Filecoin at $818,318, and The Graph at $229,929. The remaining 12 of these 15 constituents show no fee data at all — either because fees are not generated, not captured, or not yet reported within this dataset. The absence of fee data for the majority of tracked names means any fee-based comparative analysis across the sector is limited to a small subset.
Distance from All-Time Highs
Every constituent for which all-time-high distance is reported sits below its historical peak as of 19 October 2026. The spread is wide. Magic Hash is the closest to its all-time high, at just -0.47% below. At the other end, several assets show drawdowns exceeding 95%: Filecoin is -99.57% below its all-time high, JasmyCoin is -99.90% below, The Graph is -99.15% below, and IOTA is -99.15% below theirs. The trailing 7-day return figures reinforce a broad pattern of recent negative movement across listed constituents, ranging from -0.99% (OriginTrail) to -24.20% (Grass) over the trailing 7 days to 19 October 2026, with one constituent (Magic Hash) carrying no 7-day return figure.
What the Sector Label Does and Does Not Convey
The label DePIN — Decentralised Physical Infrastructure Networks — groups assets that relate to the coordination of real-world infrastructure through token incentives. However, the constituents within this tracked universe span materially different functional categories: decentralised storage (Filecoin, Arweave), GPU rendering (Render), AI model marketplaces (Bittensor), data indexing (The Graph), IoT data (JasmyCoin, IOTA), content delivery (Theta Network, BitTorrent), and cloud compute (Akash Network), among others. The label therefore describes a broad organisational thesis rather than a tightly comparable peer group. Methodologically, readers should note that aggregating these assets under one sector market cap figure does not imply their underlying revenue drivers, network mechanics, or risk profiles are equivalent. Fee availability, token structures, and infrastructure layer differ substantially across constituents, limiting direct cross-asset inference from sector-level totals alone.