Just read the State of DePIN 2025 report by @MessariCrypto . It clearly supports the point I’ve been making for a long time. Yes, prices are ugly. Most tokens are down 90%+ from highs. But that's the trap. The gap between perception and reality is wild. Perception: DePIN is dying Reality: • $10B sector • $72M onchain revenue • Supply constrained networks • Real users, real payments People judge DePIN with a 2021 mindset: pre-revenue, heavy inflation, speculation driven. Two examples that prove it: @helium : Millions of daily users through carrier partnerships. Your phone is probably using their network right now without you knowing. @GEODNET : Centimeter-level GPS for agriculture and robotics. Paying enterprise customers. Revenue directly burns tokens. These aren't crypto experiments anymore....