Great Report by @dylangbane and @DAnconia_Crypto Very glad that we finally can talk about that token bull market financing doesn't work for Capex intensive project. Even worse are projects that treat it only as a supply-side bootstrapping tool and don’t have a clear IR framework to justify it as a representative of future cash flows (this doesn’t imply immediate buybacks). This was always core of @MoonrockCapital DePin thesis and therefore we only focused on those which have very low capex cost and are able to provide reasonable pay back times and returns to provider within the ecosystem (ex tokens) None added hardware Data collection DePins like @teneo_protocol, @silencioNetwork or @NATIXNetwork were obvious fits. On the other hand projects like @GEODNET have found the perfect capex light niche due to the wide range of RTK stations. They can now effectively offer their services across all currently monetizable regions of the world by bootstrapping through token incentives. This would not have worked nearly as well if they had needed 25× more stations due to a shorter operating range. On top of that they paired it with great IR via their @Blockworks_ dashboard. DePin is still the frontier

@dylangbane @DAnconia_Crypto 1) State of DePin by @MessariCrypto