DePIN Fees Hit All-Time High

Decentralized physical infrastructure (DePIN) tokens have struggled so far in 2025, but activity in the sector continues to grow, pushing fees generated to all-time highs over the last month.

The sector picked up in mid-August, boosted by a partnership between decentralized wireless provider Helium and the Solana Seeker mobile phone. As a result, Helium fee generation increased, lifting the relatively small sector’s total metrics along with it.

Over the last five weeks, Helium has generated between $330,000 and $370,000 per week in fees, accounting for roughly 60% of the market’s average fee income.

Geonet, Akash Network, and Hivemapper are the next largest DePin protocols by fee income, accounting for a collective $181,000, or 32% of the total fees produced over the last week.

Despite the rising activity, DePIN project tokens have continued to do poorly. Leading DePIN coins from projects such as Render, Filecoin, and Helium are all down between 40% and 70% over the last year, highlighting a stark disparity between product and token performance.