The DePIN phenomenon: Characteristics, reward architecture, and practical implementations

Decentralized Physical Infrastructure Networks (DePIN) combine blockchain technology with distributed physical assets to organize and motivate the provision of real-world infrastructure. Although the term emerged in 2022, comprehensive studies on the subject are limited. This study bridges that gap by providing a structured analysis of DePIN. It (1) describes the core features of DePIN, (2) proposes a six-layer reward architecture, and (3) examines the most relevant real-world implementations. Findings indicate a rapid growth from 2022 to 2024, frame DePINs into six main categories and explore 21 active projects, focusing on their open-source communities and evaluating their operability across multiple blockchains.