DePin Projects Thrive on Solana as Memecoin Frenzy Wanes

Solana is now powering DePin infrastructures amid a decline in memecoin hype.
Helium, Hivemapper, and io.net are some of the top projects on Solana at the moment.

Some projects built on the Decentralized Physical Infrastructure Network (DePin) are currently gaining relevance on the Solana (SOL) blockchain amid dwindling interest in the meme coin ecosystem. At the forefront of this movement are ventures like Helium and Hivemapper, both leveraging the Solana blockchain to foster community-driven infrastructural initiatives.

Helium Runs on Solana

Helium is a decentralized wireless network representing a prime example of how DePin projects are transforming traditional industries. Helium launched its decentralized wireless network in 2019 and grew its coverage worldwide. Right now, the Helium Explorer indicates that there are 392,090 hotspots worldwide.

Traditionally, cellular network coverage is determined by large telecommunication companies, leaving users with limited options. DePINs, like Helium, empower individuals and small businesses to address this by contributing to the network and expanding coverage in underserved areas.

Scott Sigel, COO of the Helium Foundation offers a compelling example where a company in Portugal used Helium’s dense IoT network to develop an early flood detection system for the city of Porto. This demonstrates the potential of DePINs to foster innovation and community-driven solutions.

Sigel noted that Helium currently runs on the Solana blockchain. The decision to utilize the Solana blockchain for Helium was driven by its high transaction throughput and large developer ecosystem, allowing the network to handle the demands of a growing community.

Hivemapper is another DePIN project built on Solana that is transforming the mapping industry. Founded by Ariel Seidman, a veteran in the mapping industry, Hivemapper aims to create a more cost-effective and scalable method for generating maps.

Current mapping techniques rely on expensive street-level sensor-equipped vehicles, creating barriers to entry. Hivemapper utilizes crypto tokens to incentivize a large community to collectively contribute data and build a comprehensive map, a financial model unseen in traditional mapping ventures. According to the Hivemapper Explorer, Hivemapper boasts over 130,000 contributors who have already mapped over 19% of the globe, covering over 11 million kilometers to date.

Broadly speaking, DePins empowers individuals and businesses to take control of their data and contribute to a more decentralized and efficient future. Echoing earlier coverage by Crypto News Flash, io.net, built on Solana, recently appointed Garrison Yang as its Chief Strategy and Marketing Officer to drive the growth of DePin.

Bullish Rally Ahead for SOL

As of the latest MarketCap data, SOL, Solana’s native cryptocurrency is trading at $135.07, representing a 4.49% decline in the past 24 hours. The market standing at $60.4 billion also decreased by 4.4%, while trading volume decreased by 11.2% to 1.9 billion.

While the decrease in trading volume indicates a tempest interest for SOL, the Fear & Greed Index is showing Greed at 67. Ultimately, as DePin projects like Helium and Hivemapper continue to thrive on Solana, the outlook for SOL appears increasingly bullish.