Enterprise
DePIN
Valuations
Tokenomics

DePIN Tokenomics Part 3: What Drives Valuations? DRNs vs. PRNs, Fundamentals, Liquidity Premiums, Scalability, and More

May 16, 2025 ⋅  24 min read

In Part 3 of our DePIN Tokenomics series, we dissect the structural drivers shaping valuations across DePIN protocols. By comparing Digital Resource Networks (DRNs) and Physical Resource Networks (PRNs), we explore how fundamentals like revenue generation, capital intensity, and scalability models contribute to valuation gaps between the two categories. However, our analysis reveals that liquidity access, particularly via major centralized exchange listing, often plays an even more decisive role, driving valuation premiums that cannot be fully explained by fundamentals alone. This report provides a framework for understanding how these dynamics interact and offers key insights for founders and investors navigating the evolving DePIN landscape.
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Dylan is an Enterprise Research Analyst focusing on infrastructure, DePIN, and RWAs. Prior to Messari, Dylan worked as an Analyst on the Digital Assets team at T. Rowe Price and in venture capital. Dylan graduated from Princeton University where he co-founded the Princeton Blockchain Club.

Robert is Head of Economics at 1kx, focusing on DePIN and working with portfolio companies on their economic designs. Before 1kx, Robert led data science teams (LLMs and pricing), was a member of BCG’s Risk team, and founded a startup.

Mihai is Director of Research at Messari. Mihai leads Protocol Research, covering base layers, mid-layer infrastructure, DeFi, and consumer apps. Prior to joining Messari, Mihai was a tech entrepreneur and worked in AI at UBS and Swiss Re in Zurich. His background is in computer science and math. Mihai holds a PhD in information systems from ETH Zurich, Switzerland

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About the authors

Dylan is an Enterprise Research Analyst focusing on infrastructure, DePIN, and RWAs. Prior to Messari, Dylan worked as an Analyst on the Digital Assets team at T. Rowe Price and in venture capital. Dylan graduated from Princeton University where he co-founded the Princeton Blockchain Club.

Robert is Head of Economics at 1kx, focusing on DePIN and working with portfolio companies on their economic designs. Before 1kx, Robert led data science teams (LLMs and pricing), was a member of BCG’s Risk team, and founded a startup.

Mihai is Director of Research at Messari. Mihai leads Protocol Research, covering base layers, mid-layer infrastructure, DeFi, and consumer apps. Prior to joining Messari, Mihai was a tech entrepreneur and worked in AI at UBS and Swiss Re in Zurich. His background is in computer science and math. Mihai holds a PhD in information systems from ETH Zurich, Switzerland

Mentioned in this report