Dylan Bane (@dylangbane) / X

Dylan Bane

1,355 posts

Dylan Bane

@dylangbane

@mathematics_inc | prev: @princeton @messaricrypto @troweprice | nfa

Joined February 2022

@dylangbane

See Dylan Bane’s full profile

Open X

Pinned
Dylan Bane
@dylangbane
Jan 28
State of DePIN 2025 is out now. No fluff this year - we dig into what’s working, what clearly isn’t, and why DePIN is not dead but just getting started. Full report is free and frankly you can’t skip out on this one if you care about the future of crypto let alone DePIN.
Messari
@MessariCrypto
Jan 28
State of DePIN 2025 🧵
00:00
29
31
164
22K
Dylan Bane
@dylangbane
Feb 11, 2025
Own your robots. Decentralized Physical AI (DePAI) offers an alternative to centralized control of robots and the Physical AI infra stack. From real world data collection to Physical AI Agents operating robots deployed by DePIN, DePAI is well on its way. @MessariCrypto 🧵
227
160
882
148K
Dylan Bane
@dylangbane
Aug 30, 2024
You pay about 100 times more for your home’s internet than what your internet provider buys it for. @dawninternet uses DePIN to commoditize internet bandwidth, resulting in 90% lower prices. Built on @solana, and it needs crypto. An @MessariCrypto deep dive into DAWN 🔽.
62
121
632
134K
Dylan Bane
@dylangbane
Jan 6, 2025
State of DePIN 2024 out now. 104 pages covering macro trends, DeWi, DeGEN, logistics networks, DePIN x AI, compute, sensors, and more. DePIN is the frontier. Link to report in next tweet.
00:17
Messari
@MessariCrypto
Jan 6, 2025
State of DePIN 2024 🧵
77
161
458
55K
Dylan Bane
@dylangbane
May 19, 2025
25+ DePINs are now generating revenue, with the sector's P/S ratio sitting right between between base layers and DeFi. Now that fundamentals exist, we can ask what drives DePIN token valuations–revenue, liquidity, scalability, cost of supply? We dive deep @MessariCrypto 🧵
43
51
315
57K
Dylan Bane
@dylangbane
Jan 5, 2025
State of DePIN 2024. Dropping tomorrow, January 6th (Free to Everyone). Twice the content and 10x the value of State of DePIN 2023. @MessariCrypto x @EV3ventures. DePIN is the frontier.
44
30
296
67K
Dylan Bane
@dylangbane
Nov 11, 2024
Peaq TGE tmr - why it may be beta on the DePIN narrative this cycle (DePIN analyst perspective) - Top tier DePIN ecosystem already in place, validating initial value prop - Positioned as L1, receiving highest valuation multiple in crypto - No direct cash flows, competing as
peaq
@peaq
Nov 11, 2024
Has there ever been an ecosystem with this much traction at launch? You decide. Here’s what peaq is bringing onchain ⬇️🧵
00:00
27
53
270
77K
Dylan Bane
@dylangbane
May 16, 2025
DePIN token valuations are driven by liquidity - not fundamentals (yet). Protocols with similar revenue trade at vastly different P/S multiples correlated mostly to liquidity depth. But for new DePINs - the path to liquidity access starts with revenue and fundamentals growth.
37
26
226
63K
Dylan Bane
@dylangbane
Feb 15, 2025
DePAI x DePIN is among crypto’s highest potential use cases. - No entrenched incumbents like in Web2 to compete with. - DePIN is the best way to deploy machines and generate sales for robotics companies bleeding VC dollars. - Literal $100 Trillion - $ quadrillion market.
38
44
243
38K
Dylan Bane
@dylangbane
Jul 17, 2025
HNT is up 64% since we called the bottom on June 23rd based on fundamentals growth and downstream effects of the August 1st Halving. In that same period: BTC: +13.4% ETH: +53.5% SOL: +20.7% AAVE: +37.2% To all the liquid funds - yes @MessariCrypto does have alpha.
22
22
224
24K
Dylan Bane
@dylangbane
Mar 19, 2025
DePIN has a no man's land problem. Fundamental investors believe that MCaps are too high to justify investment based on current revenue. Crypto native investors believe that revenue limits upside by grounding MCaps in reality thus avoiding exposure. Solution: Grow Revenue.
38
10
205
31K
Dylan Bane
@dylangbane
Mar 7, 2025
DePIN token reward mechanisms can make or break a protocol. We analyzed 27 DePINs to determine optimal emission rates, how market volatility affects protocol sustainability, and what drives profit margins for node providers. @MessariCrypto DePIN Tokenomics: Part 2 🧵
23
40
207
59K
Dylan Bane
@dylangbane
Oct 16, 2024
DePIN fundraising up 691% in Q3 compared to Q3 2023. Largest rounds: @dawninternet - $18M @projectzero2050 - $12M @mawariXR - $10M @pipenetwork - $10M @daylightenergy - $9M DePIN is the frontier. messari.io/report/q3-2024… @0xSynthesis1 @MessariCrypto
19
38
197
43K
Dylan Bane
@dylangbane
Jan 2, 2025
zk-TLS stands to upend Web2, breaking monopolies and disrupting trillions in value. The first use cases reach PMF in 2025, enabling on-chain identity scores, vampire attacks on platforms like Uber, and more. @MessariCrypto x @EV3ventures deep dive co-authored by @VinayakDKurup
13
37
198
45K