DePIN is a great narrative, and it will eventually pop up, as I mentioned earlier in the past. @getgrass_io could act as a catalyst for renewed interest in this narrative in the coming times. DePIN is not just about speculation; it has a real supply and demand side that you can track. The supply side would reflect how much supply is getting inflated every month from tokenomics and how many devices are joining the network. The demand side is difficult to crack at an early stage; it takes time. But whenever the project reaches the demand side, if it has a B2M model, demand-side revenue might be pushed into burning supply. Studying $HNT and the mint vs. burn ratio as a metric would be useful to track that. Dashboard for $HNT Mint/Burn: https://t.co/iQox6PQ7wx Currently, 99% of the projects are bootstrapping supply, and they will take time to hit the demand stage. In that case, you need to track the profitability of joining a DePIN network, and metrics like days to breakeven, daily earnings, and device cost will come into play. Use this dashboard: https://t.co/B8m7QoV1Kw @Hivemapper, @GEODNET_, and @helium_mobile are three key projects with a breakeven period of under a year, and they have shown rising supply-side growth in the past 12 months. You can study more about these projects, and others, at DePINscan and other websites like @DepinNinja Be aware—don't just follow the hype. Use data to validate your bias. Do it whenever you're thinking of investing. It takes less than an hour to go through these, and you can build a thesis using them. For DePIN narrative strength data, you could use Alpha Screener by @dyorcryptoapp.