Solana’s rapid ascent as a high-performance blockchain has catalyzed a new generation of Decentralized Physical Infrastructure Network (DePIN) projects. As of July 2025, the DePIN sector on Solana is not only thriving but also leading innovation in decentralized compute, wireless, and storage solutions. Investors, developers, and analysts are closely tracking market capitalization to gauge network effects and real-world adoption. In this edition, we spotlight the top five Solana-based DePIN projects by market cap, each representing a unique facet of decentralized infrastructure and offering compelling investment and technical narratives.
Top Solana DePIN Projects by Market Cap: 6-Month Price Comparison (July 2025 Edition)
A real-time price performance comparison of leading Solana DePIN tokens over the past six months.
Asset
Current Price
6 Months Ago
Price Change
Helium (HNT)
$2.57
$2.18
+17.9%
Render (RNDR)
$3.65
$3.59
+1.7%
io.net (IO)
$0.5809
$0.5500
+5.6%
Nosana (NOS)
$0.7089
$0.6800
+4.2%
Shadow (SHDW)
$0.1135
$0.1100
+3.2%
Analysis Summary
Among the top Solana DePIN projects, Helium (HNT) has shown the strongest price growth over the past six months (+17.9%), while Render (RNDR) has experienced modest gains (+1.7%). Other projects like io.net (IO), Nosana (NOS), and Shadow (SHDW) have also posted positive but moderate increases. This trend highlights steady but varied growth across the Solana DePIN sector in the first half of 2025.
Key Insights
Helium (HNT) leads the pack with a 17.9% price increase, reflecting strong network adoption and growth.
Render (RNDR), despite its large market cap, has seen only a slight price uptick (+1.7%), suggesting consolidation after previous rallies.
io.net (IO), Nosana (NOS), and Shadow (SHDW) have all posted single-digit percentage gains, indicating steady but unspectacular growth.
The overall upward trend in DePIN token prices aligns with the broader crypto market rally in 2025, though Solana DePIN projects have underperformed compared to Bitcoin and Ethereum.
All prices and percentage changes are sourced directly from the provided real-time market data as of October 6, 2025. The table compares each asset’s current price to its value six months prior, calculating the percentage change to highlight relative performance.
Data Sources:
Main Asset: https://coinmarketcap.com/currencies/helium/
Disclaimer: Cryptocurrency prices are highly volatile and subject to market fluctuations. The data presented is for informational purposes only and should not be considered as investment advice. Always do your own research before making investment decisions.
DePIN Market Cap in July 2025: A New Benchmark for Solana
The DePIN sector has surpassed $50 billion in aggregate value across all chains. Within Solana’s ecosystem specifically, several projects have emerged as clear leaders by both market capitalization and technological impact. This list focuses exclusively on:
Helium (HNT)
Render Network (RNDR)
io. net (IO)
Nosana (NOS)
ShdwDrive (SHDW)
This selection reflects not just token valuations but also the underlying growth in user adoption, protocol revenue, and integration with real-world infrastructure.
1. Helium (HNT): Decentralized Wireless at Scale
Market Cap: $530,570 million Ticker: HNT
Helium remains the dominant force in decentralized wireless networking after its migration to Solana in early 2023. The project’s innovative approach leverages community-deployed hotspots to provide global coverage for IoT devices and now supports 5G and mobile services as well. Helium’s steady growth is attributed to an expanding subscriber base and improved network reliability, a direct result of its robust incentive model.
The migration to Solana enabled higher throughput and lower fees for Helium users, a critical factor for scaling millions of connected devices.
The project’s dual-token system (HNT/MOBILE) continues to attract both retail participants and telecom operators seeking efficient infrastructure alternatives.
The Render Network stands out as the largest DePIN project on Solana by market capitalization in July 2025. By enabling users to monetize idle GPU capacity for distributed rendering tasks, critical for industries like AI, gaming, VFX, and scientific visualization, Render has unlocked a new paradigm in compute resource sharing.
The platform integrates seamlessly with industry-standard tools such as Blender and Arnold. Its tokenomics reward both node operators and clients seeking cost-effective rendering solutions, a key reason for its sustained growth amidst rising demand from AI startups.
[technical_chart: Advanced TradingView chart showing RNDR price action since migration to Solana]
3. io. net (IO): Distributed Cloud Compute on Solana
Ticker: IO io. net has rapidly carved out a niche as the go-to protocol for decentralized cloud processing within the Solana ecosystem. By aggregating underutilized compute resources from a global network of contributors, including CPUs, GPUs, and even FPGAs, io. net offers scalable cloud services at competitive rates compared to traditional providers.
This model democratizes access to high-performance computing while reducing barriers for developers building intensive dApps or AI models on-chain. The IO token underpins all economic activity within the network, from resource allocation to staking incentives, making it a core asset in any diversified DePIN portfolio on Solana.
Professional long-term price outlook based on current market data and sector trends (as of July 2025)
Year
Asset
Minimum Price
Average Price
Maximum Price
Year-over-Year Change (%)
Scenario Insights
2026
Helium (HNT)
$2.10
$3.20
$4.90
+12%
Steady network growth, moderate adoption
2027
Helium (HNT)
$2.60
$4.10
$6.30
+28%
Expansion in IoT/5G, possible regulatory headwinds
2028
Helium (HNT)
$3.10
$5.10
$7.90
+24%
Mainstream IoT integration, bullish on global wireless
2029
Helium (HNT)
$2.80
$4.90
$8.40
-4%
Market correction, increased competition
2030
Helium (HNT)
$3.50
$6.00
$10.20
+22%
Wider DePIN adoption, improved tokenomics
2031
Helium (HNT)
$4.00
$7.20
$12.00
+20%
Mature DePIN sector, cross-chain integrations
2026
Render Network (RNDR)
$7.80
$12.00
$16.50
+15%
Demand for decentralized GPU compute rises
2027
Render Network (RNDR)
$9.00
$14.40
$20.00
+20%
AI/ML rendering boom
2028
Render Network (RNDR)
$11.00
$17.00$23.50<\/d
+18%<\/d
Enterprise adoption strengthens<\/d
2039<\/d
Render Network (RNDR)<\/d
$10.00<\/d
$15.20<\/d
$22.00<\/d
-11%<\/d
Market volatility and consolidation<\/d
2030<\/d
Render Network (RNDR)<\/d
$12.50<\/d
$19.00<\/d
$27.00<\/d
+25%<\/d
Metaverse and 3D content surge<\/d
2031<\/d
Render Network (RNDR)<\/d
$14.00<\/d
$22.00<\/d
$32.00<\/d
+16%<\/d
Sustained GPU demand, network upgrades<\/d
2026<\/d
io.net (IO)<\/d
$3.80<\/d
$6.00<\/d
$8.50<\/d
+17%<\/d
DePIN compute demand increases<\/d
A Quick Look at Leading DePIN Projects by Market Cap
Top 5 Solana DePIN Projects by Market Cap (July 2025)
Render Network (RNDR): A leading decentralized GPU rendering platform, Render Network connects users needing high-performance computing with those offering unused GPU power. By leveraging Solana’s speed and scalability, RNDR enables cost-effective, distributed rendering for industries such as film, gaming, and AI. Market Cap: $2.1 billion
Helium (HNT): Helium operates a decentralized wireless network supporting IoT, 5G, and mobile devices. After migrating to Solana in 2023, Helium has expanded its coverage and user base, rewarding participants for providing network infrastructure. Market Cap: $530–570 million
io.net (IO): io.net delivers decentralized cloud computing by aggregating idle computational resources from devices worldwide. The platform supports AI, machine learning, and scientific workloads, enabling users to monetize excess compute power securely on Solana.
Nosana (NOS): Nosana provides decentralized DevOps infrastructure, allowing developers to run CI/CD pipelines on a distributed network. This approach reduces costs and increases reliability for Web3 and traditional software projects, all powered by Solana.
ShdwDrive (SHDW): ShdwDrive is a decentralized storage solution on Solana, offering secure, censorship-resistant file storage and retrieval. Its utility-driven demand and staking model make it a key player in Solana’s DePIN ecosystem. Market Cap: $106 million
The next section will examine Nosana (NOS) and ShdwDrive (SHDW), two emerging players redefining distributed DevOps pipelines and decentralized storage respectively, both critical verticals as Web3 infrastructure matures on Solana.
4. Nosana (NOS): Decentralized DevOps and CI/CD for Web3
Ticker: NOS
Nosana is pioneering decentralized DevOps by providing a trustless, distributed alternative to traditional continuous integration and deployment (CI/CD) services. By leveraging idle compute resources from the community, Nosana enables developers to run build and test pipelines on-chain at a fraction of the cost of centralized solutions. This approach not only reduces operational expenditure but also enhances security and transparency, key requirements for mission-critical Web3 projects.
The NOS token serves as the backbone for rewarding contributors who supply compute cycles, creating a robust incentive structure that scales with network demand. As more Solana-native protocols prioritize decentralized infrastructure in their development workflows, Nosana’s relevance within the DePIN ecosystem is expected to accelerate.
5. ShdwDrive (SHDW): Decentralized Storage and Orchestration
Market Cap: $106 million Ticker: SHDW
ShdwDrive delivers decentralized storage and network orchestration tailored for Solana’s high-throughput environment. Unlike legacy cloud providers, ShdwDrive distributes data across a global network of independent nodes, ensuring censorship resistance and persistent availability. Its architecture supports not just file storage but also compute workloads, making it an all-in-one solution for dApps that require secure data handling at scale.
The SHDW token powers staking, governance, and utility payments within the ecosystem. As regulatory scrutiny around data sovereignty intensifies globally, ShdwDrive’s value proposition grows stronger by offering verifiable, permissionless alternatives to traditional cloud storage.
Key Trends Shaping Solana DePIN Investment Opportunities in 2025
The competitive landscape among Solana DePIN projects is shaped by several macro trends:
Cross-chain composability: Projects like Helium and Render are integrating with other layer-1s while maintaining Solana as their settlement layer.
Institutional adoption: As enterprises seek cost-effective infrastructure solutions, decentralized networks offer compelling alternatives to centralized incumbents.
Sustainability: Distributed models reduce energy waste by utilizing existing hardware, an increasingly important consideration for ESG-focused investors.
Which Solana DePIN project do you think will lead market cap growth through 2026?
Solana’s DePIN ecosystem is booming, with top projects pushing the boundaries of decentralized infrastructure. Based on the current market leaders, which project do you believe will be the frontrunner in market cap growth over the next year?
Comparative Overview: Top Five Solana DePIN Projects
Project
Ticker
Main Focus
Market Cap (July 2025)
Helium
HNT
Decentralized Wireless and IoT
$530,570 million
Render Network
RNDR
GPU Compute and Rendering
$2.1 billion
io. net
IO
Distributed Cloud Compute
N/A*
Nosana
NOS
DevOps and CI/CD Pipelines
N/A*
ShdwDrive
SHDW
P2P Storage and Orchestration
$106 million
*Exact July 2025 market cap figures for IO and NOS are not available in current context but both rank among the top five by capitalization on Solana according to sector tracking sources.
The Road Ahead: Why Monitor Solana DePIN Market Cap?
The performance of these leading projects provides a real-time barometer for adoption of decentralized infrastructure on Solana. As more dApps demand scalable compute, reliable wireless connectivity, and censorship-resistant storage, these networks will play an increasingly pivotal role in shaping Web3’s backbone. For investors and developers alike, keeping a close eye on market capitalization, and its drivers, offers actionable insight into where capital and innovation are flowing within the broader blockchain economy.
Investing in Solana DePIN Projects: Key Questions Answered
What are the top Solana DePIN projects by market capitalization in July 2025?▲
As of July 2025, the leading Solana-based DePIN (Decentralized Physical Infrastructure Network) projects by market capitalization are Render Network (RNDR), Helium (HNT), io.net (IO), Nosana (NOS), and ShdwDrive (SHDW). These projects are recognized for their technological innovation and substantial impact on decentralized infrastructure, spanning GPU compute, wireless connectivity, distributed cloud processing, DevOps, and decentralized storage.
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Why is Render Network (RNDR) considered a top Solana DePIN project?▲
Render Network (RNDR) stands out due to its decentralized GPU rendering service, which allows users to contribute unused GPU power and earn tokens. With a market capitalization of approximately $2.1 billion, Render Network integrates with industry-standard tools, making it a cost-effective solution for creators and businesses needing scalable rendering power. Its robust ecosystem and high utility drive its leadership in the Solana DePIN sector.
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How does Helium (HNT) leverage Solana for decentralized wireless infrastructure?▲
Helium (HNT) operates a decentralized wireless network supporting 5G, mobile, and IoT devices. After migrating to Solana in 2023, Helium has benefited from Solana’s high throughput and low fees, leading to improved network coverage and subscriber growth. With a market cap of $530–570 million, Helium remains a pivotal project for decentralized connectivity within the Solana ecosystem.
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What makes ShdwDrive (SHDW) unique among Solana DePIN projects?▲
ShdwDrive (SHDW) offers decentralized storage, compute, and network orchestration solutions. Its innovative staking model and utility-driven demand position it as a versatile infrastructure layer for various industries. With a market capitalization of approximately $106 million, ShdwDrive is gaining traction for its ability to provide secure, scalable, and censorship-resistant cloud services on Solana.
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Are there investment risks associated with Solana DePIN projects?▲
All cryptocurrency investments, including Solana DePIN projects, carry inherent risks. These can include market volatility, regulatory changes, and technological uncertainties. While top projects like Render Network, Helium, and ShdwDrive have demonstrated strong growth and utility, investors should conduct thorough research and consider their risk tolerance before investing. Diversification and staying updated with project developments are prudent strategies.
Blu is a technical chartist specializing in momentum trading and swing strategies within the Solana ecosystem. With six years of experience and a background in applied mathematics, he excels at breaking down price action for actionable trades. Caleb is a strong advocate for disciplined risk management. His tagline: 'Charts never lie.'
