DePIN Revenue Leaderboard: On-Chain Fees and Burns
DePIN networks ranked by revenue paid on-chain through burns, fees and lease payments, with off-chain reported revenue labelled apart.
Multi-chainSolanaReport · FolioPlanned
DePIN Revenue vs Emissions: Monthly Burn and Mint Report
Are DePIN networks burning more tokens for usage than they emit as rewards?
Each month, the tokens every major DePIN network burned for usage set against the tokens it emitted as rewards, cited to the chain.
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Blueprint
What the report will cover.
The report as it will open in Folio. Each figure is named here and arrives with its receipt; until its data is published, its place stays empty.
A monthly edition, dated and cited
DePIN Revenue vs Emissions: Monthly Burn and Mint Report
Burns against emissions this month
Which networks burned more than they emitted, the combined burn and emission values and the network whose balance changed most.
- Tokens burned for usage, by network
- Tokens emitted as rewards, by network
- Burn-to-emission ratio, by network
Helium: Data Credits against HNT emissions
HNT burned for Data Credits by subnetwork, HNT emitted to hotspots and stakers and the effect of the net emissions cap.
- HNT burned for Data Credits
- HNT emitted
- HNT re-minted under net emissions
- Net HNT supply change
Render: work burns against node rewards
RENDER burned for completed work against the epoch emissions paid to node operators and other reward pools.
- RENDER burned for work
- RENDER emitted to node operators
- Net RENDER supply change
Hivemapper: map credits against map rewards
HONEY burned for map credits against the HONEY minted to contributors for mapping, including any share of burns re-minted as rewards.
- HONEY burned for map credits
- HONEY minted as rewards
- Net HONEY supply change
io.net: revenue burns against emissions
IO burned from network revenue against IO emitted to GPU providers and stakers over the month.
- IO burned from revenue
- IO emitted
- Net IO supply change
How to read these numbers
Why burns and emissions differ between networks, what each network counts as usage and the rule changes that took effect this month.
About
What it answers, and for whom.
Most DePIN networks pay their operators with new tokens and collect from customers by burning tokens. The balance between the two decides whether a network's supply grows or shrinks, and how much of what operators earn is paid for by real usage. This report measures that balance every month.
Each edition sets the tokens burned for usage against the tokens emitted as rewards for Helium, Render, Hivemapper and io.net, with month-end supply for each token. Burns and emissions are read from the networks' programs on Solana and cited to their transactions, and each network's rules, such as caps on re-minting burned tokens, are explained where they change the result.
It is written for holders, operators and analysts who want the trend in one place. Every amount is pinned to a block before the publication date, so a reader can open its receipt.
Method
How it will be measured.
Every figure will be read at a block, kept with its source and its exact read, and open a receipt anyone can re-check.
How receipts work →- Burns for usage are the burns each network's payment path records: HNT burned for Data Credits, RENDER burned for work, HONEY burned for map credits and IO burned from revenue.
- Emissions are tokens minted or released to operators, stakers and reward pools in the month, from each network's reward programs, with re-minted burns shown apart where a network re-mints them.
- Month-end supply is each token's total supply at the last slot of the month, and the net change is checked against burns minus emissions.
- Values in USD use DEX pool prices at the block of each burn or emission; the main comparison is in tokens, so price moves do not change it.
The data it needs
Read from chain state and history
- depin_networks_dailyTo buildDePIN networksUsage and token flows of decentralized physical infrastructure networks: burns for usage, emissions to operators, and active nodes where on-chain.
- dex_swaps_dailyTo buildDEX volumeSwap counts and volume per DEX, pool and chain per day, decoded from Swap events, valued with stablecoin legs and oracle prices.
- Helium HNT burned for Data Credits versus HNT emitted per epoch
- Render RENDER burns versus epoch emissions
- Hivemapper HONEY burns versus reward mints
- io.net IO burns versus emissions
- Token totalSupply at month end
Questions
Questions people ask.
What is burn-and-mint equilibrium?
A token model in which customers burn the network's token to pay for usage and the network mints new tokens to reward operators. When burns exceed new issuance, supply shrinks; when issuance exceeds burns, it grows.
Do any DePIN networks burn more than they emit?
It varies by network and by month. Each edition compares burns with emissions for every covered network and shows which, if any, burned more than they emitted that month.
Why compare in tokens rather than dollars?
Burns and emissions of the same token move with the same price, so comparing them in tokens shows the balance without price noise. Dollar values are shown too, valued at the time of each burn or emission.
Are DePIN emissions a cost?
Emissions are new tokens paid to operators, so they dilute existing holders rather than drawing on revenue. The report treats them as the network's spending on supply and compares them with what customers pay.
- Emissions
- New tokens issued on a schedule to reward operators, stakers or contributors.
- Net emissions
- On Helium, the re-minting of HNT burned for Data Credits, up to a cap per epoch.
- Map credits
- Hivemapper's usage credits, created by burning HONEY and spent to access map data.
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SolanaBuild DePIN Revenue vs Emissions: Monthly Burn and Mint Report on verified data.
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