XYO Community has onboarded greater than 10 million nodes to its decentralized bodily infrastructure community (DePIN), co-founder Markus Levin informed Cointelegraph in an interview.
The nodes principally comprise human customers who present knowledge in trade for rewards through the community’s cell utility, COIN. “The overwhelming majority of our 10 million nodes are cell customers, however some are IoT units like good audio system,” Levin informed Cointelegraph.
Roughly 80% of XYO’s customers are non-crypto natives who’re collaborating in Web3 for the primary time, he added.
They embody truckers, rideshare drivers, supply individuals, and nurses amongst others, Levin mentioned, including that “95% convert after onboarding via the COIN app.”
Associated: DePIN XYO launches on Solana
DePIN Tokenomics
In trade for knowledge, XYO awards its customers factors which are redeemable for its native XYO token, in addition to “BTC, ETH and even present playing cards,” he mentioned.
In October 2024, XYO bridged its native token to Solana (SOL) in a bid to succeed in extra customers. The XYO token has a market capitalization of roughly $180 million as of Might 2, in accordance to knowledge from CoinMarketCap.
XYO earns income by amassing and validating knowledge in sectors starting from real-world belongings (RWAs) to gaming. It then makes use of a portion of that earnings to purchase again XYO.
In January, XYO launched its layer-1 blockchain, which collates real-world knowledge from throughout XYO’s nodes onto a public ledger.
The community’s validators stake XYO and earn rewards denominated in XL1, the community’s newly-launched gasoline token.
DePINs are blockchain protocols geared toward decentralizing real-world infrastructure and techniques, together with communications networks, knowledge warehouses, vitality markets, and extra.
They’re amongst Web3’s “subsequent massive use case[s],” with the potential to onboard “a major variety of new customers to the crypto area,” in keeping with a September 2024 report by MV World, a Web3 investing agency.
In accordance with MV World, the DePIN ecosystem contains upward of 1,000 initiatives and represents roughly $50 billion in whole market capitalization.
Journal: 10 crypto theories that missed as badly as ‘Peter Todd is Satoshi’
