The DePIN consolidation trend is reshaping the infrastructure layer in crypto. Fee metrics tell the real story—one player is pulling in $61k while the second-tier competitor sits at just $9k. Everything else? Basically noise or sitting at zero.

Market forces are ruthless when it comes to picking winners. The gap isn't just wide—it's becoming absurd. This is what happens when a decentralized infrastructure project establishes early dominance. Network effects compound, and challengers struggle to catch up.

The rest of the DePIN field either needs a radical innovation angle or should accept their positioning as niche players. The infrastructure game isn't forgiving to also-rans.