Nick Carpinito(@0xMetaLight):DePIN multiples are compressing unevenly. The revenue leaders now trade in a 2-10x band. That's infrastructure pricing, not crypto pricing. The narrative-era names remain at valuations disconnected from the revenue they're producing. Two implications: 1. The category is no longer fungible. Indexing DePIN means indexing two very different businesses. 2. The rerate, when it comes, will be asymmetric toward the cashflow names, away from the legacy ones.

Nick Carpinito

@0xMetaLight

Research @blockworksres / @Blockworks | Cooking @DePINPulse

加入 December 2021

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Nick Carpinito@0xMetaLight

2026.05.05 12:28

DePIN multiples are compressing unevenly. The revenue leaders now trade in a 2-10x band. That's infrastructure pricing, not crypto pricing. The narrative-era names remain at valuations disconnected from the revenue they're producing. Two implications: 1. The category is no longer fungible. Indexing DePIN means indexing two very different businesses. 2. The rerate, when it comes, will be asymmetric toward the cashflow names, away from the legacy ones.