These are all relatively new projects with very little traction on social media. Some of the projects might not have launched their mainnet yet.
DePin Projects to Keep an Eye On
At the forefront is Nubila Network, creating a blockchain focused on environmental, social, and governance (ESG) issues. Nubila enhances sustainability investments by providing precise, hyperlocal weather data.
In July, the project raised $2.5 million from backers, including IoTeX, VeChain, and Boston Consulting Group, and it now boasts 53,000 followers on X.
Next, the Qualoo Network emerges, mapping internet quality in real-time through its DePin initiative. By compensating node operators with QXT tokens, Qualoo aims to enhance service quality for both users and providers. However, it might face stiff competition from established DePin giants like Helium.
Qualoo is yet to develop a strong social media presence, with just 3,400 followers on X.
Then there's SWEATEMPLE, an AI-driven fitness DePin where activities earn rewards. Supported by TikTok's founder and a Stanford-developed music algorithm, the platform offers tailored workouts and virtual coaching. Nevertheless, its social media presence has waned, with no posts since February 2023 and 21,200 followers, raising engagement concerns.
SCANNIT also stands out by rewarding users for scanning receipts and verifying transactions, thus promoting financial digital identity ownership. However, it has the smallest following, with only 166 followers, indicating a pressing need for broader outreach.
IoTeX Highlights DePin Projects Focusing on DeFi
Additionally, Magma Protocol introduces its WEN stablecoin to IoTeX, which is aimed at supporting DeFi and DePin growth with a USD-pegged asset. However, the project has only 3,800 followers on X.
Furthermore, Bedrock leverages the current restaking hype, introducing the first multi-asset liquid restaking protocol to IoTeX. With the backing of OKX Ventures, it enjoys a solid base of 31,000 followers.
Moreover, Quenta operates as a derivative decentralized exchange (DEX) on IoTeX, offering flexible leverage for trading new assets. It aims to become a liquidity hub for DePin derivatives, already attracting over 10,000 followers and expanding trading opportunities.
Loxodrome, another significant project, positions itself as a next-generation DEX liquidity hub. It facilitates trading, voting, and liquidity provision within the IoTeX ecosystem. With about 17,000 followers, it is actively preparing for its upcoming token generation event.
Finally, PinSwap uses AI to optimize trading and liquidity on IoTeX, enhancing the DeFi experience with community governance and rewards. With nearly 11,000 followers, it promotes fair pricing and financial accessibility.
“These hand-picked DePIN projects are about to embark on a massive growth trajectory,” IoTeX said.
As these emerging projects develop within the IoTeX ecosystem, they offer substantial growth prospects. However, potential investors should consider the inherent risks associated with new ventures in the volatile crypto market. Still, in their infancy, these projects must navigate numerous market and security challenges as they strive to establish themselves.
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