XYO Community has onboarded greater than 10 million nodes to its decentralized bodily infrastructure community (DePIN), co-founder Markus Levin instructed Cointelegraph in an interview.
The nodes largely comprise human customers who present knowledge in change for rewards through the community’s cell software, COIN. “The overwhelming majority of our 10 million nodes are cell customers, however some are IoT gadgets like good audio system,” Levin instructed Cointelegraph.
Roughly 80% of XYO’s customers are non-crypto natives who’re collaborating in Web3 for the primary time, he added.
They embrace truckers, rideshare drivers, supply folks, and nurses amongst others, Levin mentioned, including that “95% convert after onboarding by means of the COIN app.”
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DePIN Tokenomics
In change for knowledge, XYO awards its customers factors which might be 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 achieve extra customers. The XYO token has a market capitalization of roughly $180 million as of Could 2, based on knowledge from CoinMarketCap.
XYO earns income by accumulating 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 fuel token.
DePINs are blockchain protocols geared toward decentralizing real-world infrastructure and methods, together with communications networks, knowledge warehouses, power markets, and extra.
They’re amongst Web3’s “subsequent large use case[s],” with the potential to onboard “a major variety of new customers to the crypto house,” based on a September 2024 report by MV World, a Web3 investing agency.
In accordance with MV World, the DePIN ecosystem includes upward of 1,000 tasks and represents roughly $50 billion in complete market capitalization.
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