XYO Network has brought over 10 million devices onto its decentralized physical infrastructure network, co-founder Markus Levin shared in an interview. Most of the nodes on the network comprise human users who use the COIN mobile app to share location data in return for rewards.
Levin explained, “Almost all of our 10 million nodes are mobile users, though few are IoT devices, like smart speakers.” He mentioned that approximately 80% of XYO’s users are non-crypto natives and are participating in Web3 for the first time.
The new users include truck drivers, rideshare drivers, delivery workers, and nurses. In addition, Levin said that “95% of users end up converting after completing the onboarding process through the COIN app. In exchange for sharing data, XYO awards its users points that can be exchanged for its native XYO token, or even for BTC, ETH, or gift cards.
XYO bets big on DePIN and Real-World Data
In Oct. 2024, XYO linked its native token on the Solana network to expand its user base. As of May. 2, the XYO token’s market cap is around $180 million, according to CoinMarketCap.
XYO generates revenue by collecting and verifying data across various industries, from real-world assets to gaming. It then uses part of that income to purchase back XYO tokens.
In January, XYO launched its own layer-1 blockchain to collect real-world data from its nodes network and store it on a public ledger. Further, validators on the network stake XYO tokens and earn rewards in XL1, which is the new gas token for the network.
DePINs are blockchain protocols designed to decentralize real-world infrastructure and systems, such as communication networks, data storage, energy markets, and more.
According to MV Global’s Sept. 2024 report, DePINs are one of the “next big things” in Web3, with the potential to bring a massive number of new users into the crypto space. The DePIN ecosystem includes over 1,000 projects and represents roughly $50 billion in total market cap.
