DePIN networks have unlocked a lot of value by creating reliable infrastructure networks that are community-owned and maintained. Projects like @helium @GEODNET_ and @Hivemapper have built alternative infrastructure that rivals traditional giants at a fraction of the cost. Importantly, these DePIN networks produce reliable data - often times more up to date and precise than privately owned networks. DePIN networks will get increasing demand from end users. Hivemapper and Geodnet are winning large customers by the day. Helium MVNO keeps growing users. Inversion is focused on deploying and leveraging DePIN networks to materially cut costs of traditional businesses that spend a lot on infrastructure. Most folks don’t appreciate how antiquated and inefficient traditional infrastructure is because it is incredibly capex intensive. It creates monopoly like markets and some businesses are takers of infrastructure costs. That’s where you can cut costs. While I don’t disagree some DePIN networks have tokenomics issues, I believe it is a solvable problem if they see strong demand. Also, the value capture may just happen at a greater share at the application layer. Companies lower costs by switching infra providers from traditional to DePIN networks. That’s our thesis to inform the type of companies we acquire. - MVNOs: lower spectrum costs with Helium network - companies that pay a lot for precise geolocation data. Switch to Geodnet at a fraction of the price - Same is true with Hivemapper It’s not just cheaper to use DePIN infra, but in some emerging cases the infra is more reliable and precise. Not the case for most but some networks do have this. These networks will create a ton of value. For the reasons above, I believe DePIN is a game changer and the most overlooked sector in crypto. One which is core to our thesis at @inversion_cap DePIN is the frontier