DePIN Network XYO Moves Its Token to Solana

Decentralized Physical Infrastructure Network (DePIN) XYO has migrated from Ethereum to Solana, citing high throughput, low transaction fees, and layer-1 scalability, according to an October 31 XYO blog post. The XYO token is now available on both Solana and Ethereum, allowing for greater cross-chain access and flexibility.

DePINs are blockchain protocols aimed at decentralizing real-world infrastructure and systems, including communications networks, data storage, energy markets, and more. According to a September 5 report from Web3 investment firm MV Global, DePINs are set to become Web3s next big use case, with the potential to attract a large number of new users to the crypto space.

There are currently over 1,000 projects in the ecosystem, with a combined market cap of over $50 billion, according to MV Global. Solanas low median transaction fee of $0.00064 makes the Layer 1 network attractive to DePIN projects including Helium, io.net, and Render, XYO notes.