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Cooling DownSnapshot Window: 2026-07-17 19:50 UTC · ← Back to Crypto Overview
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1.2M tokens burned in 34 days. #1 revenue in all of DePIN. Valued at 5.3x revenue while peers sit at 700x. Most DePIN tokenomics are broken by design. @ionet actually fixed it here's how in 3 min Full deep dive by @a1research__ in the quoted post. [Spoken audio]: 1.2 million token points in just 34 days, it's number one in all of Deepen in terms of revenue and it is trading just at 5.3 times its yearly revenue while the other competitors in the same space are trading somewhere nearly at 700. So either the market's asleep or something's really changed. Let's dive into it. Quick backstory first. There are many GPUs all across the world sitting in the crypto mining rigs, data centers which are idle right now which are not doing anything. Meanwhile, AITUs are stuck on month-long waitlist at Amazon and Google and they are paying premium prices. iNet is the network that connects those two. It scoops up all the idle GPU and rents it out. It is built on Solana all across 138 countries and it's 70% cheaper than the big cloud providers. But they say that Deepin is dead in the crypto space because most of the Deepin tokens have slowly bled out this year. But it's not because of the tech because tech is amazing, of course, the use cases are there. It's mainly because of the tokenomics. The deal is that these networks actually print token on a fixed schedule, same amount every single month, whether they have gotten 10 customers or 10,000 customers. So when the prices drop, the ones who are actually running the server, they cannot afford it anymore. So they leave capacity shrinks and the service gets worse. And if the service gets worse, demand drops and if the demand drops, price drops and it becomes a whole loop. So what Ina did is built an incentive dynamic engine. The whole idea in one sentence would be that they be steady amount to suppliers and dollars, no matter how their token is actually performed. Every hour it figures out what it owes to supplier. It checks the live IO price and means just enough to cover it. If the price of IO tokens are high, there will be fewer tokens for the supplier and if the price is lower, there will be more tokens for the supplier but the operator's paycheck remains the same so it becomes a real business for them to run the hardware and they don't have to bet on a chart. So now how does Ionet decides when to burn tokens? It's simply the money coming in divided by the money that Ionet owes to the suppliers. If the sustainability ratio is above 1 which means that the network is earning more than it owes then it burns the surplus and if it's below 1 it dips into saving instead of screwing over operators. And about those savings, there are actually two reserve words which are acting as shock absorbers. One is fed by token rewards and the other is actually filled with customer cash and stable coins. So if something bad happens, like the demand crashes or if the token price crashes, they will lean on to these two words instead of actually cutting suppliers pay or dumping their tokens in the market. It acts like a rainy day fund which a lot of deep in projects forgot to build. The long-term plan over here is that they want to retire roughly half the remaining token rewards over time. And that's not the marketing burn, it will happen with real revenue flowing in. And they actually did the stress test. An independent lab threw nightmare scenarios on it, 55% demand drop and 50% price crash. But guess what? The supplier base still stayed the same. And in the real world it's actually working because 1.2 million IO tokens are already gone In the very first month ahead of its target, Ionet is the number one earner in all of Deepen. 12 million dollars an year which is 58% ahead of its second closest competitor. It trades at 5.3x its revenue to market cap ratio versus the second closest render trades at 700x. So now what I told you over here was a very short version. A1 Research wrote a full deep dive on the full world mechanics, the enterprise deals, the exact things that tips this whole thing into deflation. Go read it, the link is down below and I'll see you in the next one.
