The Depin track has seen most projects flourish briefly like a flash in the pan;

However, XPIN @XPINNetwork has been tracked for a long time and does not seem to be a "tell the story and leave" DePIN project, especially after reading the annual report below, which continues to push the combination path of DePIN + PayFi. In terms of data and products, it stands out in the DEPIN track.

First, a premise: I do not believe that XPIN's model has been "validated by the market"; everything is still in the BUILD process.

Moreover, in the DePIN track, I believe that to date, the projects that have truly run through the business model are still few, and XPIN is no exception: it has not proven that it can scale, nor has it proven that the token model can be self-consistent.

However, what is rare is that it has not exited early in 2025; instead, even in a poor market, it is still slowly accumulating "not-so-sexy" things, which is quite commendable!

1️⃣ What has been done right!

XPIN is a DePIN project with a TGE in August, primarily focused on global eSIM + Freedata network. There is no grand narrative; it simply makes the network and telecommunications infrastructure more WEB3;

Key "results" for 2025:

1) Global eSIM users > 120,000

2) Total locked amount of 3.8 billion $XPIN

3) Number of holding addresses 74,000+

4) Highest price 20x, currently still around 5x

XPIN's biggest advantage should be that it already has a landed product + has generated data + has people continuously using it. Achieving this in the DePIN track is already above the passing line, and if it can wait for favorable winds, it should perform well.

2️⃣ What I am really concerned about is not communication, but structural attempts!

The summary mentions that the real highlights for XPIN in 2026 are three things:

1) Launch of the deflationary mechanism:

This will create a true closed loop between network usage, deposits, and consumption, forming a real connection with the value of $XPIN.

2) DePIN + PayFi closed loop (this is crucial)

A very radical idea:

Global internet fees = covered by deposit income;

Users can connect to the internet without additional payment.

If successful, using the income from the network itself to subsidize network usage costs essentially transforms "communication costs" into a financial yield byproduct, which is actually an interesting attempt.

3) XPIN ID (I believe this is the most underrated)

Utilizing global network coverage, launch a globally universal, high-privacy authentication system to replace traditional SMS verification codes, which can be aimed at wallets, exchanges, DAOs, and enterprises. I see this step as moving from the communication layer to the identity layer.

3️⃣ Future observations:

The Depin track is currently no longer a hot track, but as the best link direction for infrastructure and WEB2, I believe it will continue to explode at some stage;

In the high-elimination rate track of DePIN, "still doing things" itself is a selection criterion.

As for how far it can ultimately go, I will not take a position in advance; I will quietly observe like everyone else. For XPIN, I think we should continue to focus on three directions:

1) Whether users remain after subsidies decrease;

2) Whether network quality truly improves;

3) Whether the new structure brings non-speculative demand.

XPIN #Freedata $XPIN

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