At DePIN Day Singapore, five founders and builders from across the decentralized physical infrastructure space took the stage to discuss the most controversial—and most essential—topics of this new movement: tokens, community and survival.
Moderated by Daniel Andrade (DePIN Hub), the panel brought together Karam Lakshman (Dabba Network), Robin Wingårdh (Wingbits), Aaron Bassi (IoTeX), and Manolis Nikiforakis (WeatherXM) — each representing a different layer of the emerging DePIN economy.
The Token as a Tool and a Trap
The discussion opened with an honest reflection on lessons learned from Helium, the first major DePIN pioneer whose successes and failures became a reference point for the entire space.
“We all tried to avoid Helium’s mistakes,” said Manolis from WeatherXM, “but we made our own. Still, without them, we wouldn’t be here.”
For WeatherXM, tokens became a coordination layer — rewarding users who deploy weather stations and converting those rewards into tangible services.
The token acts as both an incentive for contributors and a payment instrument for enterprises buying data.
“We literally buy back our token using real revenue,” Manolis explained. “Web2 customers pay for weather services in fiat, and we convert that into tokens. The value loop closes itself.”
In contrast, Wingbits founder Robin Wingårdh described tokens as “the most capital-efficient way to bootstrap a global community.”
“When you start out, you don’t have a lot of cash,” he said. “A token lets you align incentives, scale globally, and reward people for real contributions.”
But as he quickly noted, tokenizing a network isn’t simple — it’s a maze of economics, market making, and regulation, and many first-time founders underestimate the complexity.
IoTeX: Building Realms
Aaron Bassi (IoTeX) brought a broader ecosystem perspective. IoTeX has long been one of the few DePIN-native chains focused on interoperability and real-world data.
Now, entering the AI x DePIN frontier, IoTeX is building what it calls “realms” — specialized environments, each with its own token and data economy.
“Think of it like subnets, but for real-world use cases,” Aaron said. “A mobility realm, a transportation realm — each has its own contributors, incentives, and demand.”
The vision: make data composable across networks — letting a project like Wingbits’ flight data interact with WeatherXM’s weather insights or Dabba’s local connectivity data.
Dabba’s Perspective: Accessing Internet-Native Capital
When Karam Lakshman (Dabba Network) joined the discussion, he reframed the token not as a speculative asset, but as a gateway to global capital markets.
“The token is the only permissionless way to align everyone — investors, operators, contributors — under one system,” he said.
“None of us could have reached this stage without internet capital markets.”
For Dabba, which empowers local internet operators in emerging economies, tokens are a way to finance physical infrastructure — routers, towers, connectivity devices — while creating shared ownership in the network.
When Markets Crash — Who Survives?
The panel then turned to a critical question: what happens when token prices fall?
If speculation drives early growth, how can projects stay alive during bear markets?
WeatherXM’s Manolis answered first:
“We’re lucky — we reached the stage where we can survive without perfect market conditions. We have real revenue, we buy back tokens, and we keep building. But if the price went to zero, it would hurt quality control and growth incentives.”
He called well-built DePIN projects “cockroaches” — hard to kill because they provide real utility and attract hobbyists who keep their devices running even when profits drop.
Wingbits’ Robin agreed:
“If people already find value in what they’re doing — tracking flights, running weather sensors, mapping cities — they’ll stay. It’s more work to unplug a device than to leave it on.”
Community Beyond Speculation
All speakers agreed: tokens can start a movement, but communities sustain it.
As the speculative cycles fade, user engagement must come from product value, partnerships, and shared purpose.
Aaron (IoTeX) described initiatives like Crypto’s Got Talent — an open, on-chain “Shark Tank” for early-stage builders — as one way to keep communities inspired and educated.
“Transparency excites people,” he said. “When they see projects pitch live, they understand what’s being built and feel part of it.”
Manolis (WeatherXM) admitted his early mistake was focusing too much on weather data quality and too little on crypto gamification:
“Our first users didn’t even connect wallets — they were weather enthusiasts. Now 95% have wallets, and they want more interactive experiences. We’re adapting.”
What They’d Erase From Web3
When asked what they’d remove from the crypto world, the answers were blunt.
- Manolis: “Vanity metrics. Everyone buys fake followers, and exchanges still use those numbers to judge you.”
- Robin: “The pay-to-play culture. If your KPIs don’t align with exchanges, you waste time chasing listings instead of customers.”
- Aaron: “Speculation is fun, but distracting. If you can delay your token launch, do it — focus on business first.”
Despite frustrations, all agreed that Web3’s open capital markets remain an unparalleled advantage for early projects. The challenge is learning how to use them responsibly.
Advice for New DePIN Builders
As the discussion closed, each founder shared a piece of advice for the next generation of builders:
- Validate demand before you build.
- Learn to communicate in public.
- Get comfortable being the face of your project.
- Find real revenue early — or you’ll depend on hype forever.
“We’re not building meme coins,” Karam summarized. “We’re building companies with infrastructure, hardware, and customers. Tokens are just the rails — not the destination.”
The Takeaway
The session captured the essence of what makes DePIN unique: real networks, real users, real value.
The founders may differ in tactics — from weather stations and flight trackers to decentralized connectivity, but they share one belief: decentralization only matters when it builds something that lasts.
