IoTeX’s Larry Pang Named Co-Chair of Blockchain Association’s DePIN Working Group

IoTeX, a modular Web3 infrastructure platform that connects smart devices and real-world data to blockchains, announced that Larry Pang, the company’s head of ecosystem, has been appointed co-chair of the Blockchain Association’s DePIN Working Group.

Pang will work alongside Jacob Hample, Filecoin’s head of government affairs, to lead the group in fostering collaboration and shaping policy within the US crypto and blockchain landscape.

DePIN is officially at the policy table. 🇺🇸

IoTeX’s @larrypang—building DePIN since 2017—is now co-chair of the @BlockchainAssn DePIN Working Group, shaping U.S. policy alongside @FilFoundation’s Jacob Hample.

With regulatory clarity & industry standards on the horizon, IoTeX… pic.twitter.com/yZHryoEPJD

— IoTeX (@iotex_io) February 5, 2025

DePIN’s Growing Role in Blockchain Policy Discussions

Decentralized physical infrastructure networks (DePINs) bridge the physical and digital worlds. They use blockchain to manage data and provide token rewards for publicly recorded services, encouraging transparent, decentralized participation – much like a public library where everyone contributes and benefits from shared resources.

The DePIN Working Group is part of the Blockchain Association’s newly formed network of 23 specialized groups, created to foster industry growth and influence regulatory priorities. These working groups, each co-chaired by industry leaders, focus on key sectors such as decentralized finance (DeFi), non-fungible tokens (NFTs), stablecoins, or cybersecurity.

The Blockchain Association, a major nonprofit organization that advocates for a pro-innovation environment in the digital asset sector, represents more than 100 companies, investors, and projects across the US.

Pang’s appointment reflects IoTeX’s growing influence within the association, following the company’s membership in December.

ICYMI: IoTeX has joined the @BlockchainAssn.

Next week, our team is in D.C. to show Congress why DePIN is unique, its real-world impact, and why clear regulations are critical.🏛️

More below 👇https://t.co/rGccARO9bH

— IoTeX (@iotex_io) December 10, 2024

DePIN Sector Shows Early Growth with Strong Market Potential

According to the Messari State of DePIN 2024 report, published on Jan. 6, the DePIN sector is still in its early stages, holding less than 0.1% of the $1+ trillion end-market share.

Despite its nascent status, DePIN has a market capitalization of $50 billion across 350 tokens, trading at approximately 100x annual recurring revenue (ARR).

More than 13 million devices contribute to DePIN networks daily, showcasing the sector’s growing real-world integration.

The competitive landscape intensified in 2024, with “DePIN chain wars” seeing Solana and Base capturing significant market share from other Layer-1 and Layer-2 blockchains. Solana leads in network infrastructure, while Base dominates consumer applications and marketplaces.

Meanwhile, dedicated DePIN Layer-1 networks like IoTeX and Peaq are carving out their own native on-chain ecosystems.

In terms of funding, the DePIN sector raised over $350 million across pre-seed, seed, and Series A investment rounds.