The fastest growing DePIN project 🔥

How to get a free unlimited phone plan 📲

September 07, 2024

GM! Welcome to Milk Road PRO — the stage mom of crypto (sitting in the wings yelling “That’s my baby! You show ‘em who you are!”)

The market may be in the gutter – but one sector is refusing to quit!

That’s right, we’re talking DePIN baaaby!

The sector that bridges the gap between our everyday lives and the digital world – taking things we already use each day, and allowing us to make money with them. 💸

From within this booming sector, we’re going to dial in to one project in particular:

Helium (currently one of the fastest growing networks in crypto).

Now, this isn’t our first time covering DePIN. In previous reports, we introduced the concept and took a deep dive into Hivemapper, one of the largest projects in this space.

…so, why bring up DePIN again today? 

Because over the last 30 days, DePIN has been one of the top-performing sectors in the entire crypto market. 

[

Source: Artemis

The DePIN market cap has surged by 22.7% over the past month, even as nearly every other sector has seen declines. 

But it’s not just about the last 30 days.

The DePIN market cap has skyrocketed by 400%, reaching $20 billion, and fundraising volume has surged 296% year-over-year. 🚀

These numbers tell a powerful story: DePIN isn’t just growing—it’s exploding, with both investors and developers betting big on its future.

Moreover the DePIN ecosystem is expanding rapidly, with more projects jumping in—and it’s not just the teams that see the potential. 

Their investors clearly agree, because they wouldn’t be funding these initiatives if they didn’t believe in the opportunities DePIN offers. 

Just take a look at how many projects are already being built in this space.

[

Source: Messari

We’re now seeing over 100 projects developing in the space, which further confirms the immense potential of DePIN. 

This level of activity signals that the market isn’t just optimistic—but confident that DePIN is set to be a major player in the future. 💪

And as we started to take a closer look at some DePIN projects (looking at you Helium), we came across this intriguing chart.

[

Source: HelloHelium

Helium launched something on June 18 and saw an influx of 756,000 REAL users—not just wallet addresses—who transferred over 19.1 TB of data using their network! 😲

[

Source: HelloHelium

And the best part? 

Most of these users probably have no idea they’re even using blockchain technology. 

That’s the power of DePIN—it seamlessly integrates into everyday life, making blockchain accessible without the need for users to even realize it's there.

Are you pumped? Because we definitely are. 😃

…now, for the cherry on top—we’re going to show you how to get an unlimited phone plan for free? (For U.S. residents only.) 

Today's report is packed with valuable insights, where we:

• Introduce you to one of the fastest-growing DePIN projects

• Break down how their business model works

• Explain why their product is worth using

• Share our general thoughts on the DePIN sector

• Evaluate whether this project could be a great investment

Let’s finally dive in!

 MEET HELIUM 👋

Before we introduce Helium, let’s take a look at the chart for $HNT, Helium’s native token.

[

Source: TradingView

Since the beginning of July, $HNT has significantly outperformed both $BTC and $ETH.

These early signs are grabbing our attention, suggesting this project is definitely worth watching – closely.

Alright, so what exactly is Helium? 🤔

The Helium project is a leading example of a DePIN. 

Its primary goal is to create and maintain a decentralized wireless network that allows individuals and devices to connect to the internet without relying on traditional telecom companies. 

Just to highlight the potential of this market: 

The telecommunications sector is valued at a staggering $2.9 trillion market cap, with giants like T-Mobile, Verizon, and AT&T together accounting for about $550 billion of that. 

In comparison, Helium’s $HNT sits at a market cap of $1.2 billion, showing just how much room there is for growth in this space. 📈

Great, but let’s dig into how Helium plans to compete with these industry giants.

The Helium network is powered by user-owned hardware, such as hotspots, that users can deploy in their homes or businesses. 

These hotspots create a peer-to-peer network that supports both IoT (Internet of Things) devices and 5G cellular coverage.

Instead of constructing massive, capital-intensive cell towers, Helium leverages hotspots deployed by everyday people to provide the same service at a fraction of the cost.

Here’s how it works in practice: 

You’re reading this, which means you likely have a home internet connection (congrats btw). 

With a Helium hotspot device, you can extend that internet connection out into your neighborhood. 

When a Helium user in your area needs a connection, they can connect through your hotspot.

In return, you’ll be rewarded for sharing your internet. ⭐

It’s a decentralized approach that makes providing connectivity more accessible and cost-effective.

Now, you might be thinking, "Great, but how extensive is the coverage, and where is it available?"

Well, the Helium network covers much more of the U.S. than you might expect…

[

Source: HelloHelium

Bravo, Helium. Bravo! 👏

This extensive coverage has enabled Helium to create a subsidiary called Helium Mobile, offering unlimited phone plans at significantly lower prices than traditional competitors.

[

Source: HelloHelium

Helium Mobile offers unbeatable phone plans in the U.S., nearly three times cheaper than the competition. 🤯 

It only costs $20/month! That’s one helluva selling point!

Is that enough to get people to make the switch? Let’s see…

[

Source: HelloHelium

Over 112,000 people have already become Helium Mobile subscribers, taking advantage of their unlimited phone plan for just $20 a month. 

And it’s not just about the users—the network coverage is expanding rapidly as well, with the number of deployed hotspots constantly growing.

[

Source: HelloHelium

Right now, there are more than 18k hotspots! 🔥

By deploying additional hotspots, network coverage is expanded to provide increased connectivity for subscribers, and hotspot owners earn $MOBILE tokens as rewards for their contribution.

In summary, Helium Mobile is seeing growth in both coverage and users, which is a great sign.

…but here’s the twist: 

While Mobile is expanding, there are still areas without coverage. In these spots, they team up with carriers like T-Mobile to ensure their users stay connected. 

This process, known as carrier offload, allows Helium Mobile to "borrow" network access when needed.

What’s even cooler is, it’s a two-way street! Other carriers can tap into Helium Mobile’s network, and some already do. 🤝

Helium Mobile recently launched its Carrier Offload Beta program, allowing other carriers to tap into the Helium network. 

They partnered with two U.S. carriers for the program but haven't disclosed their names. 

The graph below illustrates the number of subscribers from other carriers who have connected to the Helium Network, along with the amount of data that these subscribers have transferred through the Helium Network.

[

Source: HelloHelium

Since the program launched, over 756,000 users have connected to the Helium network, transferring more than 19.1 TB of data.

[

Source: HelloHelium

Let’s put this into perspective… 

Imagine Verizon or AT&T users in a crowded area where their carrier’s network is overwhelmed, or in a spot where they have no signal. 

In these cases, they can switch to the Helium Network to stay connected. 

The numbers speak for themselves—the growth has been remarkable. 

It’s safe to say this program has not only met but exceeded expectations, making it a significant success so far.  👏

Now, let’s do a quick projection of the revenue generated from this program (which is still in beta!).

• There are 310M mobile data subscribers in the U.S. 

  • If just 3% offload to Helium, that’s 10M users.

• Each user consumes an average of 204GB per year. 

  • If 5% of that data is offloaded to Helium, that’s 10.2GB per user annually.

• Cost of $0.50 per GB.

This could translate to * counts on fingers * $51M in annual revenue! 🤑

And this could just be the beginning, because:

1. That’s not even counting Mobile's own subscribers—over 112,000 and growing. 

2. This doesn’t even take into account the international markets—expanding beyond the U.S. could unlock even more potential.

3. It also doesn’t account for the rapidly growing data consumption, which could drive even more revenue as users consume more data over time.

But to be fair, it’s worth noting that the price per GB can vary as well.

Overall, we’re excited about that business opportunity and see tremendous growth potential for Helium Mobile. 

However, it's crucial to understand the tokenomics and how everything operates on the backend to fully analyze the opportunity.

HELIUM NETWORK 🌐

It can get a bit confusing, especially since the Helium ecosystem involves multiple tokens like:

$HNT, $MOBILE, $IOT, $ENERGY (launching soon), and something called Data Credits (DC). 

Understanding how these all work together is key to grasping the full picture. 🖼️ 

Two years ago, Helium pivoted to the Network of Networks, a platform for creating different decentralized networks. 

The goal was to enable distinct networks to leverage the global footprint of the Helium Community and accelerate their supply-side, while the Helium Community shares in and benefits from the value accrual across a diverse set of utility networks. 🔧

Any project can approach the Helium Network, pitch their idea, explain what they want to achieve, and demonstrate how Helium can benefit from it. 

Then, the Helium community votes to decide whether the project will be added to the network.

Today, there are two active projects, or "subnetworks," within the Helium Network.

• Mobile ($MOBILE) - the one we are talking about

• IOT ($IOT) - it aims to provide network for Internet of Things (IoT)

PS: There’s a new subnetwork called Energy ($ENERGY) set to launch soon, which aims to aggregate smaller-scale distributed energy sources to support the energy grid – wild!

But to demonstrate how the Helium network functions, let’s continue using Helium Mobile as our key example. 

We’ll break down how the Mobile network fits into the Helium ecosystem and explain the roles of the different assets within it.

$HNT is the cornerstone of the Helium Network, acting like the "parent" token that supports "child" tokens such as $MOBILE and $IOT. 

PS: If that rings a bell, it’s because it’s similar to how Maker Sky operates with its subDAOs— each token plays a unique role while being connected to the larger network.

$HNT distribution is fixed and follows a set schedule, similar to $BTC. 📅

Helium then allocates $HNT tokens to sub-networks based on their Protocol Score (PS).

The PS measures each sub-network's value by considering factors like data credits used, the number of nodes, and the amount staked.

In short, the more value a sub-network brings to the Helium network, the more $HNT tokens it receives, increasing the value of its treasury.

Networks aim to secure as much funding from Helium as possible to issue their own tokens, backed by the value they receive. 

Let us explain: If Helium Mobile received 100 $HNT tokens at a current price of $7 each, their treasury would be worth $700.

When they issue $MOBILE tokens, the market cap shouldn’t fall below $700 (theoretically), creating a potential price floor for the tokens.

There isn't direct demand for $MOBILE tokens, but their price should reflect the treasury value. 

In fact, $MOBILE often trades above its price floor, meaning its market cap is typically higher than the value of its treasury. 📈

This mechanism allows subnetworks within the Helium network to issue their own tokens, which can then be used to incentivize their contributors. 

For example, in the case of Helium Mobile, they issue $MOBILE tokens to reward people who contribute to the network. 

We've covered $HNT and $MOBILE, which are both tokens. But then there are Data Credits, which operate a bit differently.

To access the Helium Network, users need to pay with Data Credits (DC), which can only be bought using $HNT (1 DC = $0.00001 worth of $HNT).

When $HNT is exchanged for DCs, it's burned, reducing the total supply of $HNT. 🔥 

PS: You can pay for your mobile plan in dollars, but it’s what happens in the backend.

TL;DR: The more the Helium network is used, the more Data Credits (DCs) are consumed, leading to more $HNT being burned.

It’s all abstracted away from users, but everyone using Helium Mobile or IoT services needs Data Credits (DCs) to access those services.

Though there is one exception. We don’t want to make this more complicated than it already is, but you can actually earn $MOBILE tokens and use them to pay your phone bill. 📱

We’ll dive into that in more detail later.

Note: In the above diagram we've highlighted regular unlimited phone plan subscribers (green line) and the Carrier Offload program (blue line). 

Before we dive into how to get “free unlimited phone plans,” let’s first take a look at $HNT and $MOBILE emissions and burns.

TOKENOMICS 🪙

Currently, about $150,000 worth of $HNT is emitted daily into the Helium Mobile treasury to back the value of the $MOBILE token, allowing the network to reward contributors. 

However, the daily revenue, shown below, is only around $3,000 (blue bars), creating a significant imbalance. 

[

Source: Helium

It's important to remember that the Carrier Offload program is still in beta and isn’t generating revenue yet. 🙅

But once it goes live, it could be a game-changer, potentially bringing in around $50M in annual revenue, or about $135,000 daily. 

This could help to significantly offset the current inflation pressures by matching the daily emissions.

Additionally, $HNT emissions are currently at 15M per year, resulting in 7.6% inflation. See the table below.

[

Source: Helium

However, the final halving on August 1, 2025, will cut $HNT emissions to 7.5M per year, leading to just 3.5% inflation.

Additionally, emissions will cease entirely by August 2027.

👉 In short: Right now, emissions far exceed the revenue (burn rate). 

However, the monetization of the Carrier Offload program could dramatically increase the burn rate, and the upcoming halving will significantly reduce emissions, helping to balance the system over time.

Also, keep in mind that there are other subnetworks, like $IOT, which haven’t yet reached the same level of success as Mobile ($MOBILE), but still receive a portion of the $HNT allocation. 

That’s why it’s in the best interest of $HNT holders to only approve promising projects to join the Helium network, ensuring that the limited resources are allocated to initiatives with real potential.

We’ll share our thoughts on whether we think $HNT is a good investment at the end of this report. 👀 

But before we get to that, we want to show you how you can get an unlimited phone plan for free.

UNLIMITED PHONE PLAN FOR FREE 📞

How much are you currently paying for your phone plan? Chances are, it’s more than $20 a month. 💸

If that’s the case, you might want to consider switching to Helium Mobile’s unlimited plan for just $20 a month. 

Not only is it more affordable, but you can also earn money by becoming a "mapper."

What’s a mapper, you ask?

By sharing your location through your phone, you help map the network and earn rewards in return. 🗺️

All you need to do is become a Helium Mobile user, turn on the mapping function in the Helium Mobile app, and that’s it. 

The more area you help map, the more rewards you earn. Simple as that!

Remember when we mentioned that Helium allocates some $HNT to the Mobile treasury? This allows them to issue $MOBILE tokens and reward all the contributors.

Check out the table below to see how $MOBILE rewards are distributed among different contributors.

[

Source: Helium

You can see that 20% of the rewards go to Mappers, which, in some cases, could be enough to cover your monthly phone bill. 

And if you’re interested, there are even more ways to earn rewards.

If you live in a crowded area or where other carriers struggle with signal, you might want to consider getting a Helium hotspot. 🔌

This way, you can also earn Proof of Coverage rewards (20%) and Hotspot data rewards (40%) on top of your Mapper earnings.

To boost your earnings, you’d need to buy, place, and deploy a Helium hotspot – which is actually quite simple (anyone can do it).

[

Source: HelloHelium

Alright, we’re almost at the finish line, so let’s wrap up with some closing thoughts.

CLOSING THOUGHTS 🤔

Let’s start by sharing some general thoughts about DePIN as an industry.

1/ DePIN has made it! 🎉

So far, only stablecoins and DeFi have truly “made it” in terms of serving real-world use cases in the blockchain space. 

Now, DePIN is joining that list. Blockchains unlock new possibilities, and DePIN is leveraging this potential in a powerful way. 

We believe this sector will continue to grow, with some DePIN projects likely to challenge established giants in massive markets.

2/ Empowering everyday people! 💪

Do you remember the time before Uber or Airbnb? 

Back then, only big, established taxi companies and hotels could truly profit from the growing demand in those markets. 

But then Uber and Airbnb changed the game, giving regular people the chance to profit from these emerging markets—and the success has been massive. 

We see some clear similarities with DePIN. 

Just as Uber and Airbnb empowered everyday people to participate in and benefit from major industries, DePIN is opening up opportunities for regular folks to be part of a growing, decentralized infrastructure.

3/ Seamless blockchain integration! ✨

DePIN utilizes blockchain technology in ways that many users might not even notice.

For example, as a Helium Mobile user, you enjoy unlimited phone plans powered by blockchain technology in the background.

Achieving this has been our goal for many years, and DePIN is leading the way in this respect.

4/ All or nothing! 🫡

DePIN projects rely on incentives to build a network that they can later monetize by upselling products, such as phone plans, to customers. 

However, these incentives are temporary, so it’s crucial for these projects to generate enough revenue to sustain the network and continue rewarding contributors once the incentives dry up. 

For investors, it's straightforward: they can track the network's operating costs (incentives) versus revenue, ensuring revenue surpasses costs before incentives run out.

These are some of our key thoughts on DePIN in general. 

…but given our extensive discussion on Helium in this report, you might be wondering if we believe $HNT could be a good investment. 🤔

$HNT 💰

Well, at this stage, we believe it might be too early to invest. 

Although the price chart for Helium looks promising and Helium Mobile is gaining momentum, it's crucial to consider the full picture.

❗ While we’ve explored the potential revenue from carrier offload, it’s crucial to remember that Helium Mobile operates in both directions. 

If a user lacks connection, Helium Mobile relies on T-Mobile to fill the gap, but the costs and specifics of this arrangement are still unclear.

❗Additionally, Helium, governed by $HNT, serves as a DePIN fund for various projects, including IoT and the upcoming Energy sector. 

These projects are currently underperforming compared to Mobile – and despite receiving less funding, they can still exert sell pressure on the $HNT token. 

Whether they will generate enough revenue to cover their costs remains uncertain, and discovering that a project isn’t meeting expectations could be costly.

🟢 On the flip side, seeing more projects join the Helium network could be highly advantageous. 

If new projects leverage the existing infrastructure without requiring additional hardware costs for contributors, it could amplify network effects significantly. 

This could create a competitive edge that might be challenging for rivals to overcome.

We'll definitely be keeping Helium on our radar – and even though we remain neutral, it doesn’t mean $HNT can’t or won’t perform well. 

DePIN could easily become the next big narrative, causing all major DePIN projects to surge. 

However, we prefer to base our investments on fundamentals, as it gives us more confidence and control over our holdings. 

We see some positive signs, but the risks we've outlined above make us cautious. For now, we'll stay on the sidelines and keep a close watch. 😉

Alright, that’s it for today!

Our goal wasn’t to do a deep dive into a single project, as much as it was to help you explore and understand the DePIN space and its innovations. 

Our key takeaway from this report is that DePIN is gaining significant traction. 

We see the reasons behind this momentum and will continue to closely monitor both the sector and individual players in this field. 

(So look forward to more DePIN reports in the future!)

Good luck and take care!

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