DePIN (Decentralized Physical Infrastructure Networks) has transitioned from theory to practical infrastructure, showing significant growth in devices, revenue, and enterprise adoption by 2026. Despite an 80% token value drop in 2025, fundamentals-driven DePIN projects have rebounded strongly, supported by real-world contracts and measurable network utilization. The sector is poised for a market expansion to $3.5 trillion by 2028, driven by demand for decentralized AI infrastructure, improved unit economics, and evolving regulatory clarity.