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Part 2: DePIN's Fork in the Road
A Pattern Emerges The story of Helium, as I detailed in my first post, is not an anomaly. The slide from a grand vision of a “People’s Network” into a centrally-controlled system that primarily benefits its founders and a small handful of insiders is, unfortunately, a well-trodden path in the DePIN space. The issues of opaque governance, extractive tokenomics, and a disregard for the actual community that builds the network are not bugs; they are features of a flawed and deeply ingrained model.
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Part 3: From Degenerative to Regenerative
The Principles Are Sound After dissecting the broken models of the DePIN space, it would be easy to become cynical and dismiss the entire concept as a failed experiment. But that would be a mistake.
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