DePIN without the hype
Decentralized compute, explained as infrastructure — what it changes, what it doesn't, and where the real leverage is.
DePIN — decentralized physical infrastructure — gets discussed either as inevitable or as vaporware. Neither is useful. The honest version is narrower: for some workloads, aggregating underused hardware into a coordinated network is genuinely cheaper and more available than building from scratch; for others it is not, and the coordination overhead swamps the gain.
This piece works through where that line actually falls for AI compute, without the market noise.
Draft — placeholder body. Replace with the real analysis. Kept short so the report template and listing are visible end-to-end.