Investors should monitor Helium (HNT) for long-term growth as major carriers like T-Mobile and AT&T increase network usage, though be prepared for short-term volatility due to a proposed 141 million token minting for growth operations. For those seeking exposure to private markets, Backpack Exchange now offers tokenized SpaceX equity that is redeemable for actual shares, providing a more liquid way to trade pre-IPO assets. Keep a close watch on the Base network, as Coinbase plans to launch tokenized equities which could shift significant volume away from Solana-based platforms. In the DePIN sector, Geodnet (GEOD) is a high-conviction play because its simple tokenomics and status as the world’s largest RTK network have allowed it to outperform more complex competitors. Finally, look for social trading apps like FOMO to integrate Hyperliquid perpetuals and tokenized stocks, signaling a shift from meme coin speculation toward more sustainable, high-velocity trading models.

Based on the Lightspeed by Blockworks podcast episode, here are the investment insights and analysis regarding the DePIN (Decentralized Physical Infrastructure Networks) sector and the emerging trend of tokenized equities.

Helium (HNT)

The discussion focused on the recent acquisition of Helium Mobile (the carrier) by Noble Mobile (led by Andrew Yang) and the shifting economic model of the network.

• Strategic Pivot: The Helium DAO did not own the Helium Mobile carrier; it was a separate entity. Selling it removes a "cost center" and allows the core team to focus on enterprise solutions and carrier offload. • Revenue Dynamics: Recent charts show an 80% drop in daily revenue (from ~$50k to ~$10k). This is not due to less usage, but a reduction in subsidies. The network moved from a 50-cent per gigabyte subsidy to a 10-cent floor. • Network Growth: Despite revenue fluctuations, all network-level metrics (data transfer, daily active users) are "up and to the right." Major carriers like T-Mobile and AT&T are increasingly routing traffic through Helium. • HIP 149 Proposal: A major upcoming governance decision includes: * Minting 141 million HNT over 36 months for operations and growth (inflationary pressure). * Retiring "Proof of Coverage" rewards (currently 25% of emissions) to reallocate them to actual data transfer. * Establishing a community-elected Advisory Council.

Takeaways

• Bullish Long-term Outlook: The "North Star" for the network is achieving 7x–10x current traffic, which would give Helium significant leverage to negotiate higher rates with major telcos. • Short-term Volatility: Investors should be aware of the potential sell pressure from the proposed 141 million HNT minting for the growth supplement. • International Expansion: Watch for growth in Mexico and Brazil, where Helium aims to provide net-new coverage rather than just supplementing existing networks.

Tokenized Spot Equities (Solana & Base)

A new trend is emerging where real-world stocks are tokenized and traded on-chain, similar to how "Perp" (perpetual) markets operated for Nvidia and Tesla previously.

• Backpack Exchange: Recently launched tokenized SpaceX equity. Unlike previous versions, these are redeemable for actual shares in a brokerage account, creating tighter spreads and better liquidity for market makers. • Listing Velocity: Success in this sector depends on "listing velocity"—the ability to tokenize what is currently "hot" in the traditional markets (e.g., Micron (MU) during earnings week). • Platform Competition: While Solana is the current leader via Backpack and xDocs, Coinbase recently announced plans to bring tokenized equities to the Base network, which could significantly shift volume.

Takeaways

• Monitor IPOs: Keep an eye on potential OpenAI or Anthropic IPOs. These are expected to be massive catalysts for tokenized equity platforms. • Arbitrage & Premiums: Tokenized private equities (like SpaceX) often trade at a discount or premium based on lock-up periods. For example, "Pre-stocks" often trade at a discount because the underlying shares are locked for 6 months post-IPO.

Social Trading Apps (FOMO)

The podcast highlighted FOMO, a social trading app that recently raised $75 million at a $550 million valuation.

• Revenue Performance: FOMO is currently running at an approximately $20 million annualized revenue rate, primarily driven by high-velocity meme coin trading. • User Experience: The app functions like a "TikTok for trading," focusing on high engagement and allowing users to follow the trades of "influencers" or "top traders." • The "Axiom" Risk: There is a concern that these apps are cyclical. Previous leaders like Axiom saw massive revenue declines as meme coin mania cooled.

Takeaways

• Sector Evolution: FOMO is attempting to move beyond meme coins by integrating Hyperliquid perps and tokenized equities to ensure long-term stickiness. • Investment Theme: The "Socialization of Finance" is a growing theme. Look for platforms that successfully integrate social feeds (like X/Twitter or Substack) directly into the trading interface.

Other DePIN Projects Mentioned

• Geodnet (GEOD): Highlighted as a "success case" and an outlier. It is now the largest RTK (Real-Time Kinematic) network in the world, eclipsing traditional competitors. Its success is attributed to simple tokenomics compared to more complex, multi-token models. • Daylight & Dawn: New protocols attempting a "capital-efficient" model. Instead of front-loading token emissions to build hardware, they use a model similar to Ethena (USDe) to attract capital and build infrastructure where it is most needed. • Hivemapper (HONEY) & Akash (AKT): Mentioned as mature DePIN protocols that paved the way for the current generation.

Takeaways

• Model Shift: The "old model" of DePIN (giving away massive amounts of tokens early to build a network) is largely considered "dead" or inefficient. • Simplicity Wins: Projects with straightforward, transparent tokenomics (like Geodnet) have historically outperformed those with highly complex "flywheel" mechanics that are difficult for the average investor to value.