Many people think that the problem with DePIN lies in "insufficient computing power,"
But the more I look at it, the more I believe that what is truly fragile is actually the fixed issuance model.
When you use fixed emissions to subsidize GPU supply, essentially you are betting on "demand in the future."
Once demand doesn't keep up, the system can only continue to emit tokens,
and the result is:
Supply keeps increasing, but actual usage keeps decreasing,
The network appears to be operating, but it is actually self-consuming.
This is also why many DePIN projects work very hard but don't last lo
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