Written by 0xsthex

The decentralized wireless (DeWi) sector within the Decentralized Physical Infrastructure Networks (DePIN) ecosystem is reshaping how we think about connectivity. Built on Solana’s high-throughput, low-cost blockchain, DeWi projects leverage token incentives and community-driven infrastructure to challenge traditional telecom giants. This article dives deep into the DeWi landscape, profiling key players like Helium, Andrena, and XNET, analyzing their market positioning, and exploring the sector’s growth potential. Accompanied by a visually engaging market map, we’ll unpack the trends, opportunities, and challenges driving this nascent but transformative space.

Decentralized Wireless (DeWi) is part of the Decentralized Physical Infrastructure Networks (DePIN) ecosystem on Solana, using blockchain to let communities build and manage wireless networks. Solana's fast transactions and low costs make it ideal for DeWi, enabling real-time coordination of many devices.

• Helium: Offers IoT and mobile services, with over 900,000 hotspots globally, earning tokens for coverage. It sells to consumers and partners with big firms like Telefónica.

• Andrena: Focuses on U.S. broadband, serving 10,000 households with rooftop antennas, aiming for 3 million, and raised $38 million.

• XNET: Targets urban areas, helping mobile carriers offload data with Wi-Fi, working with businesses like AT&T, though user numbers are unclear.

Each differs in hardware, geography, and business model, with Helium global, Andrena U.S.-focused, and XNET urban-centric.

The DePIN market is valued at around $4 billion, with DeWi a key part, led by Helium. IoT could grow to $4 trillion by 2032, U.S. broadband to $113 billion by 2030, and mobile offload to $14 billion, suggesting big potential for these projects.

AI is likely enhancing DeWi networks for better performance and security, while regulatory shifts, like FCC rules, pose challenges for compliance and spectrum use.

Decentralized Wireless (DeWi) is a transformative segment within the Decentralized Physical Infrastructure Networks (DePIN) ecosystem, leveraging blockchain to incentivize the deployment and maintenance of wireless infrastructure. On Solana, known for its high throughput (up to 65,000 transactions per second) and negligible fees, DeWi projects enable communities to build and operate networks, challenging centralized telecom models. This report delves into the Solana DeWi sector, profiling key players, analyzing market dynamics, and exploring trends as of April 13, 2025.

DeWi projects on Solana are categorized by their connectivity focus, reflecting diverse hardware, user bases, and market opportunities:

1. IoT Networks: Focus on low-power, wide-area networks (LoRaWAN) for IoT devices like sensors and trackers, ideal for long-range, low-data applications.

2. Broadband Networks: Deliver high-speed Wi-Fi or fixed wireless for residential and commercial users, competing with traditional ISPs.

3. Cellular Offload: Decentralized networks that partner with MNOs to offload cellular data, enhancing capacity in high-traffic areas.

4. Hybrid Models: Combine multiple connectivity types (e.g., IoT and 5G) to maximize coverage and utility, offering versatility.

This taxonomy helps identify project niches and competitive positioning.

The following profiles detail the major players, including Helium, Andrena, and XNET, with business models, geographic focus, hardware specs, traction, and market positioning.

Helium

• What They Do: Helium operates the largest DeWi network, offering IoT connectivity via LoRaWAN and mobile services (Wi-Fi/5G) through Helium Mobile. Users deploy hotspots to provide coverage, earning $HNT, $IOT, or $MOBILE tokens.

• Business Model: Hybrid B2C/B2B, selling hotspots ($250–$1,500) to consumers and partnering with enterprises like Telefónica and Google for large-scale deployments. Offers $20/month unlimited 5G plans in the U.S.

• Geographic Focus: Global, with ~900,000 IoT hotspots across 162 countries, strong in the U.S. (100,000+ MVNO subscribers) and Mexico (Movistar partnership).

• Hardware Specs: IoT hotspots use LoRaWAN for long-range, low-power; mobile hotspots shifted from costly CBRS 5G radios ($1,500) to Passpoint Wi-Fi ($200–$500) for better user experience.

• Traction: Over 60,000 monthly active wallets on Solana, $HNT market cap ~$668 million as of March 2025 (Helium Price Today), and 60% subscriber growth in July 2024. Powers other DePINs like Hivemapper.

• Market Positioning: Market leader with a "Network of Networks" vision, integrating with other DePINs, leveraging scale and partnerships for brand recognition.

Andrena

• What They Do: Andrena delivers high-speed broadband via DAWN (Decentralized Autonomous Wireless Network) on Solana, allowing users to share excess bandwidth via rooftop antennas.

• Business Model: Primarily B2C, offering $30/month multi-gigabit plans to U.S. households, with partnerships for free connectivity in shared spaces.

• Geographic Focus: U.S.-only, serving 10,000 households across 10 states, aiming for 3 million at mainnet launch.

• Hardware Specs: Proprietary antennas connect to a fiber backbone, requiring 30-minute installs and one power outlet, ensuring consistent throughput.

• Traction: Raised $38 million ($18M Series A in 2024 led by Dragonfly), operating in testnet as of April 2025.

• Market Positioning: Targets broadband deserts, competing with ISPs like Comcast, leveraging "proof of backhaul" for reliability.

XNET

• What They Do: XNET builds carrier-grade Wi-Fi networks on Solana, enabling MNOs like AT&T to offload cellular data in urban areas, rewarding hotspot operators with $XNET tokens.

• Business Model: B2B, targeting telecom operators and roaming aggregators, avoiding direct consumer sales.

• Geographic Focus: U.S. urban centers (Houston, NYC), with plans for other dense markets.

• Hardware Specs: Professional Wi-Fi hotspots ($200–$500) installed by technicians, ensuring reliability over consumer-grade devices.

• Traction: Raised $1M seed funding, claims 9M users via carrier partnerships (unverified as of April 2025), with $XNET facing liquidity challenges.

• Market Positioning: Niche in enterprise offload, complementing telecom infrastructure, led by telco veterans (ex-Google X).

Other Notable Players

• Pollen Mobile: Focuses on private 5G networks, less Solana-integrated, with a neutral host model.

• Karrier One: Targets rural connectivity with cellular/Wi-Fi, smaller scale than Helium.

• Really: MVNO-like model similar to Helium Mobile, planning city-wide Wi-Fi, raised $18M.

A table comparing Helium, Andrena, XNET across metrics: Use Case, Model, Geography, Hardware Cost, Traction, Token, with icons (e.g., antenna for hardware, globe for geography) for clarity.

Helium dominates with global scale and hybrid offerings, while Andrena carves a U.S. broadband niche, and XNET focuses on urban carrier offload. Their differences lie in hardware (consumer vs. professional), geography (global vs. U.S. vs. urban), and models (B2C vs. B2B). Smaller players like Pollen and Really trail, lacking Helium's network effects or Andrena's focus.

Current Market Size

• Helium: Generates ~$10M annually from IoT data credits and MVNO subscriptions, with 100,000 MVNO users and 900,000 hotspots. $HNT market cap ~$668M (Helium Price Today).

• Andrena: Serves 10,000 households at ~$30/month, suggesting ~$3.6M in annual revenue, with $38M funding.

• XNET: Limited revenue data, claims 9M users via partnerships, $XNET market cap ~$50M, reflecting liquidity issues.
  The broader DePIN market is valued at $4B, with DeWi likely at $1–2B, led by Helium.

Total Addressable Market (TAM)

• Helium: Part of IoT, projected at $714B in 2024, growing to $4,062B by 2032 (IoT Market Size). Mobile telecom at $1.5T annually, DeWi could capture 1–5% ($15–75B) by 2030.

• Andrena: U.S. broadband market expected at $113B by 2030, with 52% households underserved (U.S. Broadband Market). Potential $50–100B opportunity.

• XNET: Mobile data offload market at $4.5B in 2023, growing to $14B by 2030 (Mobile Data Offload Market), a $10B niche for urban offload.

Growth Potential by Team:

• Helium could reach $1B revenue by 2030 with 10M hotspots and 1M MVNO users.

• Andrena aims for $1B at 3M households, but U.S.-only limits global reach.

• XNET could generate $500M with 100M users, but execution risks are high.

1. AI Integration: AI is enhancing DeWi networks for optimization, security, and efficiency. For instance, AI can predict network congestion, manage resources, and enable edge AI applications, leveraging Solana's 50% share in AI-agent markets (AI Trends 2025). Helium's IoT data could feed smart city algorithms, while Andrena's bandwidth supports AI training.

2. Regulatory Shifts: DeWi faces challenges with telecom regulations, particularly FCC spectrum licensing. CBRS debates (e.g., AT&T's 2024 proposal to reallocate 3.5GHz spectrum) forced Helium and XNET to pivot to Wi-Fi, highlighting policy risks (FCC Wireless Regulations). Compliance with decentralized models is complex, given individual operator involvement.

• Adoption: High hardware costs and low awareness hinder growth. Andrena's quick installs help, but scaling to millions is daunting.

• Regulation: Spectrum access and crypto regulations could stifle expansion, with CBRS debates a case study.

• Competition: Centralized ISPs and 5G rollouts threaten DeWi's value, requiring differentiation.

• Network Reliability: Solana's occasional outages (e.g., 2024 downtime) raise concerns, though Firedancer upgrades aim to address this.

DeWi on Solana is reimagining connectivity, with Helium leading globally, Andrena transforming U.S. broadband, and XNET bridging telecoms with blockchain. With a $3.5T DePIN TAM by 2028, their potential is vast, driven by AI and facing regulatory hurdles. This sector promises a community-owned internet, proving decentralization's power to connect the world.

• Helium Price Today, HNT to USD Live Price, Marketcap and Chart

• Internet of Things [IoT] Market Size, Share, Growth, Trends, 2032

• Broadband Services Market Size | Industry Report, 2030

• Mobile Data Offload Market Share, Trends, Industry Analysis & Forecast

• The State of AI 2025: 12 Eye-Opening Graphs

• Wireless Telecommunications | Federal Communications Commission

Disclaimer:

This post is for general information purposes only. It does not constitute investment advice or a recommendation or solicitation to buy or sell any investment and should not be used in the evaluation of the merits of making any investment decision. It should not be relied upon for knowledge on DEPIN and DEWI investment recommendations. You should DYOR as well. The opinions reflected herein are subject to change without being updated.