In 2024, social media platforms, especially X, became the go-to place for ICOs. Pioneering renders like $BOME raising $1.66M in a couple of hours, to $Smole raising 169,982 SOL on its presale, the largest amount ever seen on a memecoin Solana.

For meme creators, X has become the marketplace for investors and crypto enthusiasts hoping to diversify their portfolios. X is the right place to discover future projects with the highest potential.

However, as enticing as the prospect of the community might sound, many investors have followed these instructions, transferring significant funds without clear insight into subsequent project developments. The risk involved is extremely high, and the return on investment is almost never guaranteed.

Stories of a few traders making millions of dollars in a couple of days often attract several others to try their luck. However, on most occasions, they lose a significant chunk of their investment.

Of late, the crypto community has been swarming with fraudulent individuals impersonating top influencers and rug pool projects that never come to light.

According to statistics from ZachXBT, the memecoin presales have generated over 655,000 SOL which is equivalent to $122.5 million so far during March 2024. This demonstrates how popular these tokens are, which, despite the considerable risk, have the potential to amass enormous riches for investors quickly.

Book of Meme ($BOME)

Book of Meme is a memecoin on the Solana network launched by the pseudonymous artist Darkfarm1, known for their work in the PEPE meme coin. The presale concluded with a total of 10,132 SOL raised, significantly surpassing the initial expectation of 500–600 SOL. In the first 56 hours of launch, the token rallied over 36,000% as it reached a peak market capitalization of $1.45 billion.

Analysts believe that the memecoin’s success can be largely attributed to its controversial presale model, which involves investors sending funds (note: similar to crowdfunding) to a wallet address in exchange for a weighted distribution of tokens once it goes live.

Whitepaper: $BOME is an experimental project poised to redefine web3 culture by amalgamating memes, decentralized storage solutions, and degen shitcoin trading and gambling. This experiment endeavors to encapsulate the ever-evolving meme culture within a digital compendium, the BOOK OF MEME, ensuring each piece is immortalized on the blockchain. The $BOME memecoin on Solana, Arweave, and IPFS as the primary storage of Book Of Meme and future expansions to Bitcoin inscriptions as immutable forever storage, this initiative aims to foster a new dimension of decentralized social media, and make memes unstoppable.

It’s one of the few successful projects from the 2024 saga of ICO meta promoted on X. It has a very vibrant community and marketplace to date, irrespective of its time of launch.

Detailed tracking of these SOL funds using Arkham Intelligence

$BOME was created March 14th, 2024, with a contract address of ukHH6c7mMyiWCf1b9pnWe25TSpkDDt3H5pQZgZ74J82, a circulating supply of 68,93B, a Market cap of $102.45M, and a price of $0.00148 per token. The top holders are 87,327 in number, having 74% as the top 10 holders and 26% as other holders, with an LP of $22M (BOME is 743B and 72,989.35 SOL). All-time high is $0.02805 on March 14th, 2024, and with an all-time low of $0.0001344 on March 16th, 2024. 

The raised SOL, which was equivalent to $1.66M at $164 per SOL, using this presale address: 6jfC9p4jzTBTGpMrbR8H464kNo1SBGNCW17oDETzSJrf.

 After the timeframe for the ICO ended, the team transferred the raised funds to a Solana AMM Raydium liquidity pool V4 ($BOME-WSOL)  and also added liquidity of 34,500,000,200, which is estimated to be $59,292,045.34, then transferred to Raydium (BOME-WSOL) pool 1 and pool 2. From here to Raydium (BOME-WSOL) Market, then minted 591,230,920.067563 on the Raydium (BOME-WSOL) LP Token. This is the signature for the transaction.

d6aMTVanmrGTVhe9SP5XaUVTpsVGh7sQsHNVV9PJTKiyANH4kTpRnjotPATq7kMALUDnVjnEWGHgGrPf7ejGmdV

The token distribution depended on the number of SOL sent because they allowed any amount of SOL to be sent during their ICO, and the presale address currently holds 10 SOL, which is equivalent to $1550

Smolecoin ($SMOLE)

SMOLE was launched in March 2024, garnering a whopping 169,982 SOL on its presale, the largest amount ever seen on a meme coin on Solana. The crypto was created by the artist Dekandente, founder of Dystolabs game studio. Dekandente is a well-known, talented artist, credited with having the largest presale in meme coin history on Solana.

SMOLE slogan is, 'a smol mole and the smollest smolecoin in the smolana smolnet.'

But a lot can be said from its successful presale. SMOLE has a community of dedicated followers who will most likely HODL their coins, which could potentially drive this coin's price through the roof. Just after the launch, SMOLE witnessed a pretty significant drop, starting at $0.003499 and dropping to $0.0001999, which placed a doubt in the community.

Detailed tracking of these SOL funds using Arkham Intelligence

$Smole was created March 21st, 2024, with a contract address of  9Ttyez3xiruyj6cqaR495hbBkJU6SUWdV6AmQ9MvbyyS, a circulating supply of 420B, a Market cap of $14.1M, and a price of  0.0000337 per token. The top holders are 17,507 in number, having 95.23% as the top 10 holders and 4.76% as other holders, with an LP of $26.5M (Smole is 385B and 85,997.91 SOL). All-time high is $0.0002532 on March 22nd, 2024, and an all-time low of $0.0000212 on April 7th, 2025. 

The raised SOL, which was equivalent to $30M at $177.07 per SOL, using this presale address: BL1gBdtuYRYSepKKpoy1GCNSmS1JeGSiNb7tdB2HQzor.

 After the timeframe for the ICO ended, the team transferred 150,000 SOL to a Solana AMM Raydium liquidity pool V4 (Smole-WSOL)  and also added liquidity 210B Smole, which is estimated to be $7,229,775, then transferred to Raydium (Smole-WSOL) pool 1 and pool 2. From here to Raydium (Smole-WSOL) Market, then minted 5.6B ($24,878,012.43) on the Raydium (Smole-WSOL) LP Token. This is the signature for the transaction.

2HGaPo6L4ADHC4CDGtnJLbXQi4u5jzbiqkmK6RGFbyZE77chos3crAggS82GxgApSEuHpE6r34eeUWGC5aaFUwBr 

The token distribution depended on the number of SOL sent because they allowed a minimum amount of 1 SOL to be sent during their ICO, and the presale address currently holds 0.428 SOL, which is equivalent to $66

SLERF

$Slerf, a sloth-themed meme coin on the Solana network, raised $10.8 million in a so-called presale and quickly gained popularity. The creator said that $10 million worth of presale coins were "accidentally burned," setting up a ferocious discussion in the broader crypto community. As a result of this move, half of the token supply, intended for investors who paid in funds—went missing from the network forever. 

“Guys I fucked up. I burned the LP and the tokens that were set aside for the airdrop.
Mint authority is already revoked, so I can not mint them.
I am so fucking sorry.” This was the declaration tweet on the accidentally burned tokens.

Due to the token's limited quantity, "whales" (those with deep pockets) started hoarding it in anticipation of its exchange debut, when they hoped to profit handsomely.

Detailed tracking of these SOL funds using Arkham Intelligence 

$SLERF was created March 18th, 2024, with a contract address of 7BgBvyjrZX1YKz4oh9mjb8ZScatkkwb8DzFx7LoiVkM3, a circulating supply of 499.99M, a Market cap of $38.13M, and a price of  0.0765 per token. The top holders are 55,104 in number, having 79.01% as the top 10 holders and 20.98% as other holders, with an LP of $41.3M (SLERF is 269.9M and 134,490.56 SOL). All-time high is $1.37 on March 19th, 2024, and an all-time low of $0.04533 on April 7th, 2025. 

$SLERF raised 54,583 SOL at $177.07 per SOL, which was equivalent to $10.8M using this presale address: HdENn8wP6srk1AuE2CaJj6bRbjcU2kYs12H4C4HgNAsF. After the timeframe for the ICO ended, the team transferred 53,480 SOL, which was $10,901,104.89, to a Solana AMM Raydium liquidity pool V4 (SLERF-WSOL)  and also added liquidity 500M SLERF, which was estimated to be $300,872,443.82, then transferred to Raydium (SLERF-WSOL) pool 1 and pool 2. From here to Raydium (SLERF-WSOL) Market, then minted 5.1M on the Raydium (SLERF-WSOL) LP Token. This is the signature for the transaction

pbhuNHGP2gFoUGrrcEVqZHNt7zJXYPX2JuSRvMoSPr6R1s63EpHrf4VZsXyjz6SGopAwcu5Cw4XMW52FbosV16k

Birdeye data shows that SLERF was responsible for $3.3 billion of the total $5.4 billion volume of Raydium and Jupiter, the top two DEXs, with Jupiter accounting for $3.4 billion and Raydium for $1.4 billion.

The token distribution depended on the number of SOL sent because they allowed any amount of SOL to be sent during their ICO, and the presale address currently holds 0.746 SOL, which is equivalent to $114.83

SNAP ($NAP)

Detailed tracking of these SOL funds using Arkham Intelligence

$NAP was created March 17th, 2024, with a contract address of, a circulating supply of 1.64T, a Market cap of $5.75M, and a price of  0.0000035 per token. The top holders are 21,613 in number, having 93.96% as the top 10 holders and 6.04% as other holders, with an LP of $9.9M ($NAP is 1.4T and 31,863.21 SOL). All-time high is $0.00008933 on March 18th, 2024, and an all-time low of $0.000002178 on April 7th, 2025. 

$NAP was created by KeroNFTs and raised 53,686 SOL at $178.5 per SOL, which was equivalent to $10.8M using this presale address: CjUDRCWsuEm5egXpM3k4VpfzJ2iqyGPL2QkU3SBm4VFR. After the timeframe for the ICO ended, the team transferred 49,500 SOL, which was $8,849,448.13, to a Solana AMM Raydium liquidity pool V4 ($NAP-WSOL)  and also added liquidity 811.3B $NAP, which is estimated to be $48,871,186.68, then transferred to Raydium ($NAP-WSOL) pool 1 and pool 2. From here to Raydium ($NAP-WSOL) Market, then minted 6.337B  on the Raydium ($NAP-WSOL) LP Token. This is the signature for the transaction

66cTzvBduk4KyDMSWJtKMgTxcBVUsf4AXux6AGvm4jSyshke6qqsCeX8UNxtjHnAQX3LqFUn2hZEaJbP8FmjMkSE

The token distribution depended on the number of SOL sent because they allowed any amount of SOL to be sent during their ICO, and the presale address currently holds 0.4 SOL, which is equivalent to $61.65

Nostalgia ($NOS)

Detailed tracking of these SOL funds using Arkham Intelligence

NOS(Nostalgia) was created March 17th, 2024, with a contract address of 24gG4br5xFBRmxdqpgirtxgcr7BaWoErQfc2uyDp2Qhh, a circulating supply of 999.9M, a Market cap of $1.39M, and a price of $0.001393 per token. The top holders are 7,131 in number, having 97.25% as the top 10 holders and 2.74% as other holders, with an LP of $2.7M (NOS is 966.7M and 8,932.06 SOL). All-time high is $0.04112 on March 14th, 2024, and with an all-time low of $0.001091 on March 16th, 2024. 

NOS (Nostalgia) was created by Satoshis_Mom on Twitter and raised 18,257 SOL at $182.91 per SOL, which was equivalent to $3.3M using this presale address. After the timeframe for the ICO ended, the team transferred the raised funds twice from the presale address 53yxjCai73tgXSqHRVQz9daEFMTqz1nYhNRzQiRqdkZo to a Solana AMM Raydium liquidity pool V4 (NOS-WSOL) by sending 1560 SOL, which was equivalent to $285.95k, and 15,636 SOL next, which was equivalent to 2.86M and also added liquidity of 599.99M in total, which is estimated to be $845,375.98, then transferred to Raydium (NOS-WSOL) pool 1 and pool 2. From here to Raydium (NOS-WSOL) Market, then minted 21,346,445.484 on the Raydium (NOS-WSOL) LP Token. These are the signatures for the transaction.

E17rX3jTzcaJdNuHF75oEMyYed7Twj86SrDKKAo83n1X9Tddq1Tkawn3iBzG23PFcLGG6CD335wNJpjXEaCXsHR

217j2jt4qR6dvGZru5xJ6fRqPUNw9xuuoB2ir8TjsrnQZ7LMmVdfNECzDo3SBWeM1X27oFPEvYezbgdM2QHFNdoj

The token distribution depended on the number of SOL sent because they allowed any amount of SOL to be sent during their ICO, and the presale address currently holds 0.0311 SOL, which is equivalent to $4.73

Current Operational status of these projects

Based on utility, Analysts believe that the memecoin’s success can be largely attributed to its controversial presale model, the team and influencers involved, which involves investors sending funds (note: similar to crowdfunding) to a wallet address in exchange for a weighted distribution of tokens once it goes live. 

One user on X said the memecoin mania is a more honest version of the 2017 ICO craze and the 2021 nonfungible token/crypto-art bubble, as projects “no longer have to pretend to deliver on a fake white paper and investors no longer have to pretend to be in it for the art.”

Most of the memecoins created in the frenzy are still being traded to date. These memecoin have suffered a huge loss of at least 85% from their all-time high price. The euphoria lasted a short period.



Overall Investor outcomes and financial impacts on participants, including ROI, liquidity availability, and overall market influence of these ICOs

This is two-phase, these memecoins made a small number of investors profit on their investment, compared to the total investors on a large scale. A huge chunk of investors lost their money, most expressing losses and disappointment on X timeline. Crypto proponents claimed the memecoin bubble will eventually liquidate millions of new users who blindly put their money into technology with no utility.

Looking into one of the wallets that participated in the frenzy, below is the analysis of his profits or losses based on his investments
FvujkMiR8AtF2eDuTbpEZ5ihc3WfpjMM1vckCZ5EaCRk

-ROI Contrast

The financial impacts on participants in these X-based Solana ICOs demonstrate a stark divergence. While early investors in projects like $BOME experienced substantial returns, often multiples of their initial capital, subsequent ICOs such as $smole, GM.ai, and $SLERF resulted in significant financial losses for a large proportion of participants who invested at or near the initial offering.

-Liquidity Issues

Liquidity availability for the tokens launched through these direct-to-address ICOs has varied significantly. While some, like $BOME, achieved listings on major exchanges providing reasonable liquidity, others, particularly those associated with negative investor outcomes, have exhibited low trading volumes, trapping investors unable to sell their holdings at desired prices or potentially at all.

-Impact on Investor Sentiment

The initial success of certain direct-to-address Solana ICOs on X, such as $BOME, likely fueled a wave of optimism and encouraged participation in subsequent offerings. However, the subsequent failures and significant financial losses experienced by investors in projects like $Smole, GM.ai, and $SLERF have demonstrably eroded trust and increased skepticism towards this fundraising method within the Solana trading community.

-Market Influence and Evolution

The volatile outcomes of direct-to-address ICOs on X have had a notable influence on the Solana ecosystem's fundraising landscape. The initial allure of rapid capital raising has been tempered by the risks of scams and project failures, potentially prompting a cautious shift towards more structured or vetted fundraising methods, or at least a greater emphasis on due diligence within the community. The surge in demand for Solana-based memecoins such as $BOME, $NAP, and $NOS (Nostalgia) has propelled the network to become the fourth-largest cryptocurrency by market capitalization at the time.


In conclusion, the direct-to-address ICO model on platforms like X has proven to be a high-risk risk high-reward ratio based on past experiences. This calls for a critical need for extreme caution and due diligence in this fundraising model. Of course, we cannot overlook some of the benefits, which present a faster way to raise funds and also lower the barrier of entry for investors. To address the risks that come with the fundraising model, this requires a multi-faceted approach involving platform accountability, influencer responsibility, investors' due diligence, and a greater emphasis on verifiable project information.

References: https://intel.arkm.com/

                  https://solscan.io

                  https://dexscreener.com

                  https://x.com

                  https://investopedia.com

                  https://cointelegraph.com

                  https://cryptobriefing.com  

                  https://coinmarketcap.com

                  https://coingecko.com

After weeks of research and struggling to meet the demands of clients, hundreds of thousands of digital workers across Nigeria are subjected to torment as they wait for extended periods, which can last up to two weeks, to access their payments. This is just the beginning of their ordeal. 

Once payment lands, high transfer fees and rate slippage cut their earnings by nearly 30%. By then, the pay the freelancers received would have undervalued the quality of the service they delivered. 

Nigeria’s freelancer payment channels are controlled by legacy providers, inefficient middlemen, and unpredictable foreign exchange conversion, each of which consumes earnings, adds friction, and hinders the true potential of a booming sector.

What Nigerian freelancers need now is a system where cross-border payments are as instant and simple as sending an email, with no delays, no surprise deductions, just fast, secure, programmable money. That is precisely what Finternet has to offer.

This report breaks down how Finternet, powered by Solana’s ultra-fast blockchain infrastructure, can unlock this future for Nigeria’s freelance economy. 

We’ll dive into the current state of digital work, the pain points stifling growth, and how Finternet can become the trusted payment layer for Africa’s new generation of global talent.

1. Market Assessment

Financial Infrastructure Landscape

Over the last decade, Nigeria’s financial infrastructure has experienced exponential growth, as both traditional banks and emerging fintech companies have developed systems to keep pace with the country’s rapidly expanding population.  

Presently, the country has more than 20 commercial banks, with some of the most well-known being Zenith Bank, Access Bank, and First Bank. Through NIBSS (Nigeria Inter-Bank Settlement System), users process over 200 million instant transfers monthly. However, the majority of users are based in cities and towns.

To address the lack of financial services in rural areas, the Nigerian fintech industry has developed platforms that facilitate more convenient and efficient money management, primarily through mobile phones. Those who do not have access to internet services are also not left out; some fintech companies also employ the services of local shops acting as small banks called agents. The top fintech companies in Nigeria are Paystack, Flutterwave, and Moniepoint. 

Paystack offers a platform that enables businesses to accept online payments, while Flutterwave simplifies the process of sending and receiving money globally. Moniepoint also created an app that helps make banking easy for small businesses and individuals. 

Currently, Moneipoint processes over 800 million transactions, totalling more than $17 billion in value every month.

Nigeria's online freelancers have also become a big part of the economy. According to the World Bank, in 2023, there were approximately 17.5 million online gig workers across Nigeria, Kenya, and South Africa, with a significant portion of this number comprising those from Nigeria. 

These freelancers receive payments through international payment platforms such as Payoneer, PayPal, and Geegpay, and then use regular bank transfers once the money is deposited into a local or international bank account.

Digital Payments and Banking Penetration

As of January 2025, Nigeria had approximately 107 million internet users, which represents a 45.4% penetration rate. Despite the widespread 4G coverage, about 60% of Nigerians with access to 4G do not use mobile internet services, according to the GSMA.

Commercial banks offer mobile banking apps for smartphone users and simple USSD codes for those without smartphones or stable internet access. At the same time, Paystack and Flutterwave support both local and international payments on their platforms.

With OPay, Moneypoint and other similar apps, people can pay bills, recharge airtime, and transfer money. Kuda is known as a “digital-only” bank, meaning it has no physical branches. These services are popular among young people and small business owners.

Despite the progress made in the traditional banking and fintech sectors, several challenges remain, including high fees for cross-border payments, slow settlement times, restrictions on receiving foreign currencies, and limited compatibility between different payment platforms.

Cryptocurrencies have also gained popularity among young demographics for facilitating more seamless international transactions. According to a 2024 report by Chainalysis, Nigeria ranked second worldwide in crypto adoption, with about $59 billion in cryptocurrency transactions between July 2023 and June 2024. 85% of these transactions were under $1 million, indicating a high adoption rate amongst individuals and small businesses. 

Stablecoins, such as USDT and USDC, account for approximately 43% of the country’s total crypto transaction volume, as they protect users' money from the falling value of the naira. The Securities and Exchange Commission (SEC) estimates the Nigerian cryptocurrency market's value to be over $400 billion, with projections reaching $52.5 trillion by 2028.

Regulatory Environment for Digital Assets

In 2021, the Central Bank of Nigeria (CBN) imposed a ban on commercial banks and financial institutions from dealing in or facilitating cryptocurrency transactions, citing concerns about the rise in money laundering, terrorist financing, and inadequate consumer protection. 

However, the restrictions were not well received by the population, and people found a way to bypass the limitations set by the government. In response, the Central Bank of Nigeria introduced the eNaira, a government-backed digital currency, in October 2021. 

The eNaira was designed to offer a secure and regulated alternative to cryptocurrencies. However, adoption has remained slow due to low awareness, limited use cases, and concerns about public trust. 

The SEC has also attempted to regulate the cryptocurrency market. In 2024, the commission announced its policies to implement tighter regulations on digital asset trading platforms. In early 2025, the Nigerian federal government announced a partnership between the CBN and the SEC to regulate cryptocurrency exchanges operating within Nigeria. 

Currently, cryptocurrency platforms are required to register with the SEC and comply with its anti-money laundering policies, consumer protection regulations, and tax guidelines to operate in Nigeria.  

Key Stakeholders and Potential Partners

The major stakeholders in the fintech sector are Moniepoint, Flutterwave, Paystack, OPay, Kuda Bank, PiggyVest, Fairmoney, Interswitch, PalmPay and Paga.

On the government side, the CBN sets regulations and fosters innovation in the banking sector, and the SEC regulates digital assets.

Telecommunication companies, such as MTN Nigeria, Airtel Nigeria, Globacom, and 9mobile, are also stakeholders. They provide the internet and mobile services needed for digital banking and online work.  

In the freelance economy, global platforms such as Upwork and Fiverr connect Nigerian freelancers with clients worldwide. These platforms depend on secure digital payments, which is where fintech firms step in again. There’s also Asuqu, a Nigerian platform that helps freelancers find work within the country, making it easier for locals to earn online.

Technical Infrastructure and Talent

Despite Nigeria's rapidly evolving digital landscape creating a solid foundation for the adoption of Fintech tools, infrastructure deficits, particularly in rural areas, hinder widespread internet access. 

Only about 6.6% of the rural population has access to online services with "good" quality and functionality. Additionally, the devaluation of the Naira has led to increased smartphone prices, limiting access to digital services for many Nigerians.

On the brighter side, Nigeria boasts a vibrant tech community. In 2023, the number of software developers in the country grew by 45.62% to approximately 872,162. This surge is supported by initiatives such as the 3 Million Technical Talent (3MTT) Programme, launched by the government to train and equip young Nigerians with digital skills. 

The National Talent Export Programme (NATEP), launched in 2023, aims to create one million jobs over five years through talent export, with a particular focus on the information technology (IT) sector.

In 2023, the number of people working in blockchain in Nigeria grew by 81% compared to the previous year. There are also strong communities, such as Superteam Nigeria, Solana AllStars Nigeria, and Nigeria Blockchain Devs, which teach thousands of young Nigerians how to build on the Solana blockchain, use Rust (a programming language), and create smart contracts.

These developments indicate that Nigeria not only has the potential to adopt Finternet tools but also to contribute significantly to their development.  

2. Use Case Deep Dive – Freelancers in Nigeria

Justification for Use Case

Nigeria has the largest freelance workforce in Africa. According to a 2022 Payoneer report, the country ranks among the top 10 nations globally with the highest number of freelancers. Nigerian freelancers frequently offer services in various fields, including writing, web and software development, design, digital marketing, and virtual assistance, thereby making a significant contribution to the global gig economy.

However, many Nigerian freelancers struggle with international payment and restrictions imposed by banks and platforms. For example, PayPal is restricted in Nigeria. As a result, many rely on third-party accounts, agents, or dollar cards to manage their payments, adding complexity to the process.

Additionally, digital wallets are not connected, meaning freelancers often have to manage multiple accounts across different platforms, which makes it hard to keep track of their earnings. This fragmented system creates more hurdles for freelancers, limiting their ability to budget, save, and invest effectively.  

Additionally, freelancers often have limited access to multi-currency wallets, which makes it challenging to manage payments in different currencies.

High remittance fees, often reaching up to 15%, further reduce the amount freelancers can earn. Exchange rate volatility also presents an additional layer of challenge. The value of the Naira constantly fluctuates, making it difficult to predict the exact amount freelancers will receive when paid in foreign currencies. Many turn to black-market exchanges in search of better rates, creating even more instability.

If introduced, Finternet would address the issues with cross-border payments and settlement problems by introducing a quick and low-cost payment system for various digital currencies. 

To tackle the challenge of payment delays, freelancers could tokenize their invoices on a shared ledger and sell them to investors for upfront payments.

A Finternet-based system would also introduce a universal loyalty network for freelancers. Clients could reward freelancers with a native token, which would be recognized on various freelancing platforms. This native token will help freelancers unlock better job opportunities and access financial services, and also incentivize participation and fostering a stronger community.  

Freelancers' skills and experience could also be stored as non-fungible tokens (NFTs) on a shared ledger. This would enable freelancers to have portable and verifiable credentials, thereby reducing the need for repeated background checks and fostering trust.  

Finternet could offer decentralized escrow services through smart contracts. This would ensure secure and transparent transactions between freelancers and clients, without the need for traditional middlemen.  

Source:  Nandan Nilekani’s Presentation at the Peterson Institute for International Economics event on “A vision of the future financial system”, Washington DC, 19 April 2024.

Demonstrating Market Demand

There are currently over 5 million freelancers in Nigeria, and this number is expected to grow to 10 million by 2027. As more people turn to freelancing, the need for better financial infrastructure becomes increasingly urgent.  

Google Trends and data from various platforms indicate a steady increase in searches for terms such as "how to get paid online in Nigeria" and "PayPal alternatives." This shows that many Nigerian freelancers are struggling to find reliable payment solutions. 

Regulatory Requirements and Compliance Pathway

For a Finternet-enabled platform to work in Nigeria, the platform must first obtain a Payment Service Provider (PSP) license from the Central Bank of Nigeria to legally operate in the country.  

The platform must also comply with the Nigerian Data Protection Regulation (NDPR), which is designed to protect the personal data of users. This is crucial in maintaining trust and ensuring the privacy of freelancers and customers.

Additionally, the platform must match the Anti-Money Laundering (AML) and Know Your Customer (KYC) standards. These regulations help prevent fraud and illegal activities, ensuring that all users are properly verified and that financial transactions are safe.

To ensure smooth operations, the platform will need to collaborate with approved settlement providers and custodians. These partners help process payments and manage funds securely, which is vital for maintaining a reliable financial ecosystem.

Finally, engaging with regulators early through programs like sandboxes or pilot approvals can make the adoption process easier. These programs allow platforms to test their services in a controlled environment before full-scale launch, ensuring they meet all necessary standards and regulations. 

Key Partnerships and Infrastructure Needs

Finternet needs to have secure and reliable APIs (Application Programming Interfaces) that enable smooth communication between various systems, such as payment gateways, banks, and freelancing platforms, to operate in Nigeria. 

Secure payment rails are also essential for safe and seamless financial transactions. These payment rails will need to support both local and international payments, allowing freelancers to receive funds from clients worldwide while adhering to security standards to prevent fraud and ensure the safety of users' funds.

Source: Bank of International Settlements 2023

A digital ID system will also be necessary to verify users and ensure compliance with KYC and AML regulations. This system will help streamline the onboarding process, making it easier for freelancers and clients to verify their identities without the need for manual checks.

Lastly, partnering with cloud infrastructure providers such as AWS, Azure, or local data centers will ensure the platform has the scalability and security needed to handle large volumes of transactions and protect users’ sensitive data.

3. Implementation Strategy

Market Entry Approach

Pilot Program: Begin by testing the system with 1,000 freelancers in Lagos and Abuja, two major cities in Nigeria. Partner with a local freelance platform, such as Terawork and Asuqu, to make this process easier. The goal is to understand how the system works in real-life scenarios, gather feedback, and address any issues that arise early on. 

Integration Phase: Following the successful completion of the pilot, the next step is to integrate the system with digital tools that freelancers already utilise. This includes Wallets like MetaMask and Trust Wallet, Digital banks like Kuda, Moniepoint, or Carbon, and Global payment APIs like Stripe, PayPal, or Paystack.
This is to test how easily freelancers can receive payments, store tokens, and access financial tools through a single system.

Expansion Phase:

Once the platform is stable and trusted locally, scale up by partnering with global freelancing platforms, introducing the internet platform in other countries where freelance work is growing fast, and offering tools for businesses that hire freelancers to manage payments, contracts, and reviews easily.

Advocacy and Education:

To make the system successful, teach freelancers how it works through free online courses and workshops on using the tools, providing assistance with understanding legal rules such as taxes and anti-fraud measures, and highlighting the benefits of the platform. Additionally, build support communities where freelancers can ask questions and share tips.

Critical Challenges and Solutions

Competition Analysis

Existing Competitors

1. Payoneer

• Helps freelancers get paid from clients around the world

• Problem: Payments can take days to arrive

• Problem: Charges high fees (for currency conversion, transfers, etc.)

• Many freelancers lose part of their earnings due to these fees.

2. Wise (formerly TransferWise)

• Known for fast international transfers and low exchange fees

• Problem: Not fully connected to local banks, wallets, or mobile money systems

• Problem: Lacks features like smart contracts, token rewards, or loyalty tools

• Mostly useful for one-time transfers, not long-term freelance needs

3. Local Fintechs (like Kuda)

• Focus mostly on payments within one country

• Problem: Not built for freelancers working with international clients

• Problem: Don't support multiple platforms or blockchains (no cross-platform or cross-border integration)

• Hard for freelancers to manage foreign payments, identity, or invoice financing

Finternet Advantage

1. One Unified Experience

• Everything in one place: payments, ID, invoices, reputation, rewards

• No need for multiple apps or accounts

• Freelancers receive faster payments, build their profiles, and manage their work more easily.

2. Full Interoperability

• Works across platforms like Upwork, Fiverr, and local sites like Terawork

• Connects smoothly to wallets, digital banks, and mobile money

• Freelancers can move their reputation and money from one platform to another without starting from scratch.

• Compatible with different blockchain networks and payment systems

3. Better Exchange Rates & Instant Payments

• Uses tokenized currencies and blockchain tools to reduce costs

• Offers instant payment settlement with much better rates than banks or traditional systems

• Saves freelancers money while giving them quick access to their funds

4. Built for Growth

• Adds tools like invoice financing, smart contracts, digital ID, and token-based rewards

• Helps freelancers get better jobs, earn trust, and even access loans or insurance in the future

• Scales easily from 1,000 users to millions, including small businesses and creative workers

Risk Assessment

Success Metrics

In the first year, the goal is to bring 50,000 freelancers onto the platform. Onboarding will occur through local partners, online campaigns, workshops, and freelancer communities.  

One of the biggest improvements will be in payment processing time. Currently, many freelancers wait 3 to 7 days to receive payment after completing a job. With Finternet, payments will be almost instant, processed in just a few seconds using blockchain and token-based tools. 

Another major benefit is the sharp drop in transaction fees. Freelancers today lose 10% to 15% of their earnings to fees charged by platforms, banks, and payment services. With Finternet, those fees will drop to less than 2%, meaning freelancers can keep more of what they earn.  

The platform also aims to establish connections with at least 10 major partners within the first year. Integration will occur with freelancing platforms, digital banks, crypto wallets, and fintech apps to make it easier for freelancers to transfer money, access credit, and establish a financial history.

To measure the level of satisfaction among freelancers with the system, Finternet will conduct surveys and Net Promoter Score (NPS) checks regularly, every few months.

Conclusion

Nigeria is a thriving community of freelancers, with millions of people working online in various fields, including writing, design, and programming. However, they face challenges with receiving payments in foreign currency, high fees, and the need to manage their finances across multiple apps. The lack of easy, connected tools hinders their progress and makes saving or investing particularly challenging.

This is where Finternet comes in — a powerful, connected network that enables faster, cheaper, and safer cross-border payments. It can help freelancers get paid quicker, manage money in any currency, earn rewards through tokens, and store their work experience as digital credentials. With smart contracts and shared digital tools, it eliminates the need for intermediaries, helping freelancers grow financially.

Nigeria is already halfway there — and with Finternet, it could go all the way.

References

Freelancing and Digital Workforce

World Bank – Online Gig Work in Sub-Saharan Africa
https://thedocs.worldbank.org/en/doc/072814bbbb56aebd4db387154c3df3a5-0460012023/original/Working-Without-Boarders-Online-Gig-Work-OVERVIEW.pdf

Payoneer – Top Freelancing Countries
https://blog.payoneer.com/freelancers/top-10-freelancing-countries/

Internet Access and Connectivity

DataReportal – Nigeria Digital 2025 Report
https://datareportal.com/reports/digital-2025-nigeria

Statista – Nigeria Internet Usage
https://www.statista.com/statistics/183849/internet-users-in-nigeria-since-2000/

The Guardian Nigeria – Connectivity Gap
https://guardian.ng/business-services/81-of-nigerians-lack-meaningful-internet-connectivity/

Wikipedia – Internet in Nigeria
https://en.wikipedia.org/wiki/Internet_in_Nigeria

Fintech & Payments Infrastructure

Moniepoint – Transaction Volumes and SME Impact
https://www.moniepoint.com/news/how-moniepoint-supports-small-businesses-in-nigeria/

Flutterwave – 2023 Year in Review
https://www.flutterwave.com/ng/blog/flutterwave-2023-year-in-review/

Statista – Banking Industry in Nigeria
https://www.statista.com/topics/9747/banking-industry-in-nigeria/

Statista – Nigeria Import and Export Statistics
https://www.statista.com/statistics/1118914/nigeria-value-of-imports-and-exports/

Statista – Nigeria Trade Volume
https://www.statista.com/statistics/1109018/nigeria-balance-of-trade/

BusinessDay – FX Transfer Delays & SME Impact
https://businessday.ng/technology/article/speed-affordability-top-priorities-for-africas-cross-border-solutions/

Cryptocurrency and Blockchain Adoption

Chainalysis – Sub-Saharan Africa Crypto Adoption 2024
https://www.chainalysis.com/blog/subsaharan-africa-crypto-adoption-2024/

CBN – VASP Guidelines (2024)
https://www.cbn.gov.ng/Out/2024/FPRD/VASP%20Guidelines%202024.pdf
https://nairametrics.com/2023/12/22/cbn-lifts-ban-on-crypto-transactions-introduces-guidelines-for-vasps/

SEC Nigeria – Statement on Digital Assets
https://sec.gov.ng/statement-on-digital-assets-and-their-classification-and-treatment/

Developer Talent and Infrastructure

OKX x LinkedIn – Blockchain Talent Report
https://www.okx.com/academy/blockchain-talent-report

TradingView – Blockchain Developer Growth in Nigeria
https://www.tradingview.com/news/cointelegraph:595bb5462094b:0-nigeria-s-blockchain-future-depends-on-local-talent-experts-say

Regulatory and Policy Landscape

CBN – Digital Financial Services and Financial Inclusion Report
https://www.cbn.gov.ng/Out/2024/RSD/Digital%20Financial%20Services%20and%20Financial%20Inclusion%20in%20Nigeia%2C%20Milestones%20and%20New%20Direction.pdf

SEC Nigeria – Digital Asset and Sandbox Guidelines
https://sec.gov.ng/statement-on-digital-assets-and-their-classification-and-treatment
https://sec.gov.ng/regulatory-sandbox/

NIBSS – Nigeria Inter-Bank Settlement System
https://nibss-plc.com.ng/about/

Trade and Remittance Statistics

World Bank – Nigeria Trade and Remittance Data
https://data.worldbank.org/country/nigeria

World Bank – UK–Nigeria Remittance Corridor
https://remittanceprices.worldbank.org/en/corridor/United-Kingdom/Nigeria

World Bank – Internet Users in Nigeria (% of Population)
https://data.worldbank.org/indicator/IT.NET.USER.ZS?locations=NG

Traditional telecom giants have quietly profited off their users for decades—monetizing metadata, tracking behavior, and selling private communications to governments and covert networks, all while delivering mediocre service. By 2024, nearly 5 billion people had unknowingly become products in a surveillance-first world as global demand for connectivity skyrocketed. But that era is finally collapsing thanks to the DEWI (Decentralized Wireless) movement—a decentralized, blockchain-powered revolution that puts control back into the hands of the users.

What makes DeWi operations different? 

DeWi has created a system that reverses users' traditional role in the data distribution chain. Rather than relying on telecom companies to own rooftop antennas and 4G LTE towers, DeWi empowers users to become infrastructure providers themselves.

Users now install and operate their wireless hardware—Helium hotspots, Andrena routers, or XNET nodes—which provide real coverage for 5G, WiFi, or LoRaWAN networks. In return, they’re rewarded with crypto tokens like $HNT, $AND, and $XNET, which are earned based on their devices' actual usage and uptime. These tokens have real-world value—they can be traded, used within the ecosystem, or exchanged for money, making the entire system self-sustaining and community-driven.

This model is called token-incentivized deployment. The network grows because people are rewarded for contributing to it. Each device installed isn’t just passively running; it actively proves its functionality through blockchain algorithms known as Proof-of-Coverage (PoC). These algorithms confirm that the device provides legitimate service by verifying its activity on-chain, making the system transparent and efficient. 

The more your device contributes to real traffic and network quality, the more tokens you earn. Whether you're covering rural areas with LoRaWAN or extending 5G in dense urban zones, you're not just helping people connect—you're getting paid to do it.

Source: Telecom vs DeWi Data Flow via DelphiDigital

Presently, the Solana blockchain is the go-to infrastructure layer for DeWi projects. Why this blockchain?

Solana’s architecture is built for speed, scalability, and efficiency. It can process over 50,000 transactions per second, which allows it to verify Proof-of-Coverage data and distribute rewards in real time. Its ultra-low fees—around $0.0001 per transaction—make it ideal for handling the micro-payments that keep DeWi networks running smoothly. There's no bottleneck, lag, or excessive costs to slow things down. 

Solana’s composability is also a significant advantage. Its users can seamlessly integrate their tokens into Solana’s DeFi tools, such as Jupiter, KaminoFinance, and Jito. 

The financial opportunities within DeWi on Solana are just the tip of the iceberg. DeWi has unlocked a wide range of groundbreaking use cases that were once beyond reach by decentralising control from traditional telecom giants.

A significant contribution of DeWi projects is their role in laying the foundation for the Internet of Things (IoT). By building low-power, wide-area networks (LPWANs), these projects are supporting the billions of devices that make up the IoT. 

DeWi already has a Total Addressable Market (TAM) of $650 billion in this sector. From farmers remotely monitoring soil health to logistics companies tracking shipments across continents, these decentralized networks enable smarter and more connected operations. 

DeWi initiatives are also democratizing Wi-Fi access, particularly in underserved regions. By incentivising individuals and businesses to share internet connections or deploy new hotspots, these projects are creating a more distributed and affordable web of Wi-Fi access. 

With a TAM of $25 billion, these networks also provide privacy-first solutions that operate without reliance on Internet Service Providers (ISPs).  

Looking at specific sectors, DeWi is making impressive strides in decentralized 5G. The total addressable market (TAM) for decentralized 5G is estimated to reach $250 billion by 2030. DeWi projects are replacing centralized cell towers with community-operated small cells. For example, the Helium Mobile network already has 25,000 radios offering mobile data at $0.10/GB, much cheaper than traditional carriers like Verizon, which charge $2.05/GB.

Additionally, DeWi is at the forefront of combining decentralized wireless connectivity with edge computing, bringing intelligence closer to the data source. This integration enables ultra-low-latency applications and more efficient data processing, essential for sectors like autonomous vehicles and augmented reality, where real-time data processing is crucial for safety and functionality.

Surprisingly, thousands have earned over four figures since DeWi networks began gaining prominence around 2019. So, who are the key players in the DeWi ecosystem?  

Source: Helium(@helium) via X.com

Helium

When discussing DeWi, Helium is often the first name that comes to mind. Founded in 2013 as Helium Inc. and later rebranded to Nova Labs in 2022, the company has evolved from a pioneer into the foundational force of the decentralized wireless movement.

In 2023, Helium migrated its blockchain infrastructure to Solana, unlocking faster transactions, lower fees, and a more scalable ecosystem for DePIN. 

The network primarily operates on the Business-to-Business (B2B) and Business-to-Consumer models that selling directly to consumers and organizations. This enables businesses and individuals to build and operate decentralized wireless networks through its DePIN model. Helium provides the infrastructure, like IoT hotspots and 5G nodes, to businesses and developers who utilize them for various use cases, such as IoT applications or expanding 5G coverage.

Today, the network has built an impressive global footprint, deploying over 1.2 million IoT hotspots and over 375,000 active hotspots across 182 countries. Its 5G network is rapidly expanding, with over 3,000 active nodes, primarily located in the United States. This growth is supported by roaming partnerships with major carriers like T-Mobile, Movistar, DISH. Leveraging operation within FCC Part 15-certified unlicensed spectrum, which allows for regulatory flexibility and faster deployment.

The Helium network currently runs on a three-token model. The first is the HNT (Helium Network Token), the ecosystem's core utility and governance token. Then there are the IOT tokens that power the LoRaWAN-based IoT infrastructure, while MOBILE tokens are used to incentivize and reward 5G network deployment.

As of April 2025, Helium is the largest Decentralized Physical Infrastructure Network (DePIN) project on the Solana blockchain, with a market capitalization exceeding $600 million. The network generates approximately $12 million in monthly revenue from the sale of data credits. Helium also features a deflationary token model, with token halvings occurring every two years—the next one is scheduled for later this year.

Users deploy compact, plug-and-play miners such as the Bobcat Miner 300, SenseCAP M1, and RAK Hotspot Miner for the Helium IoT network. These devices provide low-power, long-range wireless coverage ideal for sensors and trackers, and users earn IOT tokens for their contributions. These miners typically cost around $299 and can yield a return on investment in as little as eight months, depending on location and activity.

Helium uses more robust hardware for its decentralized 5G network. The core of this setup is the FreedomFi Gateway, which connects to certified CBRS radios like the Baicells Nova 430H and MosoLabs Outdoor units. These setups enable users to deliver 5G coverage and earn MOBILE tokens in return. A complete 5G configuration can cost around $1,999, with ROI expected in about 18 months under optimal conditions.

Source: Andrena (@andrena_wifi) via X.com

Andrena 

Founded in 2016 and launching operations in 2019, Andrena is a U.S.-based internet company that, like Helium, primarily follows a B2B model. It partners with property managers, building owners, and local governments to deliver broadband internet, focusing on multi-unit buildings in urban areas across the United States. To increase accessibility and reduce reliance on traditional infrastructure, Andrena deploys wireless equipment directly on rooftops, bypassing underground wiring.

In late 2023, Andrena began developing its decentralized broadband protocol, DAWN, built on the Solana blockchain. Still in its testing phase, DAWN aims to decentralize internet delivery by turning everyday users into network participants. A key feature is its innovative "proof of backhaul" system—developed with a Princeton professor—which verifies that each node is correctly connected to the broader internet. This model allows users to access and support the network, earning token-based rewards for their contributions.

Participation in DAWN is affordable using $89 Raspberry Pi-based routers, which serve as the network's backbone. Andrena also plans to introduce more user-friendly home devices, making it even easier for individuals to connect to and help power the system.

As of April 2025, Andrena operates solely within the United States, with active service in 10 states, including New York, New Jersey, Pennsylvania, Florida, Tennessee, and Texas. However, DAWN's decentralized nature has sparked international growth. The protocol now supports over 2,400 nodes in Iran, and there has been a 400% spike in node deployment in Turkey following the country’s recent currency collapse, showing the appeal of DAWN in unstable or underserved regions.

The company aims to connect over 3 million households through DAWN at launch. While U.S. node counts haven’t been detailed, the platform already supports over 100,000 verified users, showing strong early adoption—particularly among those seeking alternatives to traditional ISPs.

Andrena has also established multiple revenue streams. Users can subscribe for $4.99/month to access ad-free WiFi, while anonymized usage data is sold for research purposes, with strict privacy protections in place.

What is this privacy protocol? Andrena prioritizes network integrity through regular audits by third-party firms and maintains a bug bounty program for responsible vulnerability disclosure. 

Regarding funding, the company recently closed an $18 million Series A extension, bringing the total investment to $38 million. While official revenue and market cap figures have not been disclosed, the financial backing and growing user base position Andrena as a rising force in the DeWi and DePIN space.

The upcoming token, DAWN, will be central to the ecosystem. It will be used to pay for internet access and reward users who share bandwidth, refer others, or run validator nodes. A user-friendly mobile app and connected hardware will make earning, managing, and spending DAWN tokens easy.

Source: XNET(XNET_Mobile) via X.com

XNET

This U.S.-based decentralized mobile carrier was founded in 2021 by former Google executive Richard DeVaul. The company combines blockchain incentives with enterprise-grade Wi-Fi and CBRS (Citizens Broadband Radio Service) technologies to build its network. Running on the Solana blockchain, the platform uses the $XNET token to reward partners for deploying and maintaining critical infrastructure.

As of April 2025, XNET has deployed approximately 1,000 active Wi-Fi hotspots across the United States, with plans to expand to 15,000 sites by next year. Thanks to the network's growing reach and adoption, these hotspots have facilitated connections for around 9 million users.  

XNET primarily operates on a B2B model, selling specialized Passpoint Wi-Fi hotspots to businesses and venues. Passpoint, or Hotspot 2.0, enables seamless and secure Wi-Fi roaming, automatically connecting users without repeated logins. This technology enhances user experience in business and public settings.

The company generates revenue through data offloading services, charging mobile network operators (MNOs) and mobile virtual network operators (MVNOs) to transfer customers' data traffic onto XNET's network. Hotspot operators earn approximately $4 in XNET tokens for every gigabyte of data offloaded, providing a tangible incentive for network expansion. 

A significant milestone for XNET is its partnership with AT&T, one of the largest telecom operators in the U.S, to enhance its network scalability and reach. 

XNET's enterprise-grade hardware includes durable IP67-rated radios designed for extreme conditions and certified for industrial compliance. Notable clients include BMW, Shell, and Cisco. For instance, BMW's Munich plant reported a 92% reduction in latency compared to traditional Wi-Fi, showing the effectiveness of XNET's technology in demanding industrial environments.

Each XNET site contributes approximately $1,200 in recurring revenue per month. Additionally, the company employs AI-driven predictive maintenance data to enhance operational efficiency and reduce client downtime.

According to various sources, XNET Mobile's market capitalisation varies between $1.76 million and $3.77 million as of April 2025. CoinMarketCap reports a market cap of $1.76 million, while LCX lists it at $3.77 million. The circulating supply is approximately 64.12 million to 108 million XNET tokens, with a maximum supply capped at 2.4 billion tokens. 

The fully diluted valuation (FDV), representing the market cap assuming all tokens are in circulation, is approximately $66.12 million.

Visual Taxonomy

Helium, Andrena, and XNET are the most prominent and visible players in the DeWi space, but how big are they? What is DeWi's total market size, and what is the market forecast for the future? 

As of 2025, Helium leads the DeWi market with a dominant 62% market share, followed by Andrena at 18% and XNET at 12%. The remaining 8% is distributed among smaller players such as Pollen and Foam. 

As mentioned earlier, the DeWi market is experiencing rapid growth, and there are significant projections for the next few years. In 2024, there were about 2.1 million hotspots, serving 8 million users and having a market cap of $2.4 billion. However, by 2026, these figures are set to expand to 7.5 million hotspots, 45 million users, and a market cap of $12 billion. 

Projections for 2030 estimate 25 million hotspots, 300 million users, and a market cap of $85 billion, showing the tremendous growth potential of DeWi networks.

Helium will also become one of the top five U.S. network providers by 2030. With its expanding network of hotspots and increasing presence in the telecom industry, Helium is set to compete with traditional providers by offering affordable, decentralized connectivity.  

Leveraging its decentralized model, Andrena is expected to bypass internet restrictions in three or more countries by 2020. By overcoming government-imposed internet bans and offering unfiltered access, especially in regions with heavy censorship, Andrena is poised to strengthen its market presence in areas where traditional ISPs fall short.

XNET, which focuses on edge computing and low-latency data processing, is projected to power 20% of private industrial networks by 2030. As demand for real-time data services grows in industrial and urban settings, XNET's decentralized wireless network will enable businesses to meet these needs efficiently.

Solana will also handle 40% of global DeWi transactions by 2030. The adoption of DeWi will revolutionize the Internet of Things (IoT) sector. It’s projected that 60% of legacy IoT networks will transition to decentralized wireless models by 2030. 

Source: DeWi on Solana via Medium                                                                 

As DeWi offers more affordable and scalable solutions, businesses will increasingly move away from traditional IoT infrastructure, paving the way for broader integration of decentralized wireless technologies in IoT applications. During this radical development, what should users expect in the future?

As the market grows, emerging trends will further shape the future of decentralized wireless. Integrating artificial intelligence (AI) into DeWi networks is one of the most impactful trends. AI will be crucial in optimizing network performance, predicting maintenance needs, and enhancing security. 

Helium’s Proof of Coverage (PoC) v3, which uses AI to predict outages and adjust tokenomics in real time, is an example of how AI can improve the reliability and efficiency of decentralized networks. Similarly, Andrena’s use of GPT-4 for hyper-local privacy ads shows how AI can drive new revenue models and improve user experiences.

Another important trend is the regulatory landscape. As DeWi networks grow, regulatory clarity around spectrum allocation, roaming interoperability, and crypto token treatments will be critical for fostering innovation. The FCC’s expected 2025 ruling on open access and the EU’s Data Act, which mandates neutrality for public infrastructure, could provide the regulatory framework needed to expand networks and gain greater market acceptance.

The evolution of connectivity hardware is also a key factor driving DeWi's growth. Advances in hardware technology will lower costs, improve efficiency, and increase scalability. As more affordable routers and network equipment become available, such as Andrena’s $89 Raspberry Pi-based devices, the barrier to entry for decentralized networks will lower, encouraging greater participation from both individual users and businesses.

Better tokenomics and incentive mechanisms are crucial for attracting and retaining participants in DeWi networks. Companies like Helium, Andrena, and XNET must design sustainable token models that incentivize users to contribute their resources, whether bandwidth, coverage, or infrastructure. The success of these models will play a significant role in the long-term viability of DeWi networks. 

Finally, interoperability across different DePIN (Decentralized Physical Infrastructure Networks) verticals, such as decentralized storage and computing, will unlock new possibilities for DeWi networks. The collaboration between different decentralized services will create a more comprehensive and robust decentralized infrastructure, paving the way for a fully integrated and decentralized digital ecosystem.

The following 24 months will be critical for the telecommunication sector, as the age of user-owned internet is here and will only get bigger.