The Xyo Network is riding over 10 million nodes in the decentralized physical infrastructure of the network (DEPIN), co-founder Markus Levin told Cointelegraph in an interview.
Most nodes are made up of human users who provide data in exchange for rewards through the network mobile application, coin. “Most of our 10 million nodes are mobile users, but some are IOT devices like smart speakers,” Levin told Cointelegraph.
Approximately 80% of Xyo users are indigenous people who are not crypto participating in the web3 for the first time, he added.
They include trucks, Rideshare drivers, delivery people, and nurses among others, Levin said, added “95% to return after onboarding through the coin app.”
Related: Depin Xyo launched in Solana
Depin tokenomics
In exchange for data, Xyo's awards teach the points of its users that can be redeemed for the native Xyo token, as well as “BTC, ETH or even gift cards,” he said.
In October 2024, Xyo raised its native token to Solana (Sol) in a bid to reach more users. XYO token has a market capitalization of approximately $ 180 million to May 2, According to in data from coinmarketcap.
Xyo earns income by collecting and validating data in sectors from real-world assets (RWAs) to play. Then it uses a portion of income that is to buy Back Xyo.
In January, Xyo launched Its layer-1 blockchain, which collects real-world data from the entire Xyo node to a public ledger.
Network validators are Stake Xyo and earn rewards denominated with XL1, the new network network token.
Depins are blockchain protocols aimed at decentralization of real-world infrastructure and systems, including communication networks, data warehouses, energy markets, and more.
They belong to the “Next Big Use Web3 Case[s]”With potential onboard” a significant number of new users in the crypto space, “according to a September 2024 Report By MV Global, a web3 investing firm.
According to MV Global, the Depin Ecosystem consists of upstairs of 1,000 projects and represents nearly $ 50 billion in total market capitalization.
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