ETHDenver 2025 Reflections: The IoTeX Team's Takeaways from a Pivotal Week

ETHDenver 2025 was an event packed with energy, ideas, and a glimpse into the current state of crypto. The IoTeX team—Giuseppe De Luca (Head of Developer Relations), Aaron Basi (Head of Product), and Larry Pang (Head of Ecosystem)—shared their reflections in an X Space debrief, covering everything from the breakthroughs in DePIN (Decentralized Physical Infrastructure Networks) and AI to the gaps that still need to be addressed.

You can listen to the full X Space here:

ETHDenver 2025 Debrief

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ETHDenver wasn’t just a celebration—it was also a reality check. Some events were buzzing, while others struggled for attendance. Some projects demonstrated real-world traction, while others felt like they were clinging to narratives that might not survive the next cycle. Here’s a look at the highs, the lows, and what it all means for the space moving forward.

IoTeX’s Presence at ETHDenver: R3al World

The IoTeX team started ETHDenver hosting our flagship DePIN event: R3al World, this year designed to highlight the growing momentum around DePIN and AI. Here's some of the key moments:

🔑 Key Sessions and Announcements

• GEODNET Integration with ioID: A practical step toward on-chain verifiable physical AI, offering a glimpse at how AI models can be fed with trusted, decentralized data.
• NovaNet’s Embedded Zero-Knowledge Proofs: Demonstrating zk-tech on Raspberry Pi devices, showing how privacy-focused DePIN projects are gaining traction.
• AI Agents in Action: DIMO and Nubila showcased AI-driven applications using real-time decentralized data, powered by IoTeX’s Quicksilver infrastructure.

Aaron Basi emphasized the significance of this shift toward AI-driven apps:

"Seeing the success of Bino, we worked with Nubila to create Caila, which pulls real-time weather data and provides personalized insights. This is where AI is headed—real-world, context-aware applications."

🔥 Fireside Chats That Stood Out

R3al World featured several high-impact fireside chats, and IoTeX was at the center of some of the most engaging discussions.

Larry Pang & Dylan from Messari: The Future of Physical AI

One of the most forward-thinking conversations at the event, this chat explored how decentralized networks will fuel the next wave of AI. Larry highlighted how real-world, verifiable data is essential for AI to move beyond text and into spatial intelligence:

"Big Tech has spent billions trying to collect real-world data for AI, but DePIN offers a more efficient and decentralized way. These networks of devices can provide verifiable, real-time data—something physical AI models desperately need."

The discussion also touched on why enterprises might hesitate to adopt DePIN-based AI solutions, citing the difficulty of onboarding decentralized data sources and the challenge of ensuring reliability at scale.

Raullen & Shayon's Fireside Chat: The Economics of DePIN

Raullen Chai (IoTeX CEO) and Shayon Sengupta from Multicoin Capital engaged in a deep dive on the economic realities of DePIN. The key takeaway? DePIN must prove its business viability beyond token incentives. As Shayon put it:

"DePIN’s promise isn’t just about decentralization—it’s about creating economic models that work. If these networks don’t generate real demand, they won’t survive."

This echoed one of the overarching themes of ETHDenver: the era of speculative DePIN is over, and the focus is shifting toward sustainable business models.

Larry Pang & Blockchain Association: Regulation and the Future of DePIN

Another crucial conversation at the event was IoTeX’s fireside chat with Salah of the Blockchain Association, focusing on the regulatory landscape for DePIN. With US policymakers still grappling with how to classify and regulate decentralized networks, this discussion shed light on the key areas of concern:

"As the co-chair of the DePIN Working Group within the Blockchain Association, IoTeX is working closely with regulators to create sensible policies that allow DePIN to thrive without unnecessary restrictions." – Larry Pang

The conversation touched on market structure principles, potential challenges from upcoming legislation, and how DePIN can position itself as a crucial technology rather than a regulatory headache.

Watch the full livestream of the event for some great content you can't get anywhere else:

DePIN’s Maturity: A Shift Towards Utility and Revenue

One of the strongest messages from IoTeX’s ETHDenver reflections was that DePIN is moving past hype and into real-world utility. Projects that generate revenue, provide tangible solutions, and solve real-world problems are gaining momentum.

Aaron Basi highlighted this shift:

"The days of speculative DePIN projects are fading. The new focus is on real-world adoption, solving actual problems, and driving revenue." – Aaron Basi

One example that stood out was Rovr, a project focused on crowdsourced LiDAR data for self-driving vehicles. Unlike HiveMapper or Natix, which rely on cameras, Rover’s specialized hardware captures high-fidelity 3D mapping data crucial for autonomous systems.

"It’s not about mass adoption for the sake of it. The new generation of DePIN projects is hyper-specialized, gathering valuable data that enterprises are willing to pay for." – Larry Pang

A Look at Key DePIN Trends:

• Increased Focus on Revenue Models: DePIN projects must prove viability through real customers and sustainable economics.
• Rise of Hyper-Specialized Networks: Projects like Rovr (LiDAR), GEODNET (geospatial accuracy), and Spexi (drone mapping) show how niche datasets are becoming crypto’s most valuable asset.
• AI-Driven Insights: The fusion of DePIN and AI is unlocking new use cases, from predictive maintenance to decentralized weather analytics.

Zooming Out: ETHDenver’s Hits and Misses

ETHDenver 2025 had its standout moments, but it also exposed some of the growing pains the crypto industry is facing.

What Stood Out:

✅ DePIN and RWA Took Center Stage – The strongest theme of the event was the shift toward real-world integration. Many projects focused on tokenizing machine work, real-world data, and physical infrastructure.

✅ Specialization Over Hype – Instead of broad, generic crypto applications, projects were focused on high-value niche markets. DePINs targeting geospatial data, decentralized energy grids, and logistics tracking were among the most compelling.

✅ Practical AI Use Cases – While AI as a concept was heavily discussed, the real traction came from AI-enhanced blockchain applications—particularly those using real-time sensor data or decentralized computing networks.

"Crypto projects aren’t just about grand ideas anymore. We’re being evaluated like actual businesses—on revenue, impact, and real-world application." – Giuseppe Di Luca

What Didn’t Land Well:

❌ A Lack of Breakthroughs – ETHDenver showcased a maturing industry rather than a revolutionary one. Many projects felt like iterations on existing concepts rather than bold new ideas.

❌ Overcrowded Narratives, Sparse Crowds – Some themes—like privacy-focused zk-rollups or bridges—were oversaturated with panels but had low audience engagement. The buzz was clearly around real-world applications, not just infrastructure.

❌ Regulatory Uncertainty Cast a Shadow – Many conversations about US regulations carried a tone of frustration and uncertainty. Some founders openly questioned whether the US was the right place to build their projects.

Aaron Basi summed it up well:

"Walking around the venue, some talks were thriving, but others were just... there. A lot of the traditional Web3 topics—bridges, rollups—felt stale compared to the energy around AI and DePIN."

Final Thoughts

ETHDenver 2025 made it clear: crypto is evolving. The speculative mania of past cycles is giving way to real utility, revenue-driven models, and niche specializations that serve actual demand. IoTeX’s work in DePIN, AI, and verifiable real-world data puts it in a strong position, but the broader industry still has big questions to answer.

For those who missed it, the IoTeX Real World Event livestream is available on YouTube, packed with insights from industry leaders. But more importantly, the real work begins now—turning all this innovation into something the real world actually uses.