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Crypto cycles tend to have two big innovations: something real and something ridiculous that distracts retail, pumps the wrong narrative and eventually implodes the market.

We’ve had a ton of innovations this cycle, but none have really stuck because memecoins showed up early and stole the show. However, if recent momentum from projects like Helium is anything to go by, the current run might get its more “serious” cycle innovation after all, thanks to decentralized physical infrastructure networks (DePIN).

DePIN uses crypto incentives and public coordination to bootstrap real-world…

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