2026-01-01 14:25:47

XPIN, as a typical representative of the DePIN track, I have been tracking its entire progress from the perspective of practical application implementation. The performance data after the August TGE is quite impressive: eSIM users have surpassed 120,000+, indicating that genuine product demand indeed exists.

From on-chain indicators, it also looks solid—the total locked-up amount within the ecosystem has reached 3.8B $XPIN, and the number of token holders exceeds 74,000. Many projects have attractive numbers, but few users; however, this project's user base and locked-up volume ratio seem relatively balanced.

The price performance also confirms the market's recognition—rising from a peak of 20x to currently around 5x. Such a steady correction range is already quite good in the crypto world. But what I value most is the 120,000 eSIM users—this is the hardest metric to fake and directly reflects the product's penetration in the real world. This is the key to judging whether a DePIN project can truly be implemented.

XPIN-0.11%

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GateUser-74b10196

· 8h ago

120,000 genuine users truly support this, this is the correct way to open DePIN Real data doesn't lie, it's much more reliable than those hyped-up air projects 5x stabilization indicates that the market is still optimistic, and there isn't much arbitrage space left

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WenAirdrop

· 8h ago

120,000 eSIM users—this number is really impressive; these are genuine users. The other projects' numbers are too inflated and unrealistic. By the way, with 5x sustained for so long, does anyone really believe in this thing, or is the market still on the sidelines? I've looked into DePIN quite a bit, and most of them are just data with fake users. XPIN, with its balanced ratio, is indeed rare. A lock-up volume of 3.8 billion with 120,000 users—I'm impressed by this ratio. It doesn't seem like some projects rely on big investors to support their lock-ups. The key point is that eSIM can be truly used; otherwise, all these numbers are just pie in the sky. From this perspective, it does seem somewhat interesting. It's already 5x—would you still chase it now? If you enter now, you'd have to bet on it continuing to rise later.

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TheMemefather

· 8h ago

120,000 eSIM users is indeed a solid number, much stronger than those who only hype concepts.

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LayerZeroHero

· 8h ago

It is indeed very difficult to fake 120,000 eSIM users, I have to admit that. But the key question is—do we have data on the retention rate of these users? What is the ratio of new users two months after TGE to the current daily active users?

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BlockDetective

· 9h ago

120,000 real users, this thing is indeed a bit tricky, but data can't be faked --- 20x dropping to 5x, still dare to say it's stable? Laughing out loud, this is called being harvested --- The hard indicator like eSIM user count is the real deal, everything else is just fluff --- Lock-up of 3.8B sounds scary, but the key is what this money can do... Is it really in use? --- Compared to those flashy DePIN projects, XPIN's approach is quite practical --- 74,000 wallet addresses, the distribution is okay, but everyone has learned now --- Hey, I have a question, how is the retention of these 120,000 eSIM users? Are new users still coming in or dropping off? --- Fallen from 20x to 5x, early investors are probably all newbies, haha --- Whether the product is useful or not, user count is the most honest indicator --- The entire DePIN track is full of hype, but XPIN at least has something real

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ColdWalletGuardian

· 9h ago

120,000 real users is truly impressive; it's the most difficult number to boast about in the crypto world. This is much more reliable than projects with on-chain data that look twice as good, honestly. A 5x correction isn't that exaggerated; it's much more stable than most altcoins.

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RugResistant

· 9h ago

120,000 eSIM users, this number is indeed solid, cannot be faked. Real users are the true hard currency; other data are all虚假的. Maintaining 5x is okay, but we still need to see if user growth can keep up.

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