Solana-based hackathon winner DeCharge is taking charge in the DePIN space
DeCharge Overview - June 25, 2024
Welcome to the DeCharge Overview.
DeCharge is a protocol focused on supporting the electric vehicle (EV) charging network through DePIN technology and other web3 functionalities and elements like tokenization and real world assets. It won second place in Colosseum’s Solana 2024 Renaissance Hackathon for the DePIN category and qualified as one of the top 10 teams in the Colosseum cohort.
We’re building the best place for the budding DeCharge and DePIN community to get up to speed on its latest updates, metrics, releases, insights, ecosystem developments and more – all in one place.
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DeCharge DePIN by the numbers
Locations deployed: 108+
With 300 locations in the pipeline
Minutes of charging EVs: 5000+
Repeat customers: 80%
These metrics are accurate at the time of publication.
⚡ Debriefing with DeCharge ⚡
Climate change is one of the most important issues facing the globe today and one sector in the crypto industry might be playing a role in alleviating its problems: DePIN, or decentralized physical infrastructure networks.
DePIN, dubbed by CoinDesk as VC’s “latest crypto obsession,” focuses on taking real world infrastructure networks like electric vehicle charging stations or wireless networks and bringing them onchain.
And it’s not just VCs, startups and hackathons are honing in on the space as well. During the Solana-focused Colosseum hackathon, DePIN accounted for four of the 10 cohort startups.
“Projects within DePIN are unlocking novel markets at a higher rate than any other category in crypto,” Matty Taylor, a co-founder of the Solana-focused Colosseum hackathon, told Blockworks last month.
But why does this matter?As per the United Nations update, there is a global mandate to keep the global surface warming under a 1.5°C threshold. This means emissions need to be reduced up to 45% by 2030 and reach net zero by 2050. These goals are no small feat and to solve this, there is a need for numerous initiatives across industries to come together in an effort to reduce the global carbon footprint.
Electric vehicles is one area in particular that has seen lots of attention (and sales) across the globe in the past decade: ranging from EV-focused companies like Tesla to traditional car manufacturers entering the sector through large scale production. While some companies might see the draw to get into EVs, there’s still many pain points.
Not many players are working on fixing pure infrastructure problems, which are very crucial to EV success. In a continent like Asia, the ratio between EVs and charging stations is roughly at 1:140, causing range anxiety amongst potential and existing EV owners.
This decisive problem is what DeCharge has set out to solve, starting with a strong niche in the global charging industry focused onIndia and SouthEast Asia. Given the nascent industry, DePIN could be very much ripe for tackling these problems head-on.
Highlighting the DePIN Ecosystem
Developments in the DePIN Space
The Solana ecosystem released technical updates this week, focusing on zero-knowledge optimization that is now possible at the state level without having to deploy over a new layer-2 blockchainThis could be bullish for developers in the DePIN ecosystem since the domain has always been about innovative capital formation.
Insight, alpha, announcements from Decharge and others
The DeCharge founders Dr. Prakash Kamaraj and Mohan Kuldeep Ponnada were at the Solana Summit in Malaysia last week, speaking in a couple of exciting panels on both days. Rumors are swirling that DeCharge is already cooking a DeFi collaboration with a tokenization and real world asset-focused team, which was echoed in a X post by Solana Summit 😱Could you guess what that could be? 👀
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This information is for entertainment purposes only. It should not be considered financial advice, nor should it be used to make investment decisions. Cryptocurrencies are high risk and you should consult a financial professional before making any financial decisions. Make sure you do your own research.