"While Bitcoin treads water to start 2026, sentiment for other niches in crypto has soured even more-especially DePIN, or decentralized physical infrastructure. Tokens for the decentralized cellphone service Helium and the decentralized mapping network Hivemapper, for example, are near all-time lows. Still, some investors remain bullish on the concept, including the upstart venture firm Escape Velocity, which has raised $61.74 million for a second fund to back founders in DePIN and crypto more broadly."
"The firm closed its newest round of capital in December, attracting marquee investors like the venture giant Marc Andreessen and prominent fintech investor Micky Malka of Ribbit Capital. The fund of funds Cendana put in $15 million, the biggest check in the fund, said Mahesh Ramakrishnan. "I think the nature of crypto and doing extremely-out-there investing is that there will be cycles of feeling extremely bearish and cycles of feeling extremely bullish," said Ramakrishnan, as he reaffirmed his belief in decentralized physical infrastructure."
Bitcoin began 2026 relatively flat while sentiment toward many crypto niches weakened, especially decentralized physical infrastructure (DePIN). Tokens tied to Helium and Hivemapper are trading near all-time lows. Escape Velocity raised $61.74 million for a second fund to back DePIN and broader crypto founders, with marquee investors participating and a $15 million commitment from fund-of-funds Cendana. DePIN seeks to extend decentralization to physical networks such as Wi‑Fi, cellular plans, mapping, and drones, typically rewarding contributors with cryptocurrency. Several DePIN projects launched tokens before building products, and mainstream adoption for the space remains limited.
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