History may define this period as DePIN, and the representative figure who can become is the long-obscure Wang Yiming.

Author: Zuo Ye

After the mining ban on September 4, 2021, the Chinese basically lost the pricing power of Bitcoin. On September 15, 2022, Ethereum completed "The Merge" process. Apart from Bitcoin, the mainstream cryptocurrencies in the world no longer have a PoW mechanism, and the output of ETH is controlled by overseas major exchanges and staking networks such as Lido.

The Chinese are basically excluded from the two largest cryptocurrencies in the world. Apart from exchanges and going overseas, how the Chinese survive in the cryptocurrency world has become a problem for the entire industry. Despite having the world's largest and most active terminal market, they now have to yield to others.

In this historical process, Chengdu and Shenzhen are the two most severely affected nodes, not Wenzhou, not Shanghai, and certainly not Beijing, because the previous model was to ship from Shenzhen and put it on the shelves in Chengdu, and mine together, repeating this cycle.

Now it seems that history may define this period as DePIN, and the representative figure who can become is the long-obscure Wang Yiming.

The past of Chengdu, a cryptocurrency sanctuary on par with Shenzhen

If you have been to Chengdu, the high cost of living and low income here will definitely open your eyes. The cryptocurrency industry has become one of the few high-income industries in Chengdu, and the mining, or more specifically, the Bitcoin mining community based in Chengdu, once controlled the vast majority of Bitcoin production in the world.

Abundant small hydropower resources and relatively relaxed regulatory policies have created the most brilliant generation in Bitcoin history.

Living like this for more than ten years, until the collapse of the building.

The ban on September 4 not only fundamentally changed the balance of power between the East and the West in the cryptocurrency world, but also led to the "departure from reality to virtual" in the cryptocurrency field. PoS Ethereum has become a pure capital game. Looking back, Ethereum's fork has been proven to be a farce, and PoW is only left with Bitcoin and a number of insignificant small cryptocurrencies struggling to survive.

However, DePIN, or Helium, which persisted in the WIFI route in 2021, only briefly flared up and then plummeted. But two things have not received enough attention:

1. Why could Helium persist until now in 2021?
2. What does this have to do with Chengdu?

To return to these two things, we must first mention Wang Yiming and his various totems: JDI Labs, Bobber, Helium, DIMO, and so on. Exaggerating a bit, Wang Yiming has built or participated in the current DePIN ecosystem that you see.

Now we can answer the above two questions:

1. In 2021, the largest mining machine supplier for Helium was Bobber, and the decision to fully support Helium was made by Wang Yiming, a hidden big shot who only started operating his own Twitter (X platform) six years after entering the circle. Before that, most people were only used to the names of CZ and Justin Sun.
2. JDI Labs (Global) under Wang Yiming, with any suffix added, is also the most active investment and manufacturing company in the DePIN field, responsible for supplying goods from Huaqiangbei to the world.

Shipping from Shenzhen, mining in Chengdu, no matter what is being mined, that's what Chengdu miners say. So Chengdu can be on par with Shenzhen. Wang Yiming has completed his true industry show, deeply cultivating DePIN until the building is completed.

DePIN history: Wang Yiming, JDI, and Helium

Wang Yiming is too low-key. If it weren't for the introduction by the Twitter influencer Mark (@shuaibaobaommd), most people might still know nothing about him. But his real identity is the man behind the global DePIN.

Everyone can be famous for fifteen minutes, but Wang Yiming's fame has long been overshadowed by Helium. Next is JDI, which has invested in almost all DePIN projects. If you are confused about this, then you should only follow their portfolio. If you are a miner, then Bobber cannot be bypassed.

First, an introduction. Wang Yiming, male, a Peking University alumnus of OKX founder Xu Mingxing, initially entered the circle from Du Jun's Nodal Capital. Around 2021, he began to get in touch with the DePIN concept. Helium is his first large-scale global project. In addition, there are DIMO, VPP (virtual power plant), and satellite hardware. He is involved in all areas related to DePIN, or if the Chinese are leading the way in the exchange field, then Wang Yiming is the most typical representative of the Chinese in the DePIN field.

It's a pity that this is not a soft article, nor is it a staged collision, but how the elephant in the room hides its story 🕵️.

JDI and Bobber have basically laid out the investment direction and hardware targets of DePIN. Watching the development direction of DePIN and the dynamics of these two companies is the most effective.

In addition, Wang Yiming personally has a strong preference for media and exchanges. The essence of the cryptocurrency world's business is traffic first. Attracting spectators can capture wealth opportunities. His preference for exchanges stems from his passion for trading. In the wave of the rise of Hong Kong, Wang Yiming also believed in it.

At the peak of the Hong Kong concept earlier this year, the long-standing Wang Yiming also previewed the importance of Helium and DIMO through the POW'ER conference of Mars Finance. I don't know how many people caught these two clues.

In a limited life, one must go all in

Wang Yiming's style is all in, whether it's DePIN or any other direction, both in investment and hardware.

For a long time, DePIN has been seen as a self-reserved area for American capital and institutions, especially Helium, which will undergo serious scrutiny of mainland nodes. Based on this, Wang Yiming, including his affiliated institutions, is rapidly globalizing. In March of this year, JDI completed a new round of financing, with support from top-tier investors including Dragonfly and FutureMoney, but this is not the whole story.

After the initial subsidies, the later returns of Helium Mobile will inevitably decline rapidly. In fact, I really hope that Wang Yiming can remain active on Twitter, and we can also see what new activities DePIN can come up with.

As the man behind the HNT hardware, it is imperative to win.

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