Roam is a DePIN project based on Solana blockchain, which has publicly raised $7 million from investors including Samsung Next, IoTeX, and other institutions. According to Messari's DePIN report in 2024, ROAM is the fourth largest DePIN project globally, with over 2.1 million nodes and 2.4 million registered users, covering more than 200 countries. The core data is as follows ROAM combines blockchain and network technology to change the way wireless connections are made globally, similar to the largest DePin project HNT in the previous round. ROAM also provides free eSIM data services, and users can access free data from over 200 countries worldwide by participating in network upgrades and verifications. Valuation analysis The current circulating market value is 44 million US dollars, with a total market value of 370 million US dollars, The unit price of ROAM is approximately 0.37 US dollars. The current market value of Helium (HNT), a leading player in the DePIN field, is $720 million, with a peak market value of over $5 billion. The sale of machines relies on mining and coin prices, and the HNT model saw a remarkable increase in both coin prices and machine prices in the previous round. ROAM has not yet activated the flywheel, and the valuation limit can be based on the current HNT of 720 million. The initial circulating market value of no more than 100 million US dollars is also conducive to the release of control tokens. Market value growth drivers 🔸 Network expansion: The daily average growth of nodes is about 5000 (from 1 million nodes in December 2024 to 2.1 million nodes in March 2025), with an annualized growth rate of over 150%. OpenRoaming has 4.5 million hotspots covering 200 countries, with an average of 3 million daily connection requests from users. 🔸 Income model: Third party service fees: Commercial fees are charged to AI, CDN and other enterprises through the Telecom Data Layer, with a potential market size of billions of dollars. Hardware sales revenue sharing: proprietary routers with significant profits. 🔸 Token mechanism: Burning Pool: Destroy 25% of issued RoamPoints to increase ROAM scarcity. Pledge and governance: It is expected that after the opening of pledge, the lock up volume may reach more than 30% of the liquidity, reducing the selling pressure. 🔸 Launch more top exchanges/Korean exchanges, and many Korean users have also participated in the Korean Blockchain Week Finally, to summarize, the ROAM project has received funding from institutions such as Samsung Next and IoTeX, and has been recommended multiple times by Solana. It is among the top DePin projects in terms of nodes, registered users, and coverage countries. In the early stage, the circulating market value was low, and there is a chance to replicate the flywheel effect of the previous DePin project. Since then, node growth and machine sales have driven the coin price. The valuation upper limit is based on HNT's total market value of 720 million US dollars, corresponding to ROAM's coin price of 0.7. According to HNT's peak market value multiple, it is more considerable, but this round still leans towards a conservative valuation. The project has already been listed on 10 exchanges including Bybit and Gate, and contracts will be gradually added tonight. Users participating in mining will also lock in profits through contracts, engaging in a long short battle. On the one hand, it is the user's hedging, and on the other hand, if the project party wants to activate the flywheel effect, it needs to raise the coin price. In the early stage, the circulating market value is not high, and in the case of concentrated chips, the project party may have an advantage.