Most of the projects on the Depin track are no longer thriving like a flash in the pan; But XPIN @ XPINNetwork has been tracking for a long time, and it doesn't seem like a "tell the story and leave" DePIN project, especially after reading the annual report below and continuously promoting the combination path of DePIN+PayFi. In terms of data and products, it is still very eye-catching in the DEPIN track. Let's start with a premise: I don't think XPIN's model has been "validated by the market", everything is still in the process of being built. Moreover, in the DePIN track, I believe that there are still a few projects that truly run the business model, and XPIN is no exception: it has not proven that it can scale up, nor has it proven that the token model can be self consistent. But what's rare is that it hasn't been eliminated early by 2025 at least, but even in a market that's not doing well, it's still slowly accumulating things that aren't as sexy, which is quite rare! one ️⃣ What did you do right! XPIN is a DePIN project of TGE in August, with a core focus on global eSIM+Freedata network. It does not have a huge narrative, but rather makes the network and telecommunications infrastructure more WEB3; Several key 'results' for 2025: 1) Global eSIM users>120000 2) Locked warehouse total of 3.8 billion XPINs 3) Currency holding address 74000+ 4) The highest price is 20x, and currently there are still about 5x available The biggest advantage of XPIN should be that it has already landed products, has already run out of data, and has been continuously used by people. In the DePIN track, being able to achieve this is even above the passing line. If we can wait for the wind to come, we should have a good performance. two ️⃣ What I really care about is not communication, but structural experimentation! As mentioned in the summary, the real highlights of XPIN 2026 are three things: 1) Deflation mechanism online: Let network usage, deposit, and consumption truly form a closed loop with XPIN value. 2) DePIN+PayFi closed loop (this is crucial) A very radical idea: Global internet fees=covered by deposit income; Users can connect to the internet without additional payment. If it runs smoothly, using the profits of the network itself to reverse subsidize the cost of network usage is essentially turning "communication costs" into a financial byproduct, which is actually an interesting attempt. ③ XPIN ID (I think the most underestimated) By utilizing global network coverage, we will launch a globally universal and high privacy authentication system to replace traditional SMS verification codes, which can be targeted towards wallets, exchanges DAO、 Enterprises, based on my observation, are actually transitioning from the communication layer to the identity layer. three ️⃣ Future observations: The Depin track is not currently a popular track, but as the best link direction for infrastructure and WEB2, I think it will continue to explode at some stage; In the high elimination rate track of DePIN, 'still working' itself is a screening criterion. As for where it can ultimately go, I won't stand in line in advance, I will silently observe like everyone else. For XPIN, I think we should continue to pay attention to three directions: 1) Will users still stay after the subsidy reduction; 2) Has the network quality really improved; 3) Does the new structure bring about demand for non investment models. XPIN Freedata XPIN