Some thoughts on restructuring DePIN revenue. TLDR: - Maximize onchain revenue transparency and route all payments through a verifiable treasury before covering offchain expenses. - Delay buybacks and reinvest earnings into growth. - Enable independent gateway organizations to drive demand side decentralization. 1. Maximize revenue transparency: All revenue should be visible and verifiable onchain. Enterprise and consumer payments should route through a fiat onramp like Stripe and land in an onchain treasury in USDC or the native token. This removes opaqueness and builds investor confidence that revenue is real. From the treasury, funds can be allocated to OpEx and offchain growth initiatives while preserving accountability. Even if this adds friction early on, the long-term benefit of transparent revenues outweighs the inconvenience. 2. Delay buybacks and reinvest in growth: No DePIN currently generates enough verifiable revenue to justify buybacks. Buybacks imply that reinvesting in growth is less worthwhile than distributing value. In high-growth environments, all earnings should go back into scaling the business. Even Web2 startups only consider dividends or buybacks well after IPO and profitability. Pump and Hyperliquid generate nine-figure annualized revenue. No DePIN is anywhere near that level yet. Focus on growing revenue and showing it onchain before needlessly buying back tokens in highly volatile markets. 3. Decentralize the demand side through independent gateway orgs: Today most DePINs rely on the founding team or foundation to conduct enterprise sales and manage consumer distribution in order to capture demand. This centralization bottleneck undermines transparency due to the reliance on a sole company to report revenue (even if directed onchain). Protocols should enable independent 3rd parties to access protocol resources directly so they can conduct sales on the protocol’s behalf. Monopolizing demand side sales may benefit founding investors and equity holders but is not in token holder interests. The presence of independent gateway orgs could both boost overall sales as well as provide transparency into sales economics, enabling token holders to assess whether the OpEx and revenue capture percentages disclosed by the founding labs or foundation are justified. More thoughts soon.