Blockchains are generally slower databases with decentralized applications (dApps) offering a clunkier UX than their Web2 counterparts. Crypto transactions are often a hurdle for adoption, but when it comes to the coordination of physical resources, such as hardware, it excels. DePIN is simply not possible without blockchains. Projects like GEODNET epitomize this value proposition, showcasing that there are actual use cases and businesses that come to crypto because of commercial necessities—not because they want to build something in crypto and launch a token.

Source: Kaito.ai – GEODNET is actually the world’s largest real-time kinematics network, enhancing GPS accuracy by 100x. While this might seem overkill for your daily commute, it’s a game-changer for industries like agriculture, drones, virtual reality, self-driving cars, and robotics.

Founder Mike Horton is not a crypto native. Instead, he started building on blockchain rails after experimenting with Web2 solutions and realizing how inefficient and unscalable operations could be. Driven by a real-world need, Mike and his team had no choice but to rely on crypto if they really wanted to tackle such a big problem that has downstream effects across a range of industries. With faster and cheaper infrastructure deployment, provided that the tokenomics are sustainable, GEODNET is one of the best examples on the market to showcase the potential of DePIN for achieving large-scale social coordination and CapEx reduction.

Source: State of DePIN 2023 by Messari and EV Research  – The DePIN Flywheel is all about building infrastructure networks  that get stronger as they grow bigger.

With DePIN there is an operational cost benefit in terms of crowdfunding, a sustainability benefit through token incentives and supply control based on demand pressure, and there is also a speed benefit for deploying physical infrastructure. Trying to deploy infrastructure, particularly in the Western world, is super slow and time-consuming. DePIN has proven that you can build real-world infrastructure quickly. Once the core infrastructure is built, then businesses start coming and operating on top. This is a real moat that creates plenty of downstream economic opportunities for its early adopters.

Key Takeaways

• Decentralized Infrastructure for Precision: GEODNET leverages blockchain and DePIN to build a vast, decentralized GPS refinement network, offering 100x more precise geospatial data.
• Real-World Use Cases and  Industry Crossover: GEODNET’s high-precision geolocation data serves a wide range of industries, including agriculture, drones, autonomous vehicles, virtual reality, robotics, gaming, and augmented reality.
• Cost Efficiency and Scalability: GEODNET’s decentralized model allows for faster and cheaper infrastructure deployment than centralized competitors, reducing CapEx and operational costs significantly.
• Moat and First-Mover Advantage: GEODNET has built a significant moat in the market by being an early mover in decentralized precision infrastructure, outpacing traditional incumbents like Trimble and Topcon.
• Upcoming Partnerships and Network Expansion: GEODNET is expanding to Solana for increased network effects, partnering with projects like Wingbits and Natix to further enhance its geospatial data offerings across multiple sectors.
• Wide Industry Adoption: From precision agriculture and construction monitoring to advanced driver assistance systems (ADAS) and IoT, GEODNET’s solutions are already gaining traction with major players and government bodies like the USDA.
• Decentralization as a Necessity: For geospatial networks, decentralization isn’t optional—it’s essential for providing accurate coverage across large, distributed areas. GEODNET’s decentralized nodes offer a structural advantage over centralized models.
• Timing and Market Fit: The growing demand for precision in autonomous systems and smart infrastructure positions GEODNET at the perfect time to capitalize on this expanding market.
• Seamless Token Abstraction: Payments in fiat are seamlessly converted to $GEOD tokens, with 80% burned to maintain deflationary pressure, ensuring long-term token value retention while abstracting crypto complexities for users.

The Precise Origin Story

The average reader takes certain technologies for granted nowadays, and GPS is one of them—it is very easy to overlook details such as how accurate geolocation and more precise coordinates data could actually take certain industries to the next level. GEODNET’s strength comes from solving that exact problem—resting at the intersection of fast-growing market sectors that could largely benefit from high-accuracy geospatial data.

Originally developed by the U.S. Department of Defense in 1973 and fully operational by 1995, GPS stands for Global Positioning System, and it is a satellite-based navigation system that provides geolocation and time information to GPS receivers around the globe. The only requisite for receiving these signals is that there must be an unobstructed line of sight to at least 4 GPS satellites.

GPS receivers can be found in a variety of devices, from smartphones to cars. They work by picking up signals from multiple satellites and calculating the time it took each signal to reach. Knowing the speed of light, the receiver can determine the actual distance to each satellite and triangulate its position on Earth.

However, there are several sources of errors in these signals, ranging from satellite clock errors, atmospheric effects causing delays and inaccuracies, or multipath errors caused by buildings, trees or other objects causing interference. Some of these errors stand to be corrected by so-called Ground Reference Stations, also known as Continuously Operating Reference Stations (CORS). They serve as fixed reference points that help to improve the accuracy of positioning for other GPS receivers in the area. By comparing the data from mobile GPS receivers with the data from these fixed stations, users can achieve much higher precision in their location measurements.

Source: Anatum GeoMobile Solutions – RTK GPS technology provides centimeter-level accuracy for field mapping tasks, offering significant advantages over traditional sub-meter GPS receivers.

Most readers have experienced how GPS coordinates can tell your exact position within 10 to 20 feet or 2 to 3 meters. What GEODNET does is turn this precision to be as accurate as the size of a golf ball, measuring in centimeters—and doing it faster and cheaper than any centralized system could.

Mike Horton’s background in navigation systems adds serious credibility here; he’s already built and exited successful businesses in this space. Right out of college, the current founder of GEODNET started a company called Crossbow Technology in 1995, which he built up and eventually exited by selling one part of the business to a company in China and another portion to an aerospace company in the US.

With this experience, and after selling the company in 2011, Mike and his team explored web2 alternatives and solutions. For instance, they reached out to entities like American Tower and Crown Castle, which are cell tower operators, wondering if they could use their infrastructure for hosting these stations. After realizing how expensive and time-consuming that process would be they also looked into other alternatives such as the public self-storage units that are all over the United States. But that turned out to be quite expensive as well—and negotiating leases would take forever, as they requested having a city inspector on each location, paying between $5k to $10k upfront for engineering plans (per location).

In this journey, they quickly realized that the traditional infrastructure route was prohibitively expensive and slow, and that’s where DePIN’s decentralized model shows its value—allowing them to build out a vast network of reference stations rapidly without needing billions in CapEx. It is simply not scalable to build out a network of thousands of nodes going through the legacy route—you are talking about billions of dollars of capital equipment and CapEx to do that.

As we introduced in our Helium report, that’s even an issue for 5G providers. The costs might be justified for large centralized players competing for a monopoly, but when you think about the markets that GEODNET is after, a lot of them are just developing—and that presents a chicken-and-egg problem.

For GEODNET, it is the cost efficiency and scalability they have unlocked by using blockchains and token incentives that built up a significant moat. Legacy competitors can’t easily replicate this without shouldering massive infrastructure costs. This allows the protocol to be first-in-line for capturing a first-mover advantage enabling applications such as the ubiquitous use of drones, consumer robots, real-time traffic management, environmental monitoring, augmented reality, or better Advanced Driver Assistance Systems (ADAS) in automobiles to name a few.

Source: GEODNET Docs – GEODNET has become the largest reference station network by allowing users to purchase and install small GNSS Antennas and become nodes to the network in exchange for $GEOD tokens.

The talent and background experience of the team is critical for tackling this mission, and having these people coming to crypto is a big net positive for the space. Traditional solutions have struggled with complex challenges like ionospheric and tropospheric errors in satellite signals due to the massive investment in infrastructure required. However, GEODNET’s decentralized model turns that into a scalable opportunity. The DePIN approach has allowed them to build the world’s largest real-time kinematics network by leveraging blockchain to reduce both CapEx and deployment time, something no centralized operator could do as quickly or cost-effectively.

Initially launched in Polygon because of its reliability and cheap transaction costs, GEODNET has been closely following the rapid growth of DePIN projects in Solana. The potential for network effects and finding synergies has prompted them to initiate an expansion to the network. This was announced in Breakpoint 2024 and opens up the doors to leverage Solana’s fertile ground by collaborating with key partners such as Wingbits (for flight tracking and RTK) and Natix (a geospatial intelligence network that combines AI technology, edge computing, and blockchain to create a crowdsourced mapping system).

The cross-pollination with the Solana ecosystem after the successful pass of GIP-3 expands both demand and token utility, with an increasing amount of $GEOD tokens being burnt by other DePIN projects paying for precise geolocation services.

A New Horizon in Geolocation

GEODNET leverages the use of blockchains and token incentives for tracking the deployment of physical infrastructure to solve the high costs and inefficiencies of centralized GPS systems, unlocking rapid deployment, cost-effective scaling, and more accurate geospatial data. The traditional infrastructure model simply can’t compete with the speed and flexibility of DePIN, which allows GEODNET to build a robust global network without spending billions in CapEx and dealing with bureaucratic logistical overhead.

The project is tackling the problem of enhancing GPS accuracy by 100 times, which is crucial for a range of industries such as drones and autonomous delivery services, optimal resource allocation for urban planning and smart cities, precision agriculture and environmental monitoring, remote asset tracking, augmented reality, or even games similar to Pokemon Go.

By using blockchain for resource coordination, reward distribution, and dynamic staking incentives, GEODNET ensures coverage is optimized, encouraging nodes in underserved areas and creating a balanced, well-formed network. This dynamic allocation of both resources and token incentives is a key attribute for decentralized networks that must measure the “Proof of Useful Work” of its participants—the ability of the protocol to allocate more rewards to its most valuable providers.

Source: GEODNET Docs – The GEOD Console is a visual platform designed for users to view the global distributions of Base Stations (Satellite Miners); users can register their Base Station on the platform, set up their digital wallet, and start receiving token rewards.

The setup for running a GEODNET node is straightforward: you buy the equipment, check the console map to find an ideal spot with minimal competition, and mint a location NFT to secure your rewards. Being first in a location is key because rewards get split if more miners come into the same place. Once the node is deployed—clear sky view, stable power, and internet—the station continuously uploads data, about 10-15GB a month, ensuring consistent real-time service, which directly impacts earnings. At $0.25 per token and earning 24 tokens per day, you’re looking at a potential quick ROI for a ~$700 investment, especially if you’re a first mover in a good spot.

Source: GEODNET Docs – The GEOD Location NFT is an ERC-721 token that is awarded to the first high-performance miner on a given geographical location.

Blockchain payments are abstracted away from end users. Network services are paid for in fiat, then converted to $GEOD tokens, with 80% burned for deflationary purposes. Plus, an annual halving further contributes to long-term value retention. It’s a solid model, but as with any network-driven system, early positioning and scalability are critical for maximizing rewards.

Challenges like the ones being tackled by GEODNET is where blockchains and DePIN shine—coordinating resources and distributing rewards efficiently across a global network that would be logistically impossible using traditional methods. Daily payments to thousands of miners in different countries would be a nightmare using wire transfers, but blockchain simplifies this through token distribution, cutting costs and speeding up the process. Furthermore, the location NFT system ensures the network grows efficiently, avoiding over-concentration of nodes, which would devalue the overall coverage. A network with an excessive concentration of nodes in one area and then nothing anywhere else would be redundant, and those big gaps make the actual value proposition exponentially less valuable than a well-formed, well-structured, robust network.

Source: GEOD Console Dune – GEODNET has already onboarded over 9k miners across 140 countries.

By securing these key spots with NFTs and incentivizing staking in harder-to-cover areas, GEODNET ensures the network’s structure is geographically diverse, which is crucial for customers who depend on consistent, global geospatial data. The staking mechanism adds another layer of market-driven balance, ensuring nodes are deployed where they’re most needed, rather than through rigid centralized planning. This is top of mind for both suppliers and consumers, as these mechanisms create ways for the network to promote coverage in places that are harder to cover or deploy to.

Charting the Path for DePIN

Crypto is not a good fit for many things, as it often adds unnecessary friction for many applications, especially when compared to the smoother user experiences of Web2 counterparts. However, there are use cases that are uniquely enabled by crypto. Deploying and coordinating hardware and other resources at scale is an example of that. This is where DePIN (Decentralized Physical Infrastructure Networks) comes in, providing a solution for efficiently deploying and managing physical infrastructure, something that’s difficult to achieve with centralized systems due to highly expensive logistics and time-consuming bureaucratic processes. By distributing incentives through tokens and enabling decentralized decision-making, DePIN projects like GEODNET can rapidly deploy hardware (nodes, antennas, sensors) across global networks at a fraction of the cost. This model is simply not feasible without blockchain, and it’s a key reason why crypto adds unique value in this space.

Source: Kaito.ai DePIN Narrative Mindshare – Market timing and sector selection is critical for capital allocators in the space, and while AI is undeniably the narrative of this cycle, DePIN is poised to be the next big wave—it’s actually solving real-world tangible problems, not just adding speculative value through tokenization.

The alignment of incentives—through decentralized coordination and crowd-sourced infrastructure—addresses real needs in sectors like agriculture, IoT, autonomous vehicles, augmented reality, and the list goes on. What makes DePIN special is that tokens are a necessity, not a gimmick. They efficiently manage and reward network participants, reducing CapEx and accelerating infrastructure deployment. This is reminiscent of DeFi in 2019 before the so-called DeFi Summer, when fundamentals were strong, but the market hadn’t yet caught on. As real use cases mature, and liquidity improves, DePIN could follow the same trajectory—moving from niche to mainstream rapidly, driven by real utility and demand rather than speculative hype. Expect reflexive FOMO once the tipping point hits.

Source: GEODNET Docs – The GEODNET Foundation creates proposals for the community to participate in staking in certain locations they want to incentivize. The minimum stake required is 1000 $GEOD, with increments of 1000 $GEOD thereafter.

Tokens in the current market are illiquid and few, but the number of liquid funds specifically dedicated to DePIN is increasing, and the amount of funding going into this sector is not showing signs of slowdown. RTK (Real-Time Kinematic) networks are a critical layer that refines GPS accuracy, often misunderstood by the public but essential for several high-growth industries. While most people associate GPS with basic navigation, RTK brings the precision down to centimeter-level accuracy, which is a game-changer for industries like drones, self-driving cars, agriculture, and robotics. As these sectors mature—particularly with the rise of automation and virtual reality—the need for ultra-precise geolocation will only intensify. This already represents a multi-billion dollar opportunity.

The Core of GEODNET’s Vision

GEODNET’s antenna buyers span a wide range of industries, each benefiting from the precise geolocation data provided by the network. Companies like DJI Enterprise and Propeller use GEODNET to enhance Real-Time Kinematic (RTK) capabilities in their drones, particularly for construction site monitoring. Major tractor manufacturers have also integrated GEODNET for precision farming, and the U.S Department of Agriculture (USDA) is working to introduce smaller farmers to precision tech through GEODNET, reducing input costs and labor. In the automotive industry, partners like Bynav use GEODNET to provide high-accuracy Global Navigation Satellite Systems (GNSS) for advanced driver assistance systems (ADAS) to improve lane-keeping and control, especially in areas without HD maps. Quectel, the largest maker of IoT modems, integrates GEODNET into their solutions, while companies like Sensory Robotics are using it for precision mowers and commercial landscaping fleets. It is also worth highlighting how valuable the ownership of this data can be, as GEODNET sells data wholesale to other market participants, including semiconductor companies that manufacture GPS chips.

Source: USDA Agricultural Research Service – Farmers often face the burden of paying thousands of dollars every year to receive an RTK signal; centimeter accuracy is essential for tractor auto-steering and GPS guidance.

GEODNET’s collaboration with the USDA is one of the best examples to showcase how DePIN can provide a decentralized solution that is not only more affordable but also enhances the sustainable farming practices of smaller U.S. farmers. Traditionally, precision agriculture tools, such as automated drones and guidance systems, have been expensive and limited to larger operations. GEODNET’s offering—at a fraction of the cost ($400/year vs. competitors charging 5-10x more)—makes these advanced systems far more accessible.

The defensibility of the moat lies in its decentralized, blockchain-powered infrastructure, which enables rapid deployment and cost-efficient scaling that traditional, centralized competitors struggle to match. This decentralization is particularly critical in geolocation, where broad distribution enhances accuracy and reliability, unlike sectors like GPU rentals, where larger distribution increases latency and degrades performance.

The ability for B2B2C clients to seamlessly add nodes without dealing with crypto complexities further strengthens GEODNET’s moat. Customers can fill coverage gaps effortlessly, without needing to interact with tokens or blockchain tech directly—abstracting away the complexities while benefiting from the enhanced coverage and cost savings. This creates a user-friendly, scalable solution that continues to attract enterprise customers across industries.

With DePIN, a common issue in the past has been over-incentivizing the supply side with token rewards, forcing node operators to sell tokens due to their dollar-denominated costs. GEODNET is aware of those problems and has proactively taken a more balanced and sustainable approach, focusing on both supply and demand growth in tandem. Their model mirrors successful Web 2.0 strategies like Airbnb’s gradual, spiraling network effect: build a bit of supply, create demand, and repeat. By ensuring demand grows alongside node deployment, GEODNET avoids the pitfall of over-supply without sufficient demand. Their early traction in key markets like Western Europe, the U.S., Turkey, and Romania shows that this strategy works, as they’ve managed to scale while maintaining a healthy economic balance.

Source: GEOD Console Dune Dashboard – By August this year GEODNET already exhibited $100k+ in its monthly burn, or $1.5M+ ARR with over 9k miners deployed globally.

GEODNET’s cost advantage over centralized competitors may seem counterintuitive at first, especially given the traditional business school concept of economies of scale. Typically, larger centralized companies benefit from reduced costs as they scale. However, GEODNET fits into a class of DePIN networks where decentralization isn’t just a preference—it’s a necessity. For geospatial networks, geographic distribution is critical. You can’t stack 100 nodes on one roof and expect the same value as you would from a centralized data center. The network must be decentralized to cover specific areas and offer precision.

This geospatial requirement gives GEODNET a structural advantage over centralized models. Their decentralized approach reduces operating costs because node operators contribute resources from diverse physical locations, eliminating the need for costly centralized infrastructure. The ability for customers to seamlessly add nodes to fill coverage gaps, without complex onboarding, is a major selling point for Web2 customers. These factors make DePINs like GEODNET more scalable and cost-effective than centralized solutions in fields where geographic distribution is key, such as GPS refinement and mapping—it is not just token inflation subsidizing upfront costs.

GEODNET’s edge over centralized incumbents like Trimble, Hexagon, Novatel, and Topcon comes from its permissionless participation model. By allowing anyone to install receivers, GEODNET bypasses the costly and slow process that centralized companies face when renting locations and deploying nodes. These traditional networks have taken years to build—their scaling has been slow, expensive, and riddled with inconsistencies in equipment and infrastructure.

The expansion to Solana and go-to-market strategy of GEODNET come at a perfect time as the demand for high-precision geospatial data is exploding, driven by the rise of autonomy, including robotics, AR, and autonomous vehicles. As the world moves into this era—where billions of robots and smart devices will require precise positioning—GEODNET’s infrastructure is already in place to meet the surge in demand.

GEODNET’s upcoming mobile SDK with GIP-4 will open up new opportunities for integrating its high-precision geospatial capabilities into existing apps like Uber and Lyft, as well as new Web3 gaming experiences through partnerships with companies like Animoca Brands. This allows for innovative applications such as geocaching, move-to-earn games, and AR experiences, where precise location data is key to enhancing the user experience.

Crossing Into the Next Era

It’s clear that there is a real-world need driving the supply and demand dynamics of $GEOD, not just hype around a token. GEODNET is solving an actual problem—improving GPS accuracy by 100x—and that’s a serious edge for industries like drones, self-driving cars, virtual reality, agriculture, gaming, and robotics among others. GEODNET is sitting at the crossroads of several high-growth trends—it’s not just a set of devices that simply improve GPS coordinates to achieve more precise location data. Without it, the tech in these industries is severely restricted and limited; the key is that GEODNET is unlocking the solution for its foundational problems. The fact that the founder wasn’t crypto-native speaks volumes; they’re using blockchain because they have to, not because they want to jump on a trend.

The real question is how scalable this is across different industries and whether they can maintain a lead. When you’re at the intersection of so many secular trends, competition will pile in fast. But that’s exactly where the moat is. GEODNET’s competitive advantage lies in its ability to deploy infrastructure quickly and cost-effectively using blockchain, something traditional players struggle with due to regulatory and logistical hurdles. The challenge for competitors is replicating this combination of decentralization, scalability, and speed—especially without the token-based incentives that drive node participation in GEODNET’s model.

References

GEODNET: Web3 RTK Location Correction | Link

GEODNET Docs | Link

GEODNET X | Link

Mike Horton, Founder of GEODNET on X | Link

GEODNET Substack | Link

GEODNET Discord | Link

GEODNET Youtube | Link

GEODNET Governance | Link

GEOD Console Dune Dashboard | Link

Logan Jastremski Podcast with Mike Horton – Getting Centimeter Level GPS Accuracy | Link

Empire Podcast with Mike Horton and Christopher Perkins – Why GPS Needs Crypto to Evolve | Link

DePINed Podcast with Mike Horton – Decentralized High-Precision Positioning | Link 

The BlockCrunch Podcast with Jason Choi – Why We Are Bullish on GEODNET |  Link

DePIN Hub #011 – The Global Earth Observation Decentralized Network | Link
DePIN Connection Interview with Mike Horton | Link

The Open Metaverse Podcast – Enhancing GPS Precision 100x | Link

Borderless Capital Announces $100M for Third DePIN Fund | Link

Fluence DAO = How Precise Location Enables AI Robots | Link

State of DePIN Report by Messari and EV Research | Link

DePIN’s Imperfect Present & Promising Future by Compound VC | Link

Disclosures

Revelo Intel has never had a commercial relationship with GEODNET and this report was not paid for or commissioned in any way.

Members of the Revelo Intel team, including those directly involved in the analysis above, may have positions in the tokens discussed.

This content is provided for educational purposes only and does not constitute financial or investment advice. You should do your own research and only invest what you can afford to lose. Revelo Intel is a research platform and not an investment or financial advisor.