The nodes mostly comprise human users who provide data in exchange for rewards via the network’s mobile application, COIN.“The vast majority of our 10 million nodes are mobile users, but some are IoT devices like smart speakers,” Levin told Cointelegraph. Approximately 80% of XYO’s users are non-crypto natives who are participating in Web3 for the first time, he added.
Source: XYO Related: DePIN XYO launches on SolanaDePIN TokenomicsIn exchange for data, XYO awards its users points that are redeemable for its native XYO token, as well as “BTC, ETH or even gift cards,” he said. In October 2024, XYO bridged its native token to Solana (SOL) in a bid to reach more users. The XYO token has a market capitalization of roughly $180 million as of May 2, according to data from CoinMarketCap.
It then uses a portion of that income to buy back XYO. In January, XYO launched its layer-1 blockchain, which collates real-world data from across XYO’s nodes onto a public ledger. The network’s validators stake XYO and earn rewards denominated in XL1, the network’s newly-launched gas token. XYO has a market capitalization of around $180 million.
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Author / Journalist: Cointelegraph by Alex O’Donnell
The story "XYO Network tops 10M DePIN nodes — Co-founder" has 369 words across 17 sentences, which will take approximately 2 - 4 minutes for the average person to read.
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