Decentralized physical infrastructure networks (DePIN) tokenomics

Decentralized Physical Infrastructure Networks (DePIN) utilize crypto-economic incentives to orchestrate the crowdsourced deployment and operation of real-world infrastructure. The design and long-term viability of their tokenomic systems are central to their potential but represent a complex and rapidly evolving field. This scoping review provides a structured synthesis of DePIN tokenomics, moving beyond descriptive mapping to organize its core design primitives into a coherent analytical model. Following the Arksey and O'Malley framework and PRISMA-ScR guidelines, this review charts and synthesizes data thematically. Key findings reveal a prevailing “DePIN Flywheel” pattern grounded in a Burn-and-Mint Equilibrium, where demand is monetized through fiat-denominated usage credits created by burning the network’s native token. This mechanism, alongside governance-calibrated issuance and collateral requirements, forms the core of DePIN’s economic architecture. However, the literature consistently highlights significant challenges: the impact of token price volatility on provider economics, ensuring robust incentive alignment, generating sufficient non-speculative demand, and navigating regulatory uncertainty. We conclude with a research agenda prioritizing empirical event studies of governance changes, quality-adjusted reward measurement, and the development of valuation frameworks appropriate for these hybrid utility-governance assets.