Every infrastructure sector in modern history developed using the same playbook. Someone builds raw capacity ahead of demand. The raw resource commoditizes and gets cheaper forever. And the money moves to whoever sells guaranteed, contracted service on top of it. So far, cloud ran it, telecom ran it, even chip makers did it to an extent. Crypto infrastructure is attempting to repeat it right now. Imho, by the end of 2027, the majority of DePIN demand-side revenue will settle off-chain under enterprise contracts, and the on-chain dashboards will be tracking a minority share