DePIN, or decentralized physical infrastructure, could be one of the standout sectors of this cycle, because of its appeal to non-native crypto users, according to the PitchBook analyst. “DePIN is going to be one of the strongest narratives, maybe the strongest,” he said. “There are so many narratives in previous cycles that were all about crypto native users. With DePIN, you see a lot of activity with non-native users.”