In summary:
DAWN Attracts Major VC Funding: DAWN has raised $33 million from Dragonfly Capital, Wintermute, and VanEck Ventures, surpassing GRASS.
Leveraging Existing Infrastructure: DAWN utilizes Andrena’s expertise to offer low-cost wireless internet, already serving 10,000 households.
Potential for Large Market Cap: DAWN projects a fully diluted market cap of $2 billion with 2.3 million nodes, on par with GRASS and poised to exceed it.
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With easy participation and no upfront costs, DePIN projects like Grass and Dawn have successfully attracted a large number of users. Many crypto investors in Vietnam are particularly interested and hoping to receive valuable airdrops.
Following the success of Grass (GRASS), Dawn (DAWN) is the next project generating positive predictions and anticipation from the community. Here are a few reasons why DAWN is believed to have the potential to surpass GRASS in terms of market capitalization.
What Does DAWN Have That GRASS Doesn’t?
Both DAWN and GRASS focus on building a decentralized physical infrastructure network on the Solana blockchain, where users can share their resources such as bandwidth, storage, or computing power to create a vast and efficient network.
Both projects require users to install a browser extension (typically on Chrome) to share resources and earn rewards. This allows for easy participation without requiring extensive technical knowledge.
See more: 4 Promising Projects Similar to GRASS That Have Received VC Funding
However, DAWN is demonstrating significant interest from major investors. The project has successfully raised $33 million across two funding rounds, with participation from prominent venture capital firms such as Dragonfly Capital, Wintermute, and ParaFi Capital. Notably, VanEck Ventures and VanEck’s Digital Assets Alpha Fund have also invested $2.5 million in DAWN.
Meanwhile, GRASS has raised over $4.5 million, led by Polychain Capital, Hack VC, and No Limit Holding. This is not an insignificant amount, but it is still considerably lower than DAWN’s funding. It’s safe to say that DAWN is currently the DePIN project attracting the most investment from VCs.
DAWN was created by Andrena, an internet service provider established in 2017 that previously raised $18 million in Series A funding. Therefore, sharing bandwidth/internet resources can be considered Andrena’s area of expertise. DAWN has an advantage over GRASS in that it already has external revenue streams as a more solid financial backing.
“Currently, DAWN is serving 10,000 households across 10 states with a serviceable addressable market of 1.5 million households in New York City, through its first deployment partner, Andrena. By replacing expensive fiber with smart wireless technology (operating on 6GHz and 60GHz bands) in the last mile, DAWN is delivering gigabit internet for $10-15 per household, compared to $750-1,100 for traditional fiber.” – VanEck commented.
Currently, the community predicts that DAWN will have a fully diluted market cap of around $2 billion or more, on par with GRASS’s current valuation. DAWN’s current node count is also nearly equivalent to GRASS, reaching 2.3 million nodes. Many investors who missed the GRASS opportunity have turned to DAWN, while previous GRASS investors continue to seek similar opportunities like DAWN.
A recent Messari report stated that revenue from the DePIN segment increased by more than 100 times in 2024 and continues to expect this segment to be one of the main market narratives in 2025.
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