The DePIN Data Problem

Ask anyone for the "market cap" of a DePIN network and you'll get a number. Ask where that number came from and the room goes quiet. The problem is not that DePIN tokens don't trade — it's that the supply side of the equation is a mess. Price is public, but which supply you multiply it by is a choice, and that choice changes the answer by 2–10x depending on the network.

At Kairos Signal, we catalog 745 DePIN networks, 263 of which carry live data and 171 of which expose first-party supply telemetry. Every value we publish carries a verify_url pointing to the exact upstream source. That provenance-first approach is exactly what market cap data needs — because market cap is a derived number, and it's only as trustworthy as its inputs.

Circulating vs. Fully-Diluted Valuation

Market cap data for DePIN splits into two questions:

The gap between the two is often enormous. io.net's max supply of 800M IO sits roughly double its circulating supply — so FDV is nearly twice its reported market cap. Nosana, by contrast, has a max supply of 100M that's essentially fully circulating, so the two numbers are nearly identical. The difference is a real, supply-data-driven signal about how a network values itself.

The Supply Data Trap

The hardest part of market cap data is not the formula — it's knowing what "supply" the source actually measured. We map 40 canonical concepts from 97 native field names across the sector, because CIRCULATING_SUPPLY, TOTAL_SUPPLY, and MAX_SUPPLY are named differently on nearly every chain. Two aggregators will show different market caps for the same network not because either is "wrong," but because they used different supply definitions.

Query It Yourself

You can pull both sides of the equation with a single call:

# Circulating supply, max supply, and market data for a DePIN network
curl "https://kairossignal.com/v1/networks/io.net" \
  -H "Authorization: Bearer $KS_API_KEY"

Compare canonical supply concepts across many networks at once

curl "https://kairossignal.com/v1/compare?concept=CIRCULATING_SUPPLY"

Every field in the response carries a verify_url — for supply data it points at the network's own API or chain explorer; for market data it points at CoinGecko or DefiLlama. Compute the ratio yourself, and you'll never be fooled by an FDV dressed up as a market cap.

Why Provenance Wins

Bitcoin-anchored provenance means each daily batch is Merkle-rooted and timestamped via OpenTimestamps. When you backtest against our market cap data, you get the supply value that was true that day — not a later-restated figure that would silently corrupt your analysis.

Market cap data is only as good as its supply input. Verify the supply, and you can trust the number. Get a free API key →

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This is a data product. Kairos Signal publishes no trading signals, performance returns, win rates, or accuracy claims.