Xyo, the first depin project launched, has earned a list in Kraken after reporting $ 8.8M to 2024 income by filing SEC.
Why important? The Xyo list in Kraken marks a decisive turn on how exchanges and investors can evaluate crypto projects. History, imaginary enthusiasm, sticky marketing, and enlargement on-chain metrics such as the total locked (TVL) amount that leads the decisions on the list. But Xyo’s path to Kraken emphasizes a broader movement that prefers the tangible business performance in the shallow hype.
Established in 2018, Xyo predicts coining Term Definition (decentralized physical infrastructure networks) by three years. The network focuses on enhancing the validity, certainty, and value of real-world data through proof of the location and proof of technological backgrounds.
With more than 10 million nodes, it connects to the Web3, Web2, AI, and Geolocation industries, while maintaining 80% of its user base outside the traditional crypto audience. Its $ 8.8 million revenue for 2024 – which is publicly revealed to the SEC files – provides a clear benchmark for preparing for its list.
Moving beyond the metrics of ICO-era list
During the ICO Boom, Whitepapers, community size, and TVL numbers often determine the right -worthy project exchange. This led to the rapid launch of the token with limited investigation of the actual financial maintenance.
“In the final cycle, the tokens were launched and listed at the speed of breakneck based on whitepapers and hype,” co-founder Markus Levin told Alexablockchain. He emphasized that developing US regulation has changed focus on metrics more similar to traditional business reviews – revenue, profitability, and operational sustainability.
This realignment is in line with the broader development of the capital market. Earlier in 2025, the Circle Internet Group went public, preventing its IPO between $ 24 and $ 26 per portion before falling to $ 69.The analysts linked most of this rally to 53% year-to-year income growth, worth $ 658 million in Q2 2025. Success has strengthened the investment in investment for crypto businesses constant growth and adoption in the world.
From institutional to retail investment standards
The evolution of the project’s evaluation initially emerged within the institutional circles, where fund managers reviewed user acquisition costs, life value, and income margins before making capital. However, retail investors further adopt the same approach, prefers measurable performance in narrative narratives. This shift has also influenced the exchanges, many today need projects to show the proven income before listing.
Levin believes this is a “healthy evolution” for the entire industry, reducing the dominance of uncertain growth tactics. By aligning with revenue-driven tests, exchanges reduce exposure to projects that cannot withstand market collapse or regulatory examination.
DEPIN MARKET GROWTH AND COMPETITIVE LANDSCAPE
Xyo’s Kraken list also eases the rapid expansion of the depin sector. According to the World Economic Forum, the market can grow from $ 50 billion now to $ 3.5 trillion by 2028. Venture capital interest remains stable, with more than 165 deals related to depin and $ 744 million in funding closed since January 2024. Investors are asking for clearer income paths.
In this climate, Xyo’s operation model stands. Through its coin app, the network motivates participants to collect and verify geospatial data, creating a rich dataset for applications from monitoring the supply chain to play. The project’s dual structure-a non-profit XYO Foundation and the For-Profit XY Labs-are supported by both steward’s network and commercial scalability. The XY Labs is noteworthy is the first US Crypto company to receive the SEC approval for a regulation offered, enabling investments from both accredited and non-accredited participants. Its shares, tokenized and exchanged under $ xylb in Tzero ATS, further position it ahead of the real-world asset (RWA) tokenization wave.
The end of the speculations -Haka list of cycles?
If the XYO list is any indication, the days of the faster fire, the exchange-driven exchange lists can be counted. The new threshold – proven, sustainable income – can determine which projects will survive and develop. For the depin sector, this may mean a less but a stronger network launch, with a stronger emphasis on business adoption and cross-industry integration.
Levin expects many projects to follow Xyo’s lead, which has moved away from vanity metrics to measured success. “We will see more of these businesses that have evolved,” he said.
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