In a recent update from Messari, the crypto intelligence firm highlighted a significant development in the Helium ecosystem. Back in June, they forecasted that if Helium started burning 100% of its revenue from the Mobile subnetwork, the HNT token could become net deflationary within just a quarter. Fast forward to August 19, and Helium made it official by adopting this full burn policy. By September 6, the network hit a groundbreaking milestone: becoming the first net deflationary DePIN (Decentralized Physical Infrastructure Network).

For those new to the space, Helium is a blockchain-powered network that incentivizes users to build and maintain wireless infrastructure for IoT (Internet of Things) devices and, more recently, mobile connectivity through Helium Mobile. The native token, HNT, is used for governance, staking, and paying for network services. Data Credits, which are derived from burning HNT, are what actually pay for data transfers on the network—think of them as the fuel for Helium's operations.

This shift to burning all Mobile revenue means that fees generated from mobile data usage are directly used to remove HNT from circulation, reducing the overall supply. When burns exceed new token emissions, the token becomes net deflationary, which can potentially increase scarcity and drive up value over time, assuming demand holds steady or grows.

The tweet from Messari underscores this achievement, noting Helium's pioneering status in the DePIN category. DePINs are networks that use crypto incentives to crowdsource physical infrastructure, like Wi-Fi hotspots or sensor arrays, and Helium has been a leader here since its inception.

Looking at the accompanying chart from Messari, we see daily Data Credit burns (in purple bars) versus HNT's fully diluted value (FDV, orange line) from March to June 2025. Network usage, measured by Data Credit burns, roughly doubled during this period, indicating growing adoption. Meanwhile, HNT's FDV dropped sharply by 45%, which aligns with the deflationary pressures building up even before the full burn policy kicked in.

This data paints a picture of a network that's not just surviving but thriving amid market volatility. Increased burns reflect real-world usage—more devices connecting, more data flowing through Helium's decentralized infrastructure. For blockchain practitioners and investors eyeing meme tokens or utility-driven cryptos, this could signal a shift where fundamentals like usage and tokenomics take center stage over hype.

Messari's full report dives deeper into Helium's valuation and growth catalysts. You can check it out here, and they're even offering 50% off on their Enterprise subscription for a limited time.

As the DePIN narrative gains traction, Helium's move could inspire similar mechanisms in other projects, potentially reshaping how we think about token supply and network sustainability. Keep an eye on HNT—it's proving that real utility can lead to lasting value in the crypto world.