Author: Frank, PANews

On January 14, Solana's official Twitter pinned a recommendation for a DePIN project called Roam, introducing that Roam is unifying over 1 million WiFi hotspots onto the Solana network. However, there hasn't been much prior introduction about Roam in the crypto space.

According to data from DePINscan, Roam currently has a total device count of approximately 1.21 million, ranking first globally. What is the "magic" behind this rapid growth? Can its core model—"low-threshold router mining + token incentives"—truly support the global expansion of roaming WiFi networks?

Low-threshold Router + Token Expectations Attracting Millions of Nodes

Roam was established in 2021 and has completed two rounds of financing totaling $7 million (with $2 million in the seed round and $5 million in strategic financing). As a DePIN project, compared to financing giants like IoTeX, io.net, or Helium, Roam can be considered to have achieved "big results with small investments." The reason for this effect may be related to Roam's business model.

Roam is a decentralized WiFi network operator, primarily aiming to create a global decentralized WiFi roaming network. The narrative is relatively simple: users can contribute their home WiFi to join the Roam network, and if other users connect to that WiFi, the contributing user can earn corresponding reward points. These reward points can be exchanged for ROAM tokens.

In research, PANews found that in July 2024, Roam's registered users and device count were only over 400,000. In just seven months, the number of devices surged by 800,000 to 1.21 million. According to DePINscan data, its device count ranks first globally, with total registered users reaching 2.08 million.

In addition to adding personal routers to the Roam network, Roam's economic mechanism also includes a self-operated device for WiFi miners. Users can purchase Roam's official routers to receive basic rewards and an NFT, along with additional rewards, such as earning an extra 60 points daily or up to 150 points when a user logs in. Currently, Roam has launched two models of routers: MAX30 (priced at $199) and MAX60 (priced at $499). However, from the introduction, only MAX60 users can enjoy the extra points rewards. Aside from the additional points rewards and NFTs, these two routers do not seem to have any particularly innovative features; devices with similar performance produced by a domestic tech brand are priced below 300 RMB, over five times cheaper.

The reason Roam has quickly gained over 1 million users may be that routers are among the most common household devices, requiring no special performance and minimal setup, thus having a low participation threshold.

While observing Roam's network distribution, PANews found that the device density is highest in South Korea, almost covering the entire region. This is followed by dense distributions in China, Southeast Asia, and Europe. The device density in the United States is relatively low. Based on this distribution, the main coverage areas are concentrated in regions with developed networks, while device coverage in underdeveloped areas like Africa is quite low. Currently, Roam's coverage has exceeded 140 countries.

Can High-Priced Router Mining Yield Excess Returns?

According to official information, the total supply of ROAM tokens is 1 billion, with 400 million generated during the TGE event, and the remaining 600 million to be mined later. Of the 400 million generated during the TGE, 280 million are for sale, and 120 million are reserved for the team. In September 2024, the official announcement stated that 20 million tokens would be airdropped to holders of MAX60, MAX30, and NFT owners, as well as previous Roam OG miners.

As of January 15, Roam has issued approximately 2.139 billion points, but the specific exchange ratio between points and ROAM tokens has not been precisely defined, and the exact TGE date has not been announced.

However, we can make some simple estimates. Another DePIN project that has already issued tokens, IOTX, which raised $85 million, currently has a circulating market value of about $330 million, while Helium's token HNT has a market value of about $867 million. If the initial circulating market value of ROAM tokens reaches the level of IOTX, the average price per ROAM token would be approximately $0.825, with an airdrop scale of about $16.5 million. Currently, the announced registered users are 2.09 million, with an average of about 1,023 points per user, leading to an average amount of about $7.8 per user. Assuming that half of the 1.21 million nodes are users who purchased devices, then 600,000 purchasing users could receive an average airdrop of about $27 each.

Assuming the official uses all 280 million tokens for sale in the TGE for point exchanges, based on the current point issuance volume, the exchange ratio of points to tokens is about 7.6:1. If its market value reaches the level of IOTX, then each point would be valued at about $0.1. Based on the rewards points for purchasing devices, users could earn 3,000 points for purchasing a device, plus 100 days of operation with a daily reward of 60 points, totaling 9,000 points, which could yield a total return of about $900. However, this scenario represents the ideal state, as the above calculations estimate two extreme scenarios, but they should still hold some reference value. The average airdrop scale could range from $7.8 to $900. For users purchasing devices, if they only receive $900 in returns over 100 days, the investment-to-return ratio does not seem very high.

For Roam's officials, if half of the devices are exclusive routers purchased by users, this revenue could reach at least $127 million. Even if only one-tenth of the devices are exclusive routers, this revenue could still reach at least $25.47 million. From this perspective, Roam's device revenue could make it the biggest winner in this airdrop narrative.

In addition to the decentralized WiFi network linked to tokens, Roam has also launched an international roaming network service called eSIM. According to the official announcement, Roam's eSIM service currently covers 160 countries and regions. This eSIM is similar to the international roaming network services offered by telecom operators, with pricing ranging from $1.19 to $1.99 per GB. This service price is somewhat higher compared to the roaming service prices of telecom operators in mainland China.

Roam has become a new force in the DePIN track that cannot be ignored. Compared to many projects that have raised hundreds of millions of dollars, Roam has achieved the effect of "doing big things with small money" with just $7 million. However, regarding the current coverage areas, Roam's coverage is primarily in regions with developed networks, where the demand for WiFi does not seem to be a necessity. The current device access mainly stems from expectations of token incentives. For Roam's officials, how to plan the upcoming token economy may be the biggest challenge. If the airdrop effect does not meet expectations, it could lead to a wave of device shutdowns. Additionally, whether the current node count can be maintained after the airdrop and whether there will be motivation to attract more nodes is also a significant issue that Roam cannot ignore.

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