Piggycell Depth Report: Market share exceeds 95%, transitioning to DePIN will tokenize charging infrastructure

Piggycell is a leading shared power bank service provider in South Korea, with a market share of 95-98%. It is currently transforming towards Web3 DePIN (Decentralized Physical Infrastructure Network) and RWA (Real World Assets) protocols. The project tokenizes physical charging infrastructure through NFTs, enabling revenue sharing, and introduces a “Charge to Earn” (C2E) mechanism to incentivize user participation.

From Web2 Leader to Web3 DePIN Pioneer

Piggycell's core business is a South Korean shared power bank rental network, where users rent power banks through an APP at charging lockers located in convenience stores, shopping malls, and transportation hubs, paying based on usage time. The traditional operating model generates stable income, with revenue exceeding 10 billion KRW (approximately 7.5 million USD) in 2023. This proven Web2 business model is Piggycell's greatest advantage in transforming to Web3, as it already has a real user base and cash flow, rather than starting from scratch as a purely crypto project.

The Web3 transformation introduces DePIN elements, tokenizing real-world usage (renting/returning) on the chain. This transformation is not merely adding tokens to existing businesses but fundamentally reconstructing the business model. Through blockchain technology, Piggycell has achieved three core innovations: C2E reward mechanism, NFT passive income model, and data monetization.

The C2E (Charge to Earn) reward mechanism is the core innovation of Piggycell. Users can earn PGC tokens when renting/returning power banks, and receive additional rewards for restocking in shortage areas. This mechanism transforms users from passive consumers into active participants in network maintenance. When there is a shortage of power banks in a certain area, the system offers higher token rewards to incentivize users to return the power banks to that area, thereby achieving automated supply-demand balance.

The NFT passive income model provides a new revenue avenue for infrastructure investors. Each physical charging station/battery is minted as a digital twin NFT, and NFT holders receive transparent revenue distribution. 70% of the revenue is distributed to NFT holders through on-chain data tracking usage rates/normal operation time. This model tokenizes traditional infrastructure ownership, allowing ordinary investors to participate in the revenue of physical assets.

Data monetization is the most forward-looking aspect of Piggycell's transformation. Anonymized data is sold to AI/smart city projects through the XYO oracle. This data includes user mobility patterns, popular rental locations, and usage time distribution, which are of significant value for urban planning, business site selection, and traffic optimization. By monetizing this data, Piggycell has opened up a second source of income beyond rental fees.

The recent public test version processed over 9.4 million on-chain transactions, proving the scalability of the system. This figure is extremely impressive, showing that Piggycell's technical architecture can support large-scale real-world applications. Many DePIN projects remain in the conceptual stage, while Piggycell has already validated its technical feasibility in actual operations.

Multi-chain Architecture and Technological Innovation

Piggycell adopts a multi-chain architecture to achieve scalability and interoperability, which is the core highlight of its technical design. Different blockchains each serve their purpose: opBNB (BNB Chain L2) is responsible for event recording and token operations, providing low fees and high throughput; Internet Computer (ICP) runs core smart contracts, utilizing a reverse Gas model and containerized architecture; XYO Layer 1 provides data validation and oracle services, ensuring geolocation proof and data authenticity; Solana serves as a backup expansion solution for high-speed transaction processing.

The smart contract architecture includes several key modules. Event logging will immediately put device telemetry data (kWh consumed, session duration) on-chain, providing tamper-proof proof of use. The incentive engine automatically distributes rewards based on verified usage, eliminating the need for manual intervention. NFT integration creates digital twins for each physical charging station/battery. Governance staking allows PIGGY token holders to stake and participate in voting on protocol parameters.

The system has passed a pressure test of 1 million USD (February 2025), simulating the operation of millions of devices. Such large-scale stress testing is extremely rare in DePIN projects, demonstrating Piggycell's emphasis on technological reliability. The strategic partnership established with XYO is an important complement to Piggycell's technical architecture. The first XYO Layer One integration announced in September 2025 provides location proof and data verification services, achieving a dual-token reward mechanism.

$PIGGY Token Economics and RWA Model

$PIGGY token is a multifunctional utility/governance token on the BNB chain, with a total supply of 100 million tokens. The token distribution has been carefully designed: ecosystem incentives about 40% (C2E rewards, NFT earnings), liquidity/DEX listing 20% (market liquidity provision), team/lock-up 15% (team incentives and locking), partners 10% (strategic cooperation incentives), and the remainder for governance/staking.

Token Distribution Structure:

Ecosystem Incentives (40%): Used for C2E rewards and NFT profit distribution, ensuring user engagement.

Liquidity (20%): Provide sufficient market liquidity to reduce price slippage.

Team Lockup (15%): Long-term lockup demonstrates the team's commitment

Partners (10%): Used for strategic cooperation incentives

Governance Staking (15%): Community governance and staking rewards

The RWA tokenization model is the most innovative part of Piggycell. Regional NFTs represent ownership shares of charging stations, and holders receive daily distributions of real lease fees. The transparent distribution mechanism ensures that 70% of the revenue is distributed to NFT holders, tracking usage rates/uptime through on-chain data. This model is based on actual revenue rather than inflationary tokens, significantly reducing investment risks and attracting RWA investors seeking stable returns.

Compared to pure crypto DePIN projects like Helium (wireless network, $5 billion+ market cap but facing challenges) and Natix (mapping), Piggycell reduces startup risks thanks to its pre-existing Web2 profit base. Helium needs to build a hardware network from scratch and persuade users to participate, whereas Piggycell already has 14,000 operational charging stations and 4 million paying users, requiring only to put its existing business on-chain.

Animoca Brands leads a $10 million top-tier endorsement

Piggycell has received strong support from top investors. Animoca Brands led a $10 million seed round, providing Web3 ecosystem resources and guidance for global expansion. Animoca Brands is one of the most active Web3 investment firms in the world, with a portfolio that includes star projects such as The Sandbox, Axie Infinity, and OpenSea. Its investment in Piggycell demonstrates a strategic bet on the DePIN + RWA track.

DWF Labs participates in seed round investment, providing market-making and liquidity expertise. DWF Labs is one of the most well-known market makers in the cryptocurrency space, and its participation will ensure that $PIGGY tokens have ample liquidity and stable price support after launch. Internet Computer (ICP) invests through the Olympus accelerator program, providing technical integration support. South Korean financial institutions Shinhan Financial Group and Hana Financial Group participate, providing local compliance and regulatory navigation.

Competitive Advantages of the 33 Billion USD DePIN Market

The global shared power bank market is expected to reach 7.59 billion USD in 2024 and is projected to grow to 25.09 billion USD by 2033 (CAGR 14.2%). The South Korean market is estimated to be 65.89 million USD in 2023, with a forecast of 74.79 million USD by 2030, with Piggycell holding a 95% share. More importantly, the DePIN market is projected to reach a market value of 33 billion USD by June 2025 and is expected to reach 3.5 trillion USD by 2028, representing a significant opportunity that Piggycell is targeting for transformation.

Piggycell's competitive advantages include: existing infrastructure advantages (14,000 charging stations, 100,000 devices, over 4 million paying users), validated revenue model (RWA based on real revenue, reducing speculative risks), technological integration innovation (seamless integration of IoT and blockchain, smooth user experience), strategic partnership network (deep cooperation with top Web3 investors and technology providers).

The development roadmap shows that by Q4 2025 to Q1 2026, the CEX listing and BNB DEX liquidity provision will be completed, the NFT market will be launched, and cross-chain asset bridging will be established. Mid-term goals include expanding into electric vehicle/bicycle charging, global promotion through ICP Hubs (focusing on Asia Pacific/Europe), and tokenizing data sales to enterprise customers. The long-term vision is to establish a complete DePIN ecosystem, mainstreaming in Southeast Asia by 2030, with multi-chain integration supporting global deployment.