By Keel Research Team · Updated May 12, 2026
A 6-asset basket of decentralized infrastructure tokens — compute (VVV, RENDER, IO), data (GRASS), storage (FIL, AR). Equal-weighted, +11% YTD with Sharpe 0.79 on the live Keel backtest engine.
Window: Jan 1 — May 1, 2026 (YTD). Equal-weight, vol-targeted sizing. $10,000 start → $11,064 end.
Verified 2026-05-12 against the live Keel backtest engine on Hyperliquid price data. Past backtest performance is not indicative of future returns.
Bring this index live on Hyperliquid via Keel, or open the Index Builder to tweak weighting, add a short side, or change the asset list.
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| Ticker | Category | YTD return | Target weight |
|---|---|---|---|
| VVV | — | +454.8% | 16.7% |
| RENDER | AI | +23.9% | 16.7% |
| GRASS | AI | +9.8% | 16.7% |
| IO | AI | -24.7% | 16.7% |
| FIL | Infrastructure | -37.4% | 16.7% |
| AR | Infrastructure | -48.7% | 16.7% |
VVV anchor: VVV’s 4.5× YTD run drove the bulk of the index gain. Without it, the basket would have been down ~14% YTD — a reminder that DePIN is still a high-dispersion sector.
The pipeline loads 15-minute price data for all six DePIN assets, resamples to daily bars, applies equal-weight allocation, with buffered execution to minimize turnover. 32 total trades over the 4-month window — higher turnover than 4-asset baskets because the dispersion is wider.
DePIN sits at the intersection of crypto-narrative and real-economy thesis. Compute and storage are the two largest sub-categories by market cap; data + bandwidth (GRASS) is the newer entrant. The index spans all three so it captures whichever DePIN sub-narrative leads.
For a more concentrated AI-only view, the AI Compute Index (VVV, RENDER, IO, TAO) returned +69% YTD on the same engine. This DePIN index is the broader, less-concentrated alternative.
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Decentralized Physical Infrastructure Networks — protocols that incentivize node operators to provide real-world infrastructure (GPU compute, bandwidth, storage, sensors) in exchange for tokens. The DePIN sector market cap is around $9B as of 2026, with the bulk concentrated in compute (TAO, RENDER, IO) and storage (FIL, AR).
AI Compute is narrower — just GPU and inference (VVV, RENDER, IO, TAO). The DePIN Index adds GRASS (data/bandwidth), FIL (storage), AR (storage) — broader picks-and-shovels exposure. AI Compute is the concentrated bet on the AI thesis; DePIN is the diversified infrastructure-economy bet.
Equal weight gives VVV the same 16.7% allocation as AR, which is down 49% YTD. The other DePIN names (FIL, IO) also pulled the basket back. The +11% YTD result is the diversified DePIN-sector return — not the VVV-concentrated AI Compute number.
TAO is in the AI Compute Index, not here, to keep the DePIN basket focused on physical-infrastructure naming. If you want overlap, the Index Builder lets you add TAO to this DePIN basket easily.
Pipeline runs daily and recomputes target weights; buffered execution skips trading on small drift to keep turnover low. 32 trades over the 4-month backtest. All execution parameters can be tuned inside the Keel strategy editor after deploy.