XNET

XNET is a decentralized physical infrastructure network (DePIN) that builds carrier-grade Wi-Fi offload infrastructure on the Solana blockchain. Rather than competing with existing mobile network operators, XNET positions itself as a neutral-host partner—letting any carrier route traffic through its hotspots in exchange for dollar-denominated payments that flow directly to node operators as $XNET token rewards.

Core Mechanism

XNET's network is built on Passpoint (Hotspot 2.0), an industry standard that allows smartphones to automatically authenticate to Wi-Fi networks using SIM credentials rather than captive portals or passwords. When a user enters a venue covered by an XNET access point, their device seamlessly hands off from cellular LTE/5G to XNET's Wi-Fi without any action required—the same mechanism carriers use in airports and transit hubs. Authentication uses EAP-SIM/AKA protocols with WPA2/WPA3-Enterprise encryption and VLAN segmentation.

As a neutral-host network, a single XNET access point can simultaneously serve subscribers from multiple carriers. Carriers pay XNET in U.S. dollars for data offloaded; 80% of that revenue is used to buy back and permanently burn $XNET tokens, creating a deflationary mechanism tied directly to actual network utilization.

Operator rewards are split across three components: 70% based on measured data transfer (gigabytes actually offloaded), 25% from Enhanced Proof-of-Coverage (verified uptime and performance thresholds), and 5% from Base Proof-of-Coverage. This structure means rewards are primarily determined by real-world usage rather than passive availability.

Key Features and Deployment

XNET targets high-density, high-value venues where cellular congestion is most acute: airports, stadiums, shopping malls, hospitals, universities, and enterprise campuses. Hardware options for deployers include:

• XR670: Indoor access point ($995), supports 500+ concurrent users
• XT670: Outdoor WiFi 7 access point ($1,295)
• X7-35X: WiFi 7 indoor device ($749)

The network is currently U.S.-focused, with expansion into select Canadian locations for proof-of-coverage rewards and international expansion planned. As of late 2025, XNET had approximately 1,000 active nodes, representing roughly 75% growth over six months. The network has reportedly served over 31 million devices.

AT&T Partnership

In April 2025, XNET announced a public Wi-Fi roaming agreement with AT&T covering 1,300+ commercial locations, with the commercial relationship having been operational since September 2024. Under the agreement, AT&T customers seamlessly connect to XNET hotspots when in coverage zones—invisible to the end user but counted as compensable data offload. AT&T pays XNET in dollars for data usage, which the protocol converts to $XNET rewards for deployers.

This partnership is significant for the DePIN thesis: it demonstrates that a decentralized infrastructure network can sign revenue-generating contracts with a Tier-1 U.S. carrier, meeting carrier-grade technical requirements through a community-operated model. Average daily data offload grew 16% month-over-month in April 2025 following the announcement.

$XNET Token

The $XNET token lives natively on Solana (contract: xNETbUB7cRb3AAu2pNG2pUwQcJ2BHcktfvSB8x1Pq6L). XNET originally launched on Polygon and subsequently migrated to Solana for lower transaction costs and faster finality.

Following a governance vote (XIP-10) in October 2024 that burned unemitted supply, the maximum token supply is capped at 1,307,098,713 $XNET. Post-migration emission is fixed at 2.5 million $XNET per two-week epoch under XIP-11.

Token allocation:

• Operator Pool (44.3%): Network growth and deployer rewards
• Investor & Insider (23.6%): Vesting began January 2025 at 0.20% monthly, increasing gradually to 1.5% per month from April 2026
• Foundation Pool (19.18%): Protocol development, grants, and strategy
• Ecosystem Pool (12.92%): Community engagement and adoption initiatives

Both Operator Pool emission rates and Ecosystem Pool initiatives are governed by Foundation Working Groups through XNET Improvement Proposals (XIPs).

Staking

Native $XNET staking launched on Solana on May 12, 2025. Token holders lock $XNET for between 14 and 365 days in exchange for $XGT receipt tokens. Yields scale with commitment duration, reaching up to 21.83% APY for a full-year lock. Rewards come from a fixed daily emissions pool rather than new inflation. Stakers gain eligibility to participate in on-chain governance through XIPs. Note: $XGT receipt tokens are the sole proof of staked position; their loss results in permanent forfeiture of staked assets and rewards.

Team

XNET was founded in 2022 by Richard DeVaul (formerly of Google X), Alex Luebke, Tom Beirith, and Donal O'Brien, and is headquartered in Irvine, California. In August 2025, the company appointed James Childs, a telecom industry veteran and existing board member, as CEO; DeVaul transitioned to a Chief Evangelist role. Escape Velocity is listed as an early-stage investor. In 2025, IDC recognized XNET as an Innovator in DePIN.

Audit Status

No public third-party smart contract audit has been listed on CertiK Skynet or in official XNET documentation as of mid-2026. The network's security posture at the Wi-Fi and authentication layer follows carrier-grade standards (WPA2/WPA3-Enterprise, 802.1X, EAP-SIM/AKA, VLAN segmentation), but prospective participants should note the absence of a publicized on-chain audit for token contracts.

Solana Ecosystem Fit

XNET's migration to Solana reflects the chain's advantages for high-throughput micropayment systems: low per-transaction fees, fast finality, and a growing DePIN ecosystem. The protocol sits alongside Helium (telecom/IoT), Hivemapper (mapping), and Render (compute) in Solana's DePIN cohort—converting physical infrastructure operation into tokenized on-chain incentives.

XNET's differentiator within that landscape is its focus on the carrier revenue relationship rather than consumer-facing services. By generating real dollar revenue from carriers and using 80% of that revenue to buy back and burn tokens, XNET attempts to demonstrate that DePIN reward structures can be anchored by traditional enterprise contracts rather than speculative token inflation alone.