Cobo Argus recently interviewed the co-founder of Cobo, Shen Yu, and asked about his views on DePIN narrative. Shen Yu expressed that he is not very optimistic about the DePIN track. Of course, if this can be done well, it is valuable, but it seems to be in the early stage of development. If it is to be implemented, Shen Yu believes that DePIN faces at least two major challenges: first, in order to land, DePIN must form a network effect, which is currently in the early stage and difficult to form a network effect. Whether it can form a certain network effect in the future remains to be seen. Second, if a network effect is generated and the scale expands, it will inevitably enter the regulatory field and create more complex regulatory issues. Therefore, Shen Yu believes that DePIN is currently in a more Meme-like stage.