Polygon Labs is moving electric motorcycles on a chain in Dubai. India looks like this:
Ethereum Layer-2 scaling solutions are working with sustainable infrastructure startup Pyse tokenize a fleet of electricity delivery vehicles in Dubai. polygon Anchor assets ownership and real-time data collection from blockchain.
Here is a new era of RWAS, and it starts with an EV bike. This is why it’s important
<1/12> pic.twitter.com/dj5mvvrege-Pyse (@pyseearth) April 23, 2025
The latest foray into polygon’s tokenized infrastructure seeks to combine stable revenue-generating electric vehicles with dynamic data monetization, laying the foundation for a massive expansion into India’s growing electric vehicles (EV) sector.
“One of the biggest focuses for polygons is real-world assets,” said Aishwary Gupta, head of global payments and liquidity for polygons. Decryption. “And we want to make sure everything that can tokenize is heading towards the polygon.”
Place environmental data on a chain
Each motorcycle is equipped with Pyse’s own Depin Mining Machine (DMM) that turns the vehicle into an A > device collects city indicators such as air quality, road wear, noise pollution, and supplies that information onto the chain. Rewards are distributed via token incentives verified by the partner protocol.
“It’s a combination of two worlds,” said Harshit Garg, co-founder of Pyse. Decryption. He described the initiative as “real yields from green assets and speculative benefits from diversified data.”
Garg said PYSE is working on the green mobility funding gap and “lays the foundation for a decentralized, decentralized infrastructure.”
First Dubai, next India
According to the company, Dubai’s expansion is just the beginning, with the next goal being that India’s electric mobility sector grows at 18% each year.
“The Indian B2B EV and last mile logistics market is fragmented and underfunded,” Garg said, adding that the blockchain-assisted model will help operators access “a source of funding beyond traditional institutions.”
Pyse’s tokenization framework allows fractional joint ownership of EV assets and involves revenue sharing based on usage and terms of contract.
The deployed vehicles are already operating under a fixed UAE lease agreement and have fixed RWA with stable returns. At the same time, DMM adds speculative layers and creates tokens that can be obtained by collecting high-value verification data.
India’s cryptographic regulations remain vague for some time, but Gupta states that in this project the role of polygons is infrastructure.
“Polygons are just blockchain platforms where tokenization is taking place,” he said. “Pyse is working to ensure compliance.”
Gupta said the company’s infrastructure is evolving to meet the needs of asset classes like tokenized EVs.
“We have some RWA-based L2s using polygon CDKs,” he said. “For example, Lumia and Libre are CDKs focused on RWA,” referring to a custom Layer 2 chain built with Polygon’s chain development kit.
India is “ripe” for Depin
Pyse is set to begin India’s expansion with its last mile logistics fleet before moving on to ride hale and mid-mile delivery.
“The Indian market is ripe for the Depin segment,” Garg explained. “Given the scale growth in India, the first phase starts with the last mile delivery. The same model can be expanded to the passenger compartment and one mile delivery segment right after that.”
Data collected by Dubai DMMS has already been provided to insurers, OEMs and logistics providers in exchange for native tokens.
“Garg said that it differs in each case because the value distribution changes based on data quality, vehicle use and more.
Gupta explained that this livelihood model solves long-standing problems with the implementation of RWA. Most tokenized assets up to date are static, like real estate and bonds. Pyse’s model introduces real-time data collection and yield, he said.
To discourage spam and manipulation, Pyse’s Depin module “rewards fresh and valuable input,” Garg said. “It’s not about volume, it’s worth it.”
To ensure consistency, Pyse says the module will be developed in collaboration with the vehicle manufacturer and “record all data natively before processing it.” For DMM modules, “Partner Protocol independently validates the reliability of the data before distributing rewards to nodes.”
In the long run, Pyse wants to build a decentralized “data DAO” to enable stakeholders to manage, monetize and trade the collected data. Garg said the demand is already clear across logistics and OEM partners, with Indian urban data being valuable “not only locally but across Southeast Asia.”
Gupta sees projects like Pyse as a potential gateway for wider blockchain adoption in India, especially in sectors far beyond finance.
“The successful EV tokenization of Pyse in the UAE is a strong evidence of the real-world potential of blockchain,” he said. “As the regulatory framework matures in India, this model could be a valuable addition to the country’s growing Web3 ecosystem.”
