Multicoin Co-Founder Declares ‘Web3 Is Dead’ Amid Crypto Identity Crisis
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Multicoin Capital co-founder Kyle Samani declared Web3 "dead," asserting that only DeFi and decentralized physical infrastructure networks (DePIN) remain meaningful, prompting debate over the sector's direction. StarkWare co-founder Eli Ben-Sasson highlighted an identity crisis as institutional adoption rises while many early users exit, though supporters point to RWAs, prediction markets and AI-driven use cases as potential crypto and DeFi adoption drivers.
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- Kyle Samani says Web3 is dead, arguing only DeFi and DePIN remain viable in crypto.
- Crypto faces an identity crisis as institutions enter and early users exit.
- Supporters point to RWAs, prediction markets, and AI as Web3 growth drivers.
Kyle Samani, co-founder of Multicoin Capital, has declared that “Web3 is dead.” Samani said that only decentralized finance (DeFi) and decentralized physical infrastructure networks (DePIN) remain meaningful sectors within crypto.
His comments came in response to concerns raised by Eli Ben-Sasson, who suggested the crypto industry is facing an identity crisis. According to him, institutional adoption is accelerating while many early crypto participants are leaving the space.
Crypto’s Identity Crisis
In his tweet, Ben-Sasson, CEO of StarkWare and co-founder of Zcash, said several long-time industry participants have stepp…
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