Kyle Samani (Multicoin): “Web3 is dead; only DeFi and DePIN remain.”

With this tweet, he supported the view of StarkWare CEO Eli Ben-Sasson, who highlighted two issues:

• The exodus of veterans: old, ideologically driven participants are leaving the industry.
• The entry of major banks: crypto is increasingly being sponsored by institutions and traditional finance (TradFi)—the very structures that cryptocurrency was originally created to oppose.