Kyle Samani: Web3 Is Dead — Only DeFi and DePIN Survive

Multicoin Capital co-founder Kyle Samani has delivered a blunt verdict on the broader Web3 narrative: it's over. "Web3 is dead. All we have is DeFi and DePIN," Samani said, stripping the movement down to its two surviving pillars — decentralized finance and decentralized physical infrastructure networks.

The comment lands alongside a parallel diagnosis from StarkWare CEO Eli Ben-Sasson, who argues crypto is deep in an identity crisis. Long-time OGs are exiting the space while the institutional and TradFi money crypto once defined itself against is finally arriving — creating a philosophical rupture at the movement's core.

Together, the two readings paint a picture of a sector shedding its ideological skin. Whether what emerges is a leaner, more durable financial primitive or simply a rebranded version of the same infrastructure TradFi already runs is the question the next cycle will answer.