Before leaving, Multicoin’s co-founder stated that he no longer believes in the Web3 vision. According to crypto KOL Evanss6 (@Evan_ss6), Kyle Samani, co-founder of Multicoin, posted before his departure (the post has since been deleted) stating that the future of cryptocurrency lies in financial infrastructure—such as stablecoins and blockchain-based markets—not in Web3 or decentralized applications (dApps). He acknowledged having once believed in the Web3 vision but no longer does. Samani views blockchain fundamentally as an asset ledger that will reshape the financial industry, though its impact will largely remain confined to that domain—except for decentralized physical infrastructure networks (DePIN), which he identifies as another notable area.
He also pointed out that on-chain confidentiality remains a critical unsolved challenge in crypto and expressed confidence that Zama will succeed in this space. Samani encouraged believers to seize new opportunities emerging in this field rather than dwell on past failures. Before departure, Multicoin’s co-founder Kyle Samani stated he no longer believes in the Web3 vision.
The claim was circulated by crypto KOL Evanss6 and noted that the future of cryptocurrency lies in financial infrastructure—such as stablecoins and blockchain-based markets—rather than in Web3 or dApps. Samani now views blockchain fundamentally as an asset ledger that will reshape the financial industry, though its impact will largely remain confined to that domain, aside from decentralized physical infrastructure networks (DePIN), which he identifies as another notable area. He also pointed out that on-chain confidentiality remains a critical unsolved challenge in crypto and expressed confidence that Zama will succeed in this space. Samani encouraged believers to seize new opportunities emerging in this field rather than dwell on past failures.
Samani’s stance marks a shift from overarching Web3 promises toward tangible financial infrastructure enabled by blockchain technology. This perspective aligns with the growing emphasis on DeFi and privacy-preserving solutions, while DePIN stands out as a complementary area where crypto networks intersect with physical infrastructure.
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