Web3 is dead, Kyle Samani said, adding that DeFi and DePIN are the only major crypto sectors with a clear role.
summary
- Kyle Samani said Web3 is dead, and named DeFi and DePIN as the two remaining core crypto sectors.
- Eli Ben Sasson said crypto is facing identity pressure as institutions come in while OGs are leaving crypto long ago.
- Recent reports show that DeFi, DePIN and tokenization continue to attract widespread market attention globally.
“Web3 is dead. All we have is DeFi and DePIN,” Kyle Samani, co-founder of Multicoin, said in a post on X.
This comment came in response to a broader discussion started by StarkWare CEO and Zcash co-founder Eli Ben Sasson. Al-Samani’s note categorized Web3 as a lackluster label, while citing decentralized finance and decentralized physical infrastructure networks as areas that still have clear market use.
Samani remains one of the most well-known investors associated with Solana, Helium, and other cryptocurrency infrastructure operations. He stepped back from day-to-day work at Multicoin earlier in 2026, but continues to talk about the cryptocurrency markets and remains associated with Forward Industries.
Ben Sasson points to the crypto identity crisis
“Cryptocurrencies seem to be going through an identity crisis,” Eli Ben Sasson said on X.
Ben Sasson said that many prominent figures in the cryptocurrency space have left, while traditional institutions and finance companies have shown more interest. This shift challenges the fundamental story of cryptocurrencies because the sector once pitted itself against those same institutions, he said.
His comment reflects a debate already taking place throughout the market. Cryptocurrencies started as a movement built on open networks, self-custody, and less reliance on banks. In 2026, a significant portion of capital growth and new products will be linked to ETFs and tokenized assets, stablecoinsand regulated finance companies.
DeFi and DePIN remain in focus
Samani’s comment puts DeFi and Deepin At the heart of the debate. Decentralized finance It covers lending, trading, stablecoins, and other financial instruments that operate on blockchain networks.
DePIN refers to the physical infrastructure associated with the blockchain. This can include wireless networking, storage, computing, sensors, and other real-world systems backed by token incentives.
Recent market reports show why these two sectors continue to attract interest. At Standard Chartered Expected Significant growth in token assets by 2028, with mature DeFi protocols expected to handle a significant portion of the activity.
DePIN is also becoming a more visible market category. Projects in this sector aim to connect blockchain rewards to real infrastructure rather than focusing solely on digital applications and token communities.
TradFi’s interest is changing the debate on cryptocurrencies
The stronger role of institutions has changed the way cryptocurrencies talk about adoption. Banks, asset managers, payment companies and trading companies now play a larger role in the market.
This is creating tension among builders who view cryptocurrencies as an open alternative to the financial system. It also gives cryptocurrency projects a new source of liquidity, users and regulated products.
Samani’s post did not argue that cryptocurrencies themselves are dead. Instead, she notes that the broad Web3 brand has lost steam, while DeFi and DePIN still offer more obvious use cases.
The debate now turns to what cryptocurrencies can prove in real markets. For Al-Samani, financing and infrastructure remain the obvious solution.
