Kyle Samani's Turn: The 'Half-Retirement' of Web3's Most Committed Believer
Multicoin Capital co-founder Kyle Samani recently announced his departure from the company, which caused quite a stir in the crypto community. Many lamented: even the most ardent Web3 evangelists are wavering?
Kyle was one of the investors who wrote the most lengthy articles in the industry, and Multicoin's "three major theses" influenced a generation
He initially heavily invested in EOS and faced significant setbacks, later decisively pivoting to Solana. The late-night calls with SBF and the joint stress-testing of the chain became key moments for Solana's rise
FTX+Multicoin+Solana ecosystem was once a golden combination, mutually enhancing each other
In recent years, Multicoin has resembled a "narrative factory." The DePIN concept was basically the earliest systematic proposal and promotion from them, with a host of phenomenal projects like Helium and Hivemapper running on Solana. Data sovereignty, privacy computing, PayFi... many mainstream tracks have their shadows behind them
But now, Kyle says he no longer believes in the Web3 vision and dApps; blockchain may essentially just be an asset ledger. He is shifting his focus to new fields like AI, longevity technology, and robotics, wanting to systematically explore cutting-edge technologies
However, don't rush to sing his eulogy: he remains very bullish on Solana, personally increasing his holdings, even indirectly increasing his SOL exposure through Forward Industries. Another co-founder of Multicoin also confirmed that Kyle is merely expanding his interests, not turning bearish on crypto
At the same time, Vitalik rarely reflects: L2 progress has been much slower than expected. Putting these two things together makes one ponder: large-scale application of blockchain is indeed harder than imagined
But narratives will rise and fall, capital will come and go, what truly determines the life and death of the industry is whether there are sustained breakthroughs in underlying technology. As long as there are people willing to stake their time and reputation on the system, this industry won't die
Kyle's turn is not an endpoint, but a new starting point for cyclical iteration
