It would have seemed absurd if, in a world saturated with chrome‑glittered promise, a man as unassuming as Kyle Samani, hitherto celebrated savant of Solana Treasury and co‑founder of Multicoin Capital, declared the tectonic shift with the casual gravity of a salt shaker. Yet there it was:
Web3 is no more. DeFi and DePIN are our only options.
To imagine that the industry, once buzzing with dreams of a blockchain‑powered commonwealth, would have a pivot so blunt feels like a comedic twist at a solemn funeral. The pundits, in fits of both feigned tragedy and relieved admiration, have been cataloguing the truth like a post‑mortem report-some humbled, some deliriously cheering for the strange new survivalist movement.
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What happened to web3?
In the season that had promised to unveil a new epoch-internationalizing rumors of social‑networking, gaming, and creator economies blooming on a blockchain tapestry-half a billion dollars poured into nebulous dreams. Quick view mirrors a theatre: grand sets, but actors left no audience in the streets. The results, twelve months later, proved warren‑wise, a patchwork of failed ambitions and stubborn fragments that cling to a single field of hope.
Web3 is dead
All we have is DeFi and depin
– Kyle Samani (@KyleSamani) June 1, 2026
Most of the applications that once advertised-thanks to coffee and caffeine-endured only fleeting rheumatic applause, save for those idiosyncratic enclaves where the cryptographers turnist. Blockchain‑backed social spaces hit booboo in scale, gaming projects screamed, then went silent as parties on a lake house that runs out of champagne.
The myth of millions of daily natives on decentralized platforms still stands, not because blockchain can offer them a predictable algorithm, but because a few industrious sectors harvest capital, read it, and spin it into productive use.
When you rummage through lending, trading, and yields, you notice billions of tokens dancing in agreement, and the kernels of real‑world infrastructure (DePIN) get the standing ovation, feeling very worthwhile. The absurdity? The grand narratives sag. The necessity is a sneeze of pragmatism.
RWAsare more likely to capture the market
Tokenized real‑world assets-those mundane but pricey bonds, Treasury bills, and other such diversifications-have entered the scene, nudging institutions toward a quasi‑digital settlement that delivers both confession and clarity. Hyperliquid and its kin testify that fundamentally, crypto doesn’t always make for a laugh; it’s a working‑man’s tool.
Prediction markets, too, have caught the boomerang of politics, economy and sport. They prove that hidden layers of blockchain can bend odds where mainstream platforms, bless their algorithms, only attempt to integrate enthusiasm.
In truth, Web3 is not a dust‑bunny. We still talk about the idea of a non‑centralised internet of ideas, and it stirs by making a room feel slightly less empty. The market, on the other hand, insists on value: intelligence entertains lifetime. They prefer the real, measurable, and the life‑sustaining over the grandiose dreams of a digital utopia.
For now, the robust holds appear-one near a comfortable corner, inviting many eyes; others, wrenched on footpaths. They offer pay, they overflow, and they let people stay engaged, rather than just waiting for a play about an unrealised Internet Knight.
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2026-06-01 11:31