That was Multicoin's Kyle Samani responding to StarkWare's Eli Ben-Sasson, who called this moment crypto's identity crisis: institutions are moving in, the industry is evolving, and the old narratives are fading
Sounds bearish. But the reality may be much simpler.
The 2020-21 cycle was built on big promises. Blockchain gaming, decentralized social media, Web3 entertainment. Some of it worked. Most of it didn't.
What survived wasn't the loudest narrative. It was the infrastructure people actually use: DeFi, payments, stablecoins, self-custody, and the rails that move value across the ecosystem.
This isn't the death of Web3. It's the end of the idea that a narrative alone is enough.
The market is increasingly rewarding utility over slogans. Can it settle transactions? Does it solve a real problem? Does it give users more control over their assets?
The industry isn't shrinking – it's maturing. Maybe this isn't an identity crisis after all. Maybe it's crypto growing up.
What do you think?