Forward Industries Chairman and Multicoin co-founder Kyle Samani commented, “Web3 is dead. All we have is DeFi and DePIN.”

Earlier, StarkWare CEO and Zcash/StarkWare co-founder Eli Ben-Sasson said crypto appears to be going through an identity crisis: long-time OGs are leaving, while institutions and TradFi are finally showing interest — the very forces crypto once rebelled against. He said this is challenging crypto’s core narrative.