2026 Top-tier Crypto VC Collective Shift: No longer competing on 'building chains/performance', but betting on real applications + AI/Robotics/FinTech/DePIN integration. Paradigm views Crypto as the settlement layer in the AI era; a16z looks at stablecoins and Agent automated settlements; Dragonfly focuses on cash flow scenarios; Coinbase promotes RWA 'perpification'; Multicoin continues to support Solana and heavily invests in DePIN. Conclusion: The trend of issuing tokens and building chains is receding, and Crypto resembles more of a wallet/channel/incentive layer—whoever turns it into a tool will win.