Multicoin Capital founder says he no longer believes in Web3 vision

Multicoin Capital co-founder Kyle Samani reportedly stated he no longer believes in the vision of Web3, a comment made before he announced his resignation. Prior to the announcement, Samani posted on X that crypto was not as fundamentally interesting as he and other crypto enthusiasts had hoped. He described blockchain as merely a ledger that, while it would reshape finance, would not have many roles beyond that. Samani noted that DePIN (Decentralized Physical Infrastructure Networks) is noteworthy. He added that while the value of crypto would increase, the answers to all interesting questions, with the exception of on-chain confidentiality, have already been found. The post was deleted shortly after being published.