Multicoin co-founder's deleted tweet: Cryptocurrency isn't as interesting as expected, blockchain has limited potential.

In a discussion about the future development of the crypto industry, Kyle Samani, co-founder of Multicoin Capital, stated in a reply to a related tweet that cryptocurrencies themselves are not as "fun" as many crypto enthusiasts expect. Kyle said he once firmly believed in the grand vision of Web3, but over time, he believes the core capabilities of blockchain lie primarily in the "asset ledger" level, possessing significant value in reshaping the financial system, but with relatively limited potential for application in other verticals. He pointed out that decentralized physical infrastructure networks (DePIN) are one of the few exceptions worth paying attention to. Furthermore, Kyle mentioned that on-chain privacy remains one of the key unresolved technical challenges and expressed optimism about Zama's solutions in this area. This tweet was deleted by Kyle Samani shortly after it was posted.