Multicoin Capital · 10 November 2026 · Industry Analysis

DeFi moats in an AI world and the implications for value capture

Multicoin Capital

As AI commoditizes DeFi software, value flows to businesses controlling scarce, defensible assets: distribution (customer relationships), capital (balance sheets), and proprietary data (underwriting expertise)—enabling startups to compete asymmetrically while incumbents struggle to monetize without these moats.

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Topics: Crypto & Web3 · Fintech

Published by Multicoin Capital · their site ↗

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