Multicoin Capital said in a report published Nov. 10, 2026, that AI is making DeFi software cheaper to build but cannot supply the customers, capital or proprietary data needed to sustain a business. The firm expects projects that control at least one of those resources to capture the most value as financial activity moves onto blockchains.
The report said wallets can earn fees by controlling user access, though an interface alone may not be a lasting advantage because users can move to another wallet. It also said AI cannot supply liquidity or cover financial losses, while nonpublic data can help assess risks involving real-world assets. Multicoin Capital expects blockchain networks’ existing advantages in users and capital to weaken, but said that would not necessarily eliminate their value.
