Kyle Samani, co-founder and managing partner of Multicoin Capital, outlined his renewed Solana bull thesis in an interview with Frank Chaparro.. Multicoin, one of Solana\u2019s earliest backers since its seed round in 2018, is doubling down on its conviction that Solana is the most strategically positioned blockchain to power the future of decentralized finance and payments.<\/p>\n
Samani made it clear that Multicoin\u2019s outlook on the crypto sector has sharpened significantly over the years. \u201cWe\u2019ve fundamentally recognized that these systems are financial systems, first and foremost,\u201d he stated<\/a>. \u201cWe need to be focused on investing in things that are fundamentally tied to innovations in finance.\u201d<\/p>\n Samani reflected on the broader downturn in venture funding across the crypto space, pointing to a necessary reckoning around utility and real-world applicability. According to DeFiLlama data cited in the interview, venture capital inflows have now dipped below 2017\u20132018 levels despite increasing regulatory clarity.<\/p>\n Samani attributes this to an overdue market correction away from overfunded, non-viable projects. \u201cPeople, LPs, have funded crypto venture funds with the implicit implication that crypto will substantially impact all parts of the economy. And I have a narrower view \u2014 I think it will have a very high impact in financial services. Otherwise, I generally don\u2019t care.\u201d<\/p>\n This recalibration has led Multicoin to double down on areas where product-market fit is finally emerging, including stablecoins, real-world assets (RWAs), decentralized physical infrastructure networks (DePIN), and cross-border payment systems. \u201cWe have these areas now where there\u2019s definitive market fit,\u201d Samani said, highlighting projects like Felix Pago\u2019s remittance network in Mexico and growing interest in crypto-native labor marketplaces integrating stablecoin payouts.<\/p>\n Central to Multicoin\u2019s latest thesis is the growing realization that Solana remains unmatched in providing the speed, throughput, and cost structure necessary to support global financial applications at scale.<\/p>\n \u201cIf you look at core L1 infrastructure, Solana is the fastest horse today,\u201d Samani asserted. He emphasized that after five years since mainnet launch, Solana is now on the cusp of making fully on-chain order books not only possible but functionally competitive with centralized exchanges.<\/p>\n \u201cLatency was not low enough. Chain would fall over [\u2026] But as the chain has gotten more stable, as latency\u2019s come down, as throughput is increased, that\u2019s made it more usable for on-chain order books,\u201d Samani explained. He expects the market to reach an inflection point in the next three to six months, where on-chain order books are \u201cfunctionally usable for both makers and takers, comparable enough to Binance and Coinbase<\/a>.\u201d<\/p>\n Key to unlocking this potential, according to Samani, is \u201cconditional liquidity\u201d \u2014 an innovation he believes is now within reach thanks to the maturity of the Solana ecosystem.<\/p>\nSolana\u2019s Edge: Speed And On-Chain Order Books<\/h2>\n
Ethereum Vs. Solana<\/h2>\n