According to Wu, Spencer Applebaum, co-head of venture capital at Multicoin Capital, pointed out that AI has greatly lowered the barrier to entry for protocol development, leading to rapid homogenization of pure software. The core barriers to financial services remain the three major moats outside of code: first, distribution channels centered on sticky customer relationships and order flow; second, balance sheets and capital scale that AI cannot create out of thin air (such as cross-currency prime brokers with risk resistance capabilities and protocol-retained reserves); and third, proprietary data underwriting involving offline proprietary data and non-public risk control (such as OnRe reinsurance or GPU-collateralized loans). He emphasized that underlying general-purpose L1/L2 is losing its native distribution and capital monopoly advantages, and the key for startups to break through lies in entering the "high-risk tolerance" blue ocean market that traditional giants are unwilling to enter due to compliance or reputational concerns, and gradually building the aforementioned barriers. https://www.(wublock123.com)/news/multicoin-vc-ai-era-software-marginal-cost-zero-defi-moats-distribution-capital-data-71719