[Multicoin Capital: The Three Moats of DeFi in the AI Era are Distribution, Capital, and Proprietary Data] Spencer Applebaum, co-head of venture capital at Multicoin Capital, points out that while AI has significantly reduced the cost of developing financial software, financial services are the most difficult to commoditize because their core value (customer base, fund size, proprietary data, and underwriting capacity) relies on years of accumulated trust and relationships, which AI cannot easily replicate. He believes that as software becomes cheaper, the value of DeFi will flow to projects that control scarce resources.