Kyle Samani, co-founder of Multicoin, has observed a significant influx of top talent and innovation in the blockchain application layer. Following the Breakpoint conference, Samani noted the entry of real-world assets (RWA) into the space, with expectations for large-scale RWA lending on Kamino. He also highlighted advancements in hardware wallets, which are surpassing Ledger in design and user experience. Additionally, there is rapid innovation in perpetual futures DEX design and growth in vault and strategy management, indicating a strong attraction of intellectual capital to the application layer.