Within a span of weeks in early 2026, a cluster of senior crypto operators announced they were stepping back or switching domains.
Akshay BD, who spent five years building Solana’s ecosystem, posted a “life update” saying he was “grateful to pass the torch.”
Anthony Rose, a zkSync executive, announced he was “moving on” after four years at Matter Labs.
Nader Dabit left Eigen Labs to join Cognition, working on “end-to-end software agents that ship production code.”
Kyle Samani stepped down as Multicoin’s managing partner to explore AI and robotics, while maintaining he’s still bullish on crypto.
The timing felt coordinated, even if it wasn’t.
The pattern looked like a talent drain because these roles sit at the center of capital, narrative, and hiring loops.
Ecosystem leads don’t just build, they coordinate. They connect capital to projects, developers to infrastructure, and companies to users.
When they rotate out, the connective tissue weakens, even if the underlying builder base stays intact.
Jobs, capital, and option value
AI is pulling talent with measurable force. LinkedIn’s January 2026 labor market report documents the creation of 1.3 million new AI jobs globally between 2023 and 2025.
Growth in specific roles is exponential: forward-deployed engineer and product manager roles grew 42 times, while AI engineer positions expanded 13 times.
Capital gravity reinforces the labor pull. Crunchbase reports $211 billion in global AI funding in 2025, accounting for roughly half of all venture capital deployed worldwide.
WIPO’s analysis similarly finds that AI accounts for about 53% of global VC deal value through the third quarter of 2025. PitchBook pegs crypto VC deal value at $19.7 billion in 2025.
Meaningful, but operating in a different league.
For senior operators optimizing for learning velocity and upside, AI currently offers both at scale. Crypto offers mission alignment and the promise of rebuilding financial infrastructure, but AI offers immediate distribution, faster product cycles, and capital abundance.
Rodrigo Coehla, CEO of Edge & Node, sees the wave but disputes the characterization.
He said:
“There’s definitely been a wave of high-profile departures, and it’s really hard to argue with why it’s happening. AI is the new, cool kid on the block and like with past crypto cycles, when the times get a little tough, a lot of people move on to greener pastures.”
However, Coehla noted that many people chasing AI will eventually return to crypto. He added:
“Once they’re actually inside the AI space—even briefly—they’ll realize AI is going to adopt crypto rails, which are ideal for transparency, observability, and financial control. AI agents need crypto rails for trust, observability, and autonomous transactions that traditional infrastructure can’t provide.”
Is this actually an exodus?
The cleanest signal on whether builders are leaving comes from developer activity, not anecdotes.
Electric Capital’s latest developer report, updated in January 2026, shows that the total number of monthly active developers fell by roughly 7% year over year in 2024. That sounds bad until you separate newcomers from established builders.
Developers with two or more years of experience hit an all-time high, up 27% year-over-year. New developers declined, but the core builder base expanded.
This matches prior bear market patterns. Electric Capital’s historical analysis shows developers grew 5% year over year in 2022 despite a 70% price decline.
| Developer cohort | 2024 YoY change | What it implies |
|---|---|---|
| Established devs (2+ years) | ✅ +27% YoY | Core builder base expanded (stickier, long-horizon contributors) |
| New devs | ❌ Down | Onboarding slowed / “tourists” left (cycle-sensitive inflow) |
Core builders stay. Tourists leave.
The churn happening now is more consistent with newcomer drop-off and leadership reshuffles than a collapse in the builder base.
Ethan Buchman, CEO of Cycles, frames it as cyclical noise:
“Just like Bitcoin has been declared dead countless times, people pivoting away from crypto has become an old refrain, just another sign of the cyclic nature of our industry. ‘If you’re in crypto, pivot to AI’ is a legendary three-year-old tweet now. Crypto continues to be, without doubt, the place where the future of finance is built.”
He bets that crypto’s core value propositions, like neutral settlement, programmable money, and composability, don’t disappear just because AI is hiring aggressively.
Buchman added:
“Everyone is still thinking about crypto too simply, as just a way to move assets around faster, 24/7. But crypto unlocks entirely new opportunities for capital efficiency, risk reduction, savings, and growth via multilateral clearing for regular people and businesses around the world.”
Why senior exits still matter
Even if core developer counts are stable, senior exits widen bottlenecks that slow progress.
Crypto’s hardest problems are rarely cryptographic. They’re productization, compliance, and distribution.
Shipping boring financial infrastructure that banks and regulators will adopt requires operators who understand legal frameworks, institutional sales cycles, and enterprise integrations.
Losing those operators slows the conversion of technical capability into market traction.
Institutional trust-building takes continuity. Regulatory clarity doesn’t automatically translate into adoption. Someone has to walk regulators through how stablecoins work, negotiate with banks on settlement rails, and build compliance tooling that makes crypto usable inside traditional finance.
Leadership churn delays that cycle.
What crypto has that AI can’t
Crypto’s durable edge is neutral settlement and programmable money.
Stablecoins, tokenized real-world assets, and on-chain treasury rails are hard to reproduce in pure AI software stacks.
Open financial primitives that can be integrated without bilateral agreements create composability that traditional finance and AI platforms don’t naturally provide.
AI’s edge is user pull and speed. AI products can achieve mass adoption within months. Distribution chokepoints are weaker because most AI apps don’t face the same financial compliance surface area that crypto does.
However, convergence isn’t just narrative. Regulation is making crypto rails more legible to institutions. The GENIUS Act created a US stablecoin framework requiring backing and disclosure. That’s the kind of regulatory north star that supports the “finance rails” thesis.
Stablecoins are becoming a required infrastructure for traditional financial institutions.
Coehla sees this as the moment bottlenecks begin to disappear:
“Many crypto companies tied themselves to tokens that had nothing to do with the value they were actually creating, which meant their runway lived or died on speculation instead of fundamentals.”
Until recently, he highlighted that regulation was unclear, but the GENIUS Act changed the landscape and provided crypto with a clear north star.
This resulted in bad tokenomics removing weaker companies from the playing field, leaving behind fundamentally sound businesses.
Coelha added:
“Regulatory clarity is here. And emergent AI use cases that benefit from crypto rails are creating powerful tailwinds.”
He predicts that the talent exodus reverses when builders realize the biggest opportunity isn’t another token, but infrastructure that powers the next decade of financial rails.
This will become concrete through a wave of hybrid companies that stop calling themselves crypto companies and start building real businesses at the intersection of AI and programmable money.
2026 reality check
The base case is cyclical churn with a stable core.
Senior operators do AI stints. Many remain crypto-adjacent through advising or investing, and the core developer base is anchored by infrastructure maturity and stablecoin regulatory clarity.
The downside scenario is coordination decay. Leadership churn, combined with weaker funding, reduces long-horizon infrastructure work, and greater fragmentation across Layer 2s and appchains slows execution.
The sustained drop extends to established developers as well.
The upside scenario is a convergence-driven rebound. Stablecoin frameworks and institutional rails pull crypto talent back as real distribution arrives. Hybrid companies stop branding as crypto and start selling financial infrastructure.
The indicator is accelerating stablecoin issuance and banking integrations driven by policy and enterprise adoption.
The high-profile departures in early 2026 don’t prove crypto is dying. They prove AI’s pull is strong and crypto’s coordination costs are real.
The question is whether the industry converts regulatory clarity and institutional interest into distribution fast enough to retain the operators who build connective tissue.
The developers are still here. The infrastructure is maturing. The bottleneck is turning the “future of finance” thesis into products people actually use before AI permanently absorbs the best operators.
