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Figma has ~90% market share today. And it's dying. Not because of a single 'Figma killer' (I don't believe one will exist), but because the category itself is dissolving.

AI coding tools are letting designers work directly in code. The bottleneck in product teams is shifting upstream. And maintaining two sources of truth - one in Figma, one in the codebase - is becoming indefensible overhead.

So what replaces Figma? Not another platform. Dependencies. Design tools are starting to look like NPM packages you install into your codebase.

We're seeing it already with tools like Pencil and Agentation. And it's just the start. The era of one monolithic design tool is ending. What comes next looks more like the developer ecosystem: hundreds of choices, open standards, composable tooling.