From tokenization to valuation, the day’s been filled with sharp takes and grounded insights on where crypto is really heading. The Institutional Stage opened with a reality check on tokenization featuring Ben Forman (@paraficapital), @LameshLior (@GK8_Security), Justin Cohen (@jpmorgan), and moderated by Jorgen Ouaknine (@EuroclearGroup). The panel cut through the hype, weighing which use cases are scaling versus stuck in pilots, whether first movers really have an edge, and where tokenization can unlock entirely new markets and revenue streams. Let's take a look at what followed👇

The Next Frontier of Crypto is Entertainment Presented by @MagicEden with @szenics (@MEFndn) and @mariashen (@ElectricCapital). This panel looked at how crypto is merging with culture. From creator royalties to digital collectibles and gaming economies, the discussion focused on how onchain entertainment could become crypto’s most relatable use case - one that brings millions into crypto without them even realizing it.

The Valuation Problem: How Do You Price a Protocol With Andrew Moss (@Jefferies), David Sedacca (@PolkadotCG), @JaschaSamadi (@greenfield_cap), @jp_grabs (@areta_io), and @0xArnav (@BanklessVC). The game of valuing protocols is evolving fast. The panel explored how traditional tools like DCFs or multiples fall short when tokens have unclear economic rights. They discussed when value should flow to equity versus the token, and how to measure the “quality” of protocol revenue in a world still driven by emissions. Buybacks, burns, and reflexivity were all on the table - with most agreeing that sustainability, not hype, will define credible value in the next phase.

Unlocking Blockchain’s Full Potential: Privacy, Fairness, Freedom Presented by @midnightfdn and keynote from @F_ZK_Now. The conversation turned philosophical- what does a truly private and fair blockchain look like? The session explored how privacy tech can move beyond anonymity to protect user rights and data ownership, and why the next leap for crypto may be rebuilding trust itself.