Caught a panel mid-session at Gamma Prime's keynote and it turned out to be a good one. The speakers were Zach Pandl (Grayscale), Will Nuelle (Galaxy), Milton Todd, Simon Koster, Cosmo Jiang (Pantera Capital), Gisele Lai (Fidelity) and Duncan Moir (21Shares). Zach Pandl, Grayscale: market-wise, his take was "not going down, just good." Will Nuelle, Galaxy: same direction, a constructive read on where things are headed. Milton Todd: frontier models will be democratized, and open models will win. Simon Koster: the long tail of tokens has no reason to exist. He didn't name names. Cosmo Jiang, Pantera Capital: this is why we need a better index. Today's crypto indexes still hold plenty of tokens with no real value, so a 500-token index only makes sense if it includes tokens that actually have value. He also named no names on stage. Gisele Lai, Fidelity: tokens without utility have no reason to exist. No utility, no reason to exist. Duncan Moir, 21Shares: also on the panel. The common thread was that institutions are done with "everything is a token." The conversation has moved to utility, real value, and better benchmarks.