Crypto's next winners could depend on whether blockchain businesses generate revenue and whether owning their tokens provides a financial benefit. Securitize announced blockchain-based trading in 12 US stocks on October 8, while JPMorgan reported approximately $7 billion in daily Kinexys transactions in September. Pantera Capital president Scott Lawin expects institutional adoption to develop gradually as institutions become customers of crypto businesses. The S&P Pantera Digital Asset Index requires eligible blockchain projects to have positive total revenue over the previous two completed quarters. However, the index's methodology makes no assumptions about investor returns or cash flows, and revenue alone cannot establish a token's value.