Recent summary of secondary market catalysts, the secondary market gradually returning

$MORPHO: Morpho Labs is restructuring its governance framework, with all future value generated by the protocol being concentrated on the single asset $MORPHO, no longer flowing to off-chain equity

$GMX: GMX has launched 'GMX Express' execution layer, which can bypass RPC congestion and supports paying Gas with stablecoins

$HYPE: HyperLend has introduced a new feature that allows users to borrow against HyperCore assets (like $HYPE) as collateral, adding practical use cases for HyperCore assets, while farcaster's wallet and Mini-Apps have natively supported HyperEVM

$SKY: Sky Ecosystem (formerly MakerDAO) has enabled USDS rewards for $SKY staking, with the reward amount dynamically adjusted based on protocol performance

$ENA: Ethena's high-yield savings feature has been launched on the TON wallet

$UNI: The Uniswap Foundation has launched the v4 Hook Design Lab pilot funding program, providing financial and technical support to teams building the next generation of DeFi protocols using Hooks

$VIRTUAL: Virtuals Protocol is expanding to the Ethereum mainnet