Recent summary of catalysts in the secondary market, with the secondary market gradually returning to normal MORPHO: Orpho Labs is undergoing a governance restructuring, and all value generated by future agreements will only be collected into a single asset MORPHO, rather than flowing into off chain equity GMX: GMX launches "GMX Express" execution layer, which can bypass RPC congestion and support gas payment with stablecoins HYPE: HyperLend launches a new feature that allows users to borrow with HyperCore assets (such as HYPE) as collateral, adding practical scenarios to HyperCore assets. At the same time, Farcaster's wallet and Mini Apps already natively support HyperEVM SKY: SKY Ecosystem (formerly MakerDAO) has enabled USDS rewards for SKY staking, and the reward amount will be dynamically adjusted according to the performance of the agreement ENA: Ethena's high-yield savings feature has been launched on TON Wallet UNI: Uniswap Foundation launches v4 Hook Design Lab pilot funding program, providing funding and technical support to teams using Hooks to build next-generation DeFi protocols VIRTUAL: Virtuals Protocol is expanding to the Ethereum mainnet