21Shares, a leading issuer of crypto exchange-traded products, has filed an S-1 registration with the U.S. Securities and Exchange Commission to launch an exchange-traded fund (ETF) based on the SUI cryptocurrency. This move would allow traditional investors to gain direct exposure to SUI. Meanwhile, the Hyperliquid protocol is advancing its decentralized perpetual contracts (perps) ecosystem by enabling builder-deployed perps through HIP-3, requiring deployers to stake 1 million HYPE tokens, valued at approximately $20 million, to list a perp and share 50% of trading fees. An MVP of this feature is live on testnet. Hyperliquid’s ecosystem includes emerging protocols such as Felix Protocol’s feUSD and HUSD, HyperLend, and HypurrFi, with a total value locked (TVL) of $500 million on HyperEVM, despite only 5% stablecoin supply (USDT/USDC) currently. Traders on Hyperliquid show varied positions: they are long on HYPE, DOGE, and TRUMP tokens, while short positions have increased on SUI, SOL, and POPCAT. Additionally, a highly anticipated liquid staking token (LST) called kHYPE is expected to launch soon on Hyperliquid, which could unlock billions in liquidity and generate staking yields usable across DeFi applications. The ecosystem is evolving toward more permissionless and flexible perpetual contracts, with discussions about expanding collateral options to include HYPE and BTC. Separately, LayerEdge’s $EDGE token is nearing its token generation event (TGE), attracting industry attention.