**Secondary Market Catalysts: Projects Active During Market Downturns Often Survive to the Next Cycle** - **$AAVE**: Aave has launched the Aave v4 testnet. Meanwhile, the developer preview of its brand new interface, **Aave Pro**, has also been released. - **$HYPE**: HyperLiquid introduced **Growth Mode**, allowing HIP-3 deployers to activate the feature. Once activated, the **all-in fees** will be reduced by more than 90%. - **$MORPHO**: Coinbase has launched an ETH-backed borrowing service on its platform. This feature is supported by the **Morpho protocol** on the Base chain. - **$GRASS**: Grass announced its **first-ever token-holder conference call** to be held on **November 24, 2025**, where they will share the latest progress and future important plans. - **MegaETH**: MegaETH has announced the release of its **mainnet beta version, Frontier**, which will go live in early December and is expected to run for about a month. - **$AZTEC**: Aztec has launched the **Ignition Chain**, the first fully decentralized Layer 2 network on Ethereum. - **$DYDX**: The dYdX community has approved **Proposal #313**, which increases the percentage of net protocol revenue allocated for secondary market DYDX buybacks from 25% to **75%**. - **$VET**: VeChain will initiate the second phase of the **Hayabusa upgrade** in December. The annual issuance of **VTHO** will transition from a fixed 1.37 billion to a dynamic model tied to staking participation. Initially, issuance is expected to shrink to around **60%–70%** of the current levels. - **$LDO**: Lido DAO has proposed the **Liquid Buybacks** automated buyback initiative, planning to allocate up to **$10 million per year** of protocol revenue to buy back LDO tokens when revenue thresholds are met.