Secondary market catalysts: Projects that keep building 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, is now available. HYPE, HyperLiquid has introduced Growth Mode, allowing HIP-3 deployers to activate this mode. Once activated, the all-in fees will drop by over 90%. MORPHO, Coinbase has launched an ETH-backed lending service on its platform. This feature is powered by the Morpho protocol on the Base chain. GRASS, Grass announced its first token holder conference call scheduled for November 24, 2025. They will share the latest updates and key future plans during the meeting. MegaETH announced the release of its mainnet Beta version, Frontier. This version will go live in early December and is expected to last for one month. AZTEC, Aztec has launched the Ignition chain, the first fully decentralized Layer 2 network on Ethereum. DYDX, the dYdX community has passed proposal 313, allocating 75% of the protocol's net income for DYDX buybacks in the secondary market, increasing the buyback ratio from 25% to 75%. VET, VeChain will initiate the second phase of the Hayabusa upgrade in December. The annual VTHO issuance will shift from a fixed 1.37B to a dynamic model tied to staking participation, with initial issuance expected to shrink to about 60%-70% of the current level. LDO, Lido DAO has proposed the Liquid Buybacks automatic buyback plan, aiming to use up to $10M/year of funds to buy back LDO when protocol revenue reaches the threshold.