Hyperliquid Faces LIT Crypto Challenge as Wall Street Rejects Tokenization

By Nov. 1, 2026, 50 publicly traded companies had formally objected to having their shares tokenized through OKXICE, the joint venture of OKX and NYSE parent Intercontinental Exchange, up from 26 four days earlier. Nvidia, Nike and Micron were among the latest objectors to the venture, which had planned blockchain-based versions of 62 major U.S. companies. The companies cited shareholder rights, market structure, liquidity and possible confusion, while Nasdaq warned that weakly regulated tokenized markets could split liquidity and impair price discovery. Separately, Hyperliquid, a decentralized perpetual futures venue, faces competition from Lighter's LIT token, whose protocol reported $4.93 million in 30-day revenue and $793 million in total value locked.