The native tokens of decentralized exchanges, Uniswap (UNI) and Hyperliquid (HYPE), have experienced significant daily gains, increasing by 30% and 13% respectively.
On September 18, HYPE reached a historic peak of $91, although it is currently trading around $89.
Hourly chart for HYPE/USDT on KuCoin. Source: TradingView.In a parallel trend, UNI surpassed $9 for the first time since November 2025, though it has since adjusted to $8.7.
Hourly chart for UNI/USDT on Binance. Source: TradingView.This positive momentum appears to be linked to the SEC's decision to permit limited trading of tokenized stocks on select on-chain platforms. The regulator has issued a conditional Innovation Exemption valid for five years.
This rule applies to platforms designed for tokenized securities, which may not need to register as an "exchange" under the Securities Exchange Act of 1934.
At the same time, the CFTC has expanded its exemptions for providers of "passive" trading software. Such tools can be released as standalone products or integrated into third-party applications, including crypto wallets. The rules cover event contracts, perpetual futures, and other regulated derivatives.
Currently, traditional tokenized assets are highly sought after on decentralized exchanges (DEX). The most popular categories in the Hyperliquid futures market (excluding cryptocurrencies) include digital stocks, commodities, indices, and forex.
Source: Blockworks.In contrast, Uniswap sees lower popularity in the traditional sector. However, tokenized assets are outperforming certain areas in terms of total liquidity, such as meme tokens and staking.
Source: Blockworks.It is worth noting that in August, Hyperliquid and trade[XYZ] proposed a mechanism to modernize IPOs to the SEC.