Hyperliquid Faces LIT Crypto Challenge as Wall Street Rejects Tokenization

Hyperliquid is facing fresh competition from LIT as Wall Street pushes back against tokenized crypto stocks, raising questions about the future of onchain trading. Fifty publicly traded companies have now objected to having their shares tokenized through OKXICE, the joint venture between crypto exchange OKX and New York Stock Exchange parent Intercontinental Exchange. The growing resistance comes as decentralized exchanges compete for traders, liquidity, and the major crypto market narrative. Hyperliquid remains a leading player, but LIT is attracting attention as Lighter expands its crypto trading ecosystem. Nvidia, Microsoft, Nike, Alphabet, JPMorgan Chase, and Goldman Sachs are among the companies opposing the OKXICE initiative. The venture initially planned to offer tokenized versions of 62 major US companies, allowing investors to trade blockchain-based representations of their shares.

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