Hyperliquid added "Silver" to their perps... Binance, OKX, and Coinbase are all racing to bring tokenized equities onchain. The framing is "new product." The reality is an admission: crypto exchanges can no longer grow on crypto volume alone. This is where it gets interesting for Ethereum. If tokenized equities scale, the settlement layer question becomes existential (would someone put $4 trillion on a 3/5 multi sig to trade). Every exchange will need to decide: move everything to a proprietary chain, or a credibly neutral one. infrastructure. That decision reshapes the entire L1/L2 landscape more than any token listing ever could.