chrysalis
螵 centers on the chrysalis stage of an insect, the protective casing in which a larva transforms into an adult.
螵 combines 虫 (insect) with 票, which likely contributes the sound. The exact historical development is uncertain, but the structure points to a phono-semantic compound for an insect-related term.
The insect radical 虫 on the left and 票 on the right can be seen as a ticket-shaped cocoon: an insect wrapped in a chrysalis like a ticket to its new winged form.
For ヒョウ, imagine a chrysalis hanging from a branch, and when it opens, a beautiful butterfly emerges with a soft 'hyou' sound: hyou -> ヒョウ.
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