New Borrowing and Lending Feature Trialed on Testnet
Reports indicate that the Hyperliquid team is currently trialing a new feature named BLP on its Hypercore testnet. MLM on X suggests that BLP stands for BorrowLendingProtocol, a native borrowing and lending platform. Initially, only USDC and PURR tokens are available within this market on the testnet.
MLM's post on X revealed that Hyperliquid may be testing a new feature called BLP, which is believed to mean BorrowLendingProtocol. According to the on-chain chart shared, only USDC and PURR tokens are currently supported on the testnet. Noteworthy, the new feature allows users to borrow, supply, and withdraw assets on HyperCore.
Some crypto enthusiasts are beginning to speculate that this BLP feature could back Hyperliquid’s Multi-Margin system. In the meantime, there are no concrete details to support this claim. However, it is worth noting that the move is significant to boosting Decentralized Finance (DeFi) capabilities within the Hyperliquid protocol. The network will achieve this feat by giving users access to seamless, integrated lending functions.
Institutional Interest Grows for Hyperliquid
In September, Cathie Wood, CEO of Ark Invest, drew the attention of the public to Hyperliquid. She even compared the DEX with Solana (SOL) in its early days, citing that it evokes the same excitement as the latter. "It’s exciting. It reminds me of Solana in the earlier days, and Solana has proven its worth and is, you know, there with the big boys," she emphasized. Cathie Wood did not particularly mention whether her firm will make any direct investment in Hyperliquid. At the same tone, her remarks suggest that the protocol is firmly on ARK’s radar.
HYPE Token Gains Traction with Key Listings and Proposals
Meanwhile, HYPE has been getting some positive attention recently, reflecting the ecosystem’s long-term potential. In October, the United States crypto exchange Robinhood officially added HYPE to its platform for its American users. Apart from strengthening Robinhood’s position in the crypto market, this move meant an expansion of the Hyperliquid token. Also, 21Shares submitted a proposal to launch a new Exchange-traded fund (ETF) that tracks the performance of HYPE on October 29. 21Shares US LLC will serve as the sponsor of the fund. Coinbase Custody Trust Company, LLC, and BitGO Trust Company, Inc. will safely act as custodians of the real assets behind the fund.