Hyperliquid Launches Native Borrowing and Lending, $269M Borrowed on Day One

Hyperliquid has launched a manual borrowing and lending feature, allowing users to collateralize HYPE and Bitcoin (BTC) to borrow USDC and USDT. On the first day of the launch, total borrowed assets reached $269 million. The platform offers up to 65% loan-to-value (LTV) for HYPE and 50% for BTC. The introduction of this utility coincided with a significant rally in HYPE, which recently hit an all-time high of $94.48. While the platform continues to see high trading volume, it remains under scrutiny due to its rapid growth and previous allegations regarding its perpetual futures market.