The native token of the Hyperliquid layer-1 blockchain, HYPE, reached a record high of $90.92 on Friday. This price movement followed the protocol's announcement regarding the launch of a manual borrowing feature for its users.
The new functionality allows participants to supply HYPE and Bitcoin as collateral to borrow stablecoins, specifically USDC and Tether USDt. According to co-founder Jeff Yan, the system ensures that all borrowed assets are sourced from individual suppliers rather than platform-level margin accounting.
This update integrates with the existing HyperCore infrastructure, which also powers the platform's portfolio-margin system. On Friday, Hyperliquid reported that the total volume of assets borrowed across its underlying infrastructure reached $269 million.
The launch occurs shortly after Payward, the parent company of Kraken, announced plans to introduce onchain perpetual futures markets for US clients. These markets are set to begin with the integration of Hyperliquid's HIP-3 markets.
