HYPE Surges Past $90 as Hyperliquid Introduces Manual Borrowing
HYPE, the native cryptocurrency of the Hyperliquid layer-1 blockchain and decentralized trading platform, reached an all-time high above $90 on Friday. This surge in value comes after the protocol introduced manual borrowing, allowing users to supply HYPE and Bitcoin as collateral to borrow stablecoins USDC and Tether's USDt (USDT).
According to Hyperliquid, manual borrows are live on their platform, using the same underlying HyperCore infrastructure as their portfolio-margin system. This design means every borrowed asset comes from a supplier rather than being created through platform-level margin accounting, said co-founder Jeff Yan.
The introduction of manual borrowing has significantly impacted HYPE's value, reaching a record high of $90.92 shortly after the announcement. This development is expected to increase liquidity and flexibility for users on the Hyperliquid platform.