HYPE Token Surges 13% on Hyperliquid's Manual Borrowing Feature Launch
Hyperliquid's HYPE token has surged by over 13% after the launch of its manual borrowing and lending feature, where HYPE can be used as collateral. The new feature allows users to borrow USDC and USDT using HYPE and BTC as collateral, with around $269M borrowed on the first day.
The launch of this feature has not only boosted demand for HYPE but also strengthens its already aggressive buy-and-burn tokenomics. Hyperliquid's protocol fundamentals have been impressive, with record revenue, large HYPE burns, surging open interest, and a physically backed HYPE ETP listing on the Warsaw Stock Exchange.
The supportive macro backdrop and altcoin rotation have contributed to the surge in HYPE's price. Bitcoin recovered towards $78,000, and the total crypto market cap climbed around 2% to approximately $2.66T.