kyle 13:hlp yields close to zero, upgrades will allocate idle USDC

Encryption community researcher Kyle 13 (kylewmi) wrote that, as the order book matures, the current rate of return for hlp is close to zero. The next upgrade is expected to automatically redeploy idle USDC to the Lending sub-strate, mainly to portfolio margin users. He stated that portfolio margin had supported HYPE, BTC and others as collateral, and that the continued growth of borrowing demand, despite the declining role of hlp in the market, remained an important buffer in the Hyperliquid liquidation mechanism。