Hyperliquid co-founder Jeff.hl posted on the X platform that most major tech giants in the 2000s built the infrastructure and the products into a tightly coupled whole. Amazon had foresight: it split AWS into independent API layers, and Amazon’s retail business was the first customer for AWS. The profits created by AWS today exceed the sum of Amazon’s profits from all other business lines. Hyperliquid adopted this design philosophy as well. To host all financial activities, it takes careful design and an open set of financial base components. Each component follows the Unix design principles: do one thing, and do it exceptionally well. Developers can freely combine these underlying modules to build innovative applications. HyperCore lending is an example of this理念 put into practice. In most other platforms’ investment-portfolio margin models, the common approach is to mark account collateral to market and apply an LTV haircut to generate the borrowed assets, but there is no clearly defined lender. While that solution is simple, it sacrifices composability. Hyperliquid instead builds a lending protocol on HyperCore’s underlying layer. Every borrowed asset comes from the funding providers; risk is isolated within the lending component and does not spread across the entire platform. HyperCore’s portfolio margin system acts as an orchestration layer, combining calls to the lending module with other base components such as perpetual contracts, spot, and event trading. This modular split brings multiple advantages:
1. The manually enabled lending released this time is not a new standalone feature—it is simply an extension of the underlying base components. Lending users can go live and use supply liquidity of more than $400 million that continues to grow.
2. For users using portfolio margin, idle stablecoin collateral can earn interest. This is not a separately developed new feature; it naturally arises from the combination of the trading module and the lending module.
3. Perpetual contracts and lending margin are independent of each other, making system risk easier to assess and manage/contain.
$ETH
1. The manually enabled lending released this time is not a new standalone feature—it is simply an extension of the underlying base components. Lending users can go live and use supply liquidity of more than $400 million that continues to grow.
2. For users using portfolio margin, idle stablecoin collateral can earn interest. This is not a separately developed new feature; it naturally arises from the combination of the trading module and the lending module.
3. Perpetual contracts and lending margin are independent of each other, making system risk easier to assess and manage/contain.
$ETH