Hyperliquid Expands with New Borrowing Feature Amid Fake App Concerns

Hyperliquid Tests Borrowing and Lending Module

Hyperliquid is actively experimenting with a new borrowing and lending module on its Hypercore testnet, potentially broadening its platform's offerings. This development was highlighted by on-chain researcher MLM, who discovered tests for a feature named BLP, presumably standing for BorrowLendingProtocol.

Exploring a Native Lending Market?

The findings indicate that Hyperliquid may introduce a native money-market layer on Hypercore, supporting borrowing, supplying, and withdrawing assets. Currently, the testnet version of BLP includes USDC and PURR, laying a foundation for broader asset support. MLM suggests this integration could help facilitate safer multi-margin trading by leveraging verifiable lending pools rather than isolated balance sheets. This approach aligns with existing DeFi money markets and could provide clearer leverage options for traders. If implemented, the feature would extend Hyperliquid's reach beyond perpetuals, offering users access to DeFi functionalities currently absent from its ecosystem.

Fake Hyperliquid App Raises Security Issues

Amid these developments, a fraudulent Hyperliquid app has emerged on the Google Play Store, posing significant security risks. Despite Hyperliquid not providing an official mobile app, this fake version mimics the brand, raising concerns over app-store screening processes. Crypto investigator ZachXBT warned that the counterfeit app aims to steal funds by phishing wallet credentials and private keys. He identified an Ethereum address linked to this operation, which has already amassed over $281,000 in stolen assets. Users are advised to review recent downloads and revoke permissions to mitigate further losses.

The appearance of this fake app follows a pattern where malicious developers create counterfeit applications for platforms like SushiSwap and PancakeSwap, exploiting the ease of mobile access to deceive users. Scammers often employ sponsored ads on search engines to prioritize fraudulent links above legitimate ones, increasing the likelihood of user deception. As Hyperliquid develops new infrastructure, the ongoing wave of impersonation attempts underscores persistent risks, particularly in the absence of official mobile applications.