In the track of decentralized derivatives exchanges (Perp DEX), liquidity pools (Vault/LP) are often the lifelines of the platform. If the official liquidity pool of a platform sees its earnings go to zero, or even plummets, the vast majority of people will think that this platform is done for.

However, Hyperliquid has turned this "zero earnings" situation into a great victory with a set of extremely hardcore data.

The official developer of Hyperliquid, jeff_hl, announced a major upgrade: HLP (Hyperliquid Liquidity Provider Vault) will automatically allocate unused USDC from market making to the native lending pool to earn interest.

Behind this change lies Hyperliquid's astonishing liquidity maturity.

HLP's "graceful exit": From absolute domination to the margins

To understand the significance of this upgrade, we need to review the historical mission of HLP.

According to market information, when Hyperliquid just started in 2023, due to a lack of external market makers, HLP bore 80%-100% of the platform's order book depth and liquidation guarantee. It was like a "pioneer" with provisions, completing the platform's cold start "chicken and egg" process with community funds.

However, by 2026, HLP's market-making share has dropped significantly. Why? Because Hyperliquid's market is now fully mature:

1. Influx of external market makers: The order book depth is now substantial enough that "HLP no longer needs to support it with large amounts of funds long-term".
2. Explosion of HIP-3 assets: The trading volume of RWA, stocks, and other HIP-3 assets has surged, while HLP is not involved in the market making and liquidation of these markets at all.
3. Subsidies plummeting: The platform was previously giving nearly half of its fees to HLP, but this has now dropped to 1%, with the remaining 99% used for buyback and burning of HYPE.

This is why many data analysts found that HLP's recent APR is approaching 0%. This is not a failure; rather, Hyperliquid has successfully achieved "weaning" and completed the ultimate transformation from "official on-the-ground market making" to "fully market-driven".

The awakening of 154 million dollars of "sleeping giant funds"

So, where does the HLP vault, with a current TVL of 188 million dollars, go from here?

The latest on-chain data reveals the subtleties of this network upgrade:

At the same time, Hyperliquid's native lending pool has achieved impressive production-level scale: reserve assets reached 762 million dollars, with 112 million of USDC lent out, resulting in a utilization rate of 63.7%, with an annual supply rate of about 2.87%.

This means that after the next network upgrade, the nearly 154 million dollars of idle funds in HLP will be fully activated, automatically earning stable lending interest. HLP has officially evolved from a "struggling" grassroots market maker to a multi-strategy vault that automatically allocates capital.

Embracing mature markets, AiCoin helps you capture on-chain Alpha

When a platform's liquidity no longer depends on official subsidies, and when 99% of the fees are genuinely used to buy back tokens, it means that Hyperliquid has crossed the pitfalls of the Ponzi cycle, becoming a truly globally scalable financial infrastructure driven by real demand.

In this fully marketized, fiercely competitive mature market dominated by external market makers, ordinary traders need more professional tools to capture Alpha. The AiCoin mobile app is your preferred weapon for battling on-chain Nasdaq:

1. Capital rate and lending data insights: After HLP transfers funds to the lending pool, the USDC lending rates and perpetual contract funding rates across the site will exhibit subtle interactions. AiCoin provides real-time funding rate heat maps and long-short ratio monitoring to help you keenly capture every arbitrage opportunity.
2. Smart Money tracking: As HLP exits, external institutions and whales have completely taken over the order book. AiCoin's large order anomaly monitoring and on-chain position tracking features allow you to clearly see the real movements of Wall Street funds in assets like NVDAx and SKHYx.
3. Ultra-fast connection, goodbye slippage anxiety: In a market dominated by real liquidity, the order book depth is extremely solid. By connecting to Hyperliquid with one click through AiCoin, enjoy a millisecond-level ordering experience and maximize the benefit of extremely low slippage in mature markets.

HLP's "exit" is Hyperliquid's coronation to greatness.

Now connect to Hyperliquid and earn your profits in a pure market without official intervention.

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