Potential design implementations of Hyperliquid BLP I see
>Build a pure borrow/lend protocol on HyperCore: As the acronym suggests, maybe this is the path. Seems this method would require HL Labs to build the equivalent of a Morpho/Aave competitor on HyperCore that will allow lenders to provide liquidity and borrowers looking to borrow against HYPE and other HL assets to get a more integrated leverage flow (as opposed to using HyperEVM). Difficulty here comes with how HL team determines how particular assets are approved to borrow against as well as risk parameters for the market (is this something they want to handle in-house would be main question imo)
>UTA approach: In the ByBit-esque UTA approach, borrowing isn’t as direct as in a typical borrow/lend protocol. Instead, the protocol accepts approved collateral, dollar-denominates it, and then gives a margin amount that can be traded against it. The USD-equivalent value is what would let users open perp positions with non-USDC/USDT/USDH collateral. This seems like a more ideal approach than the first UX-wise, but again adds risk decisions that HL Labs must implement unless given to governance, which feels burdensome
>HyperEVM protocol integration: Integrate directly with EVM-based protocols that have built up pools of liquidity for borrowers, and enable auto-lending of idle USDC/USDT/USDH on HyperCore into approved protocols to offer greater borrow capacity. Potentially approved protocols would be set through a governance process, and then users looking for multi-asset margin or passive lending on Core would have a selection of options (could imagine a drop down on multi-asset margin toggle where users can select from a basket of providers). Would take parameter risk needs off HL Labs, but finding this path to be least likely due to third party smart contract risk primarily (however maybe that view shifts with more third parties operating on HyperCore and HL interface now given HIP-3 launch)
Any additional BLP design modes I'm missing here? Probably others, but these are the primary three I see
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