Hyperliquid Is Testing a New Feature But Fake Apps Surface

Hyperliquid is experimenting with a borrowing and lending module on its Hypercore testnet, signaling a potential expansion of the platform’s core offering.

The development surfaced after on-chain researcher MLM noted that the team has begun running tests for a feature labeled BLP, which he believes stands for BorrowLendingProtocol.

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Is Hyperliquid Exploring a Native Lending Market?

His finding suggests that Hyperliquid may be preparing to introduce a native money-market layer on Hypercore. This layer would support borrowing, supplying, and withdrawing assets.

MLM said the testnet version of BLP currently lists only USDC and PURR, but he noted that even limited asset support creates a foundation for something larger.

He argued that integrating a lending layer could help Hyperliquid introduce multi-margin trading more safely. In his view, margin positions would sit on top of verifiable lending pools rather than isolated balance sheets.

That architecture would mirror systems already used across established DeFi money markets and could make leverage more transparent for traders.

If rolled out, this feature would expand Hyperliquid’s footprint beyond perpetuals and provide users with access to DeFi functions currently missing from the ecosystem.

The move could also consolidate activity on a single platform, creating a more integrated trading environment for users who now rely on external lending markets.

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Fake Hyperliquid App Sparks Security Concerns

While the team experiments with new functionality, Hyperliquid users are battling a separate threat: a fraudulent mobile application that has appeared on the Google Play Store.

The app mimics Hyperliquid’s branding despite the exchange not offering an official Android or iOS product. Its presence has raised questions about app-store screening standards, especially as users increasingly rely on mobile platforms for financial activity.

Crypto investigator ZachXBT warned that the fake app is designed to steal funds by phishing wallet credentials and private keys.

He identified an Ethereum address linked to the operation that has already collected more than $281,000 in stolen assets. His alert prompted users to check recent downloads and revoke permissions to avoid further losses.

The fake listing fits into a broader pattern. Several malicious developers have created look-alike applications for projects such as SushiSwap and PancakeSwap, exploiting the convenience of mobile access to mislead users.

Scammers often combine these apps with sponsored ads on Google, ensuring that fraudulent links appear above legitimate search results. This increases the likelihood that unsuspecting users click through.

As Hyperliquid experiments with new infrastructure and users search for easier access points, the coordinated wave of impersonation attempts highlights a persistent risk.

Attackers continue to target platforms as they grow, and users remain vulnerable when official mobile apps do not exist.