HyperLend has incorporated a modular oracle protocol to guarantee secure and dependable price feeds for its lending operations.
The modular oracle protocol now fuels HyperLend, marking it as the first lending platform developed on the Hyperliquid Ethereum Virtual Machine. This partnership allows HyperLend to effectively manage its lending services with accurate and trustworthy price data provided by the oracle.
HyperLend operates as a lending protocol inspired by Aave, specifically designed for the Hyperliquid ecosystem. It offers a robust, secure foundation with features customized for traders and market makers, including real-time leverage, fluctuating interest rates, and substantial liquidity. The mainnet launched on March 24 within the Hyperliquid EVM environment. The initiative stated its intention to utilize the oracle feeds from day one.
This integration with HyperLend is the latest addition to a series of collaborations involving the modular oracle protocol with various DeFi lending platforms, which include Venus Protocol, Morpho, Fraxlend, Lombard, ZeroLend, DeltaPrime, and, most recently, Spark Protocol, which confirmed its integration on February 11.
In the meantime, the RED token has seen a 12% increase over the last 24 hours, currently trading at $0.36. Nevertheless, it has been in a clear downtrend after reaching a peak of $0.82 on March 16, following the launch of the DRILL program. After hovering around $0.50 in mid to late March, this support level was breached on April 1, resulting in RED finishing below $0.50. A new support level has since formed at approximately $0.30, where the price is currently stabilizing.