This week we launched HPL staking, our first token utility. We’ve been humbled by the positive response we’ve seen from our partners and users and I’m very excited to continue developing HPL as an integral part of HyperLend. Before we get too deep into the era of staking I wanted to pause and take a moment to explain how we got here and why we chose Borrowing Rebates as our utility. To begin, we knew that staking was going to be a core part of HPL’s mechanics. The most common model we’ve historically seen around native token staking tends to be emissions focused. We evaluated a lot of emissions based models, but in the end came to the conclusion that in general direct staking emissions are damaging to the long-term health of a protocol. HyperLend is here to stay, and our token design needed to reflect that reality. With this in mind we went back to the drawing board with the team @BlockworksAdv, modelling out other ways we could see the token playing a part in our ecosystem. Over and over we kept coming back to the protocol's core function, the credit layer of Hyperliquid. With this in mind we decided to focus on our borrowers. Borrowers want cheaper rates, so we decided to give them that. HPL’s Stake and Save model is as simple as that, it allows users to stake the HPL token for discounts to their borrowing interest rates. You stake HPL and in return receive a rebate on your borrows, straight from our revenue and direct to you. We initially toyed with the idea of a stepped or tranched model, where users could stake up to say 100 tokens for one rebate and then 200 for another. The issue we saw here is that in this example there was no benefit to buying the next token, users always had to purchase all the way up to the next step to see that next level of discount. With this inefficiency in mind we decided to instead use a staking curve, with every extra token staked providing an increase in a users rebate. HyperLend is the credit layer of Hyperliquid and HPL staking is designed to allow you to access more credit for cheaper. It’s time to Stake and Save. gLend.