According to CoinMeta, crypto community researcher kyle_13 ( kylewmi ) stated that as the order book liquidity matures, the current yield of hlp has approached zero. The next upgrade is expected to automatically allocate idle USDC to the lending sub-strategy, mainly lending it to portfolio and margin users. He mentioned that portfolio and margin now support HYPE, BTC etc. as collateral, and although the role of hlp in market making has declined, it still serves as an important buffer layer in the Hyperliquid settlement mechanism.