Pendle, a decentralized finance protocol on Arbitrum, announced that its total value locked (TVL) surged to a record $8.27 billion after the launch of its new yield-trading platform, Boros. The platform introduces tradable on-chain assets called Yield Units (YUs), allowing participants to take directional exposure to funding rates for major cryptocurrencies such as Bitcoin and Ethereum.
Within the first 48 hours of Boros’s debut, data from Dune Analytics indicates the platform attracted deposits of over 283 wrapped Ether (approximately $1.1 million) and 6.4 wrapped Bitcoin (around $750,000). On-chain activity metrics show that daily active addresses reached 1,428, substantially above Pendle’s monthly average, and both buy and sell operations on decentralized exchanges multiplied in volume.
Funding-rate yields, which averaged an annualized 10% on Bitcoin markets this week, underpin the Boros strategy. Yield Units enable traders to hedge floating funding payments into fixed yields, lock in high rates during volatile periods, or speculate on the direction of funding rate changes without exposure to price fluctuations of the underlying asset.
The launch also catalyzed price appreciation of Pendle’s native token, PENDLE, which climbed 45% over the past week to $5.6, outperforming the broader cryptocurrency market tracked by the CoinDesk 20 index, which gained 13.15%. Market analysts attribute this outperformance to heightened DeFi yield-seeking activity and the unique risk management capabilities offered by Boros.
Pendle’s integration with the Hyperliquid ecosystem, completed in July, further bolstered liquidity. Since integration, the Hyperliquid-based kHYPE token amassed $221 million in TVL, providing additional depth for funding-rate trades executed via Boros.
Looking ahead, Pendle plans to extend Boros support to other yield sources, including staking rewards and tokenized U.S. Treasury bills. Expanding the range of tradable funding assets is expected to attract a broader user base and cement Pendle’s position in the evolving on-chain fixed-income landscape.
The record TVL milestone underscores the growing demand for advanced DeFi instruments that merge traditional yield strategies with blockchain-native execution, signaling a maturing market for decentralized financial products.
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