The protocol’s new yield-trading platform, Boros, allows traders to go long or short on funding rates, and has attracted significant deposits and activity since its launch.
Updated Aug 9, 2025, 4:47 p.m. Published Aug 9, 2025, 4:43 p.m.
Pendle’s total value locked (TVL) has surged to a record $8.27 billion, while its native token PENDLE climbed 45% over the past week to $5.6 on the back of the protocol’s new yield-trading platform.
With bitcoin funding rates averaging about 10% annualized this week and roughly $80 billion in open interest, according to Dune data, more than $8 billion changes hands yearly between longs and shorts.
Boros packages those yields into tradable on-chain assets called Yield Units (YUs), letting traders go long or short on the rates themselves.
Boros can be used for numerous advance strategies, including hedge floating funding payments into fixed rates, or lock in high yields during volatile periods.
In its first two days, Boros attracted deposits of over 283 WETH (around $1.1 million) and 6.4 WBTC (about $750,000) into its vaults, data shows.
Activity on Pendle’s Arbitrum deployment has spiked alongside the launch, with active addresses reaching 1,428, well above the monthly average, and both buyers and sellers multiplying on decentralized exchanges according to data from TheTie.
While Boros currently supports BTC and ETH funding rates, plans are to expand to other floating yields such as staking rewards and tokenized Treasury bills.
Pendle’s performance and total value locked also came on the back of the Hyperliquid ecosystem. The firm integrated with Hyperliquid late last month. Since then, Kinetiq’s kHYPE, the largest liquid staking token on Hyperliquid’s HyperEVM, has attracted $221 million in total value locked.
PENDLE token, over the past week, has significantly outperformed the wider cryptocurrency market, as measured by the CoinDesk 20 (CD20) index, which rose 13.15% over the period.
Francisco Rodrigues
Francisco is a reporter for CoinDesk with a passion for cryptocurrencies and personal finance. Before joining CoinDesk he worked at major financial and crypto publications. He owns bitcoin, ether, solana, and PAXG above CoinDesk’s $1,000 disclosure threshold.
More For You
Bitcoin Trails Gold in 2025 but Dominates Long-Term Returns Across Major Asset Classes
Gold leads bitcoin year to date, but BTC’s cumulative return since 2011 dwarfs all major asset classes, including gold, stocks and real estate.
What to know:
- Bitcoin is up 25.2% so far in 2025 as of Aug. 8, second only to gold’s 29% gain.
- Since 2011, bitcoin’s total return has exceeded gold’s by over 308,000 times.
- BTC has also led annualized gains since 2011, far outpacing equities and real estate.
