Pendleâs 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 protocolâs 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.
đ Related Reading
- đ° Classover Taps $500M Convertible Note Deal to Boost Solana Treasury Strategy
- đ° CFTCâs Goldsmith Romero says commissioner exodus ânot a great situationâ
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 Pendleâs 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.
Pendleâs performance and total value locked also came on the back of the Hyperliquid ecosystem. The firm integrated with Hyperliquid late last month. Since then, Kinetiqâs kHYPE, the largest liquid staking token on Hyperliquidâs 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.
đ You Might Also Be Interested In
Classover Taps $500M Convertible Note Deal to Boost Solana Treasury Strategy
CFTCâs Goldsmith Romero says commissioner exodus ânot a great situationâ
Ether Eyes Biggest Monthly Gain Since 2022 as ETFs, Corporate Treasuries Drive Rally
đĄ Stay updated with the latest cryptocurrency news and insights by following our website! đ Bookmark this site to get first-hand blockchain and digital currency news!