Pendle Hits $8.27B TVL as Boros Unlocks On-Chain Funding Rate Trading
Pendle Finance has reached a new milestone, with total value locked (TVL) climbing to an all-time high of $8.27 billion, driven by surging demand for Boros, its newly launched yield-trading platform.
The protocol’s native token PENDLE rallied 45% over the past week to $5.60, as investors embraced Boros’ novel approach to trading crypto funding rates.
Boros introduces Yield Units (YUs) — tokenized instruments that represent exposure to future funding rate flows. Traders can now take long or short positions on these rates, gaining access to strategies that were previously off-chain or institutionally exclusive. The platform supports hedging floating-rate payments, locking in high yields, or speculating on market volatility.
The product launch coincides with elevated market activity: bitcoin funding rates are averaging around 10% annualized, and open interest stands near $80 billion, per Dune Analytics. Boros has already attracted deposits of 283 WETH (~$1.1M) and 6.4 WBTC (~$750K) in its first 48 hours.
Activity across Pendle’s Arbitrum deployment also spiked, with active addresses jumping to 1,428 and decentralized exchange engagement rising sharply, according to TheTie.
While Boros currently focuses on BTC and ETH funding rates, future integrations are expected to include staking yields, tokenized U.S. Treasuries, and other floating-rate assets.
Pendle’s expansion is further supported by its integration with the Hyperliquid ecosystem. Since onboarding in July, Kinetiq’s kHYPE token — the largest liquid staking token on Hyperliquid’s HyperEVM — has drawn over $221 million in value.
Overall, PENDLE has significantly outperformed the broader market. By comparison, the CoinDesk 20 (CD20) index gained 13.15% over the same period.
