Pendle’s total value locked (TVL) has soared to an unprecedented $8.3 billion, riding the wave of enthusiasm generated by the debut of its innovative yield-trading platform, Boros. This development has also propelled its native token, PENDLE, to a remarkable 45% increase over the past week, now trading at $5.6. The surge highlights the platform’s growing influence in the cryptocurrency market as traders flock to capitalize on its novel offerings.
The Rise of Yield Units
Boros introduces a unique financial instrument to the crypto landscape: Yield Units (YUs). These on-chain assets allow traders to speculate on funding rates by going long or short, providing a new dimension of trading strategies. According to data from Dune, with bitcoin funding rates hovering around a 10% annualized average and open interest at approximately $80 billion, over $8 billion changes hands annually between longs and shorts. Boros aims to capture a slice of this market by packaging these yields into tradable assets. For more on how Boros enables traders to bet on Bitcoin and Ether funding rates, see our detailed article.
In just its first 48 hours, Boros attracted deposits of over 283 WETH (approximately $1.1 million) and 6.4 WBTC (around $750,000), signaling strong initial interest. “The ability to hedge floating funding payments into fixed rates or lock in high yields during volatile periods is a game-changer,” commented Alex Tran, a crypto analyst at CryptoInsights. “Boros’s appeal lies in its versatility and the potential for strategic financial maneuvers.”
Pendle’s Expanding Ecosystem
Pendle’s recent performance isn’t solely due to Boros’s introduction. The protocol’s integration with the Hyperliquid ecosystem has played a critical role in its recent achievements. Hyperliquid, known for its HyperEVM and the liquid staking token kHYPE, has seen its total value locked swell to $221 million since integrating with Pendle late last month. This strategic partnership seems to have bolstered Pendle’s market position, attracting a broader user base and enhancing liquidity. For a deeper dive into the regulatory implications of liquid staking tokens, see our coverage of the SEC’s latest guidance.
Meanwhile, activity on Pendle’s Arbitrum deployment has surged, with the number of active addresses hitting 1,428—well above the monthly average. According to data from TheTie, both buyers and sellers have multiplied on decentralized exchanges, underscoring the growing interest in Pendle’s offerings. “Pendle’s ability to attract and retain users is a testament to its robust platform and strategic partnerships,” noted Tran. “The synergy with Hyperliquid has undeniably set the stage for this record-breaking TVL.”
Future Prospects and Industry Implications
As Boros continues to gain traction, Pendle plans to expand its offerings beyond BTC and ETH funding rates to include other floating yields such as staking rewards and tokenized Treasury bills. This expansion could further solidify Pendle’s position in the decentralized finance (DeFi) space and attract even more interest from institutional and retail investors alike.
While PENDLE’s 45% rally has outstripped the CoinDesk 20 index’s 13.15% rise, some analysts caution about the sustainability of such rapid growth. “The question now is whether Pendle can maintain this momentum,” said Jessica Lee, a DeFi strategist at BlockBridge. “Market conditions are inherently volatile, and while the platform’s innovations are impressive, the broader crypto ecosystem is unpredictable.”
In the coming months, the focus will be on how Pendle navigates the challenges of maintaining liquidity and user engagement while expanding its product offerings. With plans to diversify the range of yields available on Boros, Pendle appears poised for further growth—but only time will tell if it can continue to thrive in the ever-evolving DeFi landscape.
Source
This article is based on: Pendle’s TVL Hits Record $8.3B After Yield-Trading Platform Debut
Further Reading
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Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
