Pendle TVL Hits All-Time High as Boros Yield Platform Gains Traction

Pendle Finance has seen its total value locked (TVL) soar to a record $8.27 billion, driven by the successful launch of its new yield-trading platform, Boros, and surging user activity across its ecosystem. The platform’s native token, PENDLE, has climbed 45% over the past week to trade around $5.60, significantly outperforming broader market benchmarks.

The Boros platform introduces Yield Units (YUs)—on-chain instruments that package funding rates into tradable assets—allowing users to take long or short positions on those rates. This marks a notable evolution in the decentralized finance (DeFi) space, opening up a new range of strategies for managing floating yields.

With bitcoin funding rates averaging around 10% annualized and open interest across derivatives markets nearing $80 billion, Boros enables users to trade on this multi-billion-dollar flow. Strategies include hedging variable funding payments, locking in fixed rates, and capturing elevated yields during periods of market volatility.

Since launch, Boros has seen rapid adoption. In its first 48 hours, vaults attracted 283 WETH (roughly $1.1 million) and 6.4 WBTC (around $750,000) in deposits. Activity on Pendle’s Arbitrum deployment also spiked, with 1,428 active addresses, significantly above its monthly average. On-chain data from TheTie also shows a notable increase in both buying and selling activity on decentralized exchanges.

Currently, Boros supports yield trading on BTC and ETH funding rates, but the team has plans to expand into other floating-yield markets, including staking rewards and tokenized Treasury bills.

Pendle’s growth was further amplified by its recent integration with the Hyperliquid ecosystem. Since onboarding in late July, Kinetiq’s kHYPE, the leading liquid staking token on Hyperliquid’s HyperEVM, has accumulated $221 million in TVL, contributing to Pendle’s rise.

Over the past week, PENDLE has significantly outpaced the broader crypto market, with the CoinDesk 20 Index (CD20) posting a comparatively modest 13.15% gain.