Pendle's TVL Hits Record $8.3B After Yield-Trading Platform Debut

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.