Pendle Hits Record TVL as New Yield-Trading Platform Gains Traction
Pendle Finance has smashed past $8 billion in total value locked, marking its highest level to date, as traders flock to its newly launched yield marketplace, Boros.
The project’s native token, PENDLE, has surged 45% over the last week to $5.60, far outpacing broader market gains.
Boros introduces a new way to speculate on or hedge against crypto funding rates by packaging them into on-chain assets called Yield Units (YUs). These can be used to lock in attractive fixed yields, protect against floating-rate volatility, or take directional bets on future rates.
The launch couldn’t have come at a more opportune time. With Bitcoin funding rates averaging around 10% annualized and $80 billion in open interest, more than $8 billion is exchanged annually between leveraged longs and shorts. Boros is tapping into this massive flow, giving traders a direct way to capture or hedge these returns.
In just its first 48 hours, Boros attracted over $1.85 million in BTC and ETH deposits. Activity on Pendle’s Arbitrum deployment has also jumped sharply, with active addresses surging to more than double their monthly average, according to TheTie.
Initially limited to BTC and ETH funding rates, Boros aims to expand into staking rewards and tokenized Treasury bill yields. The growth also follows Pendle’s integration with Hyperliquid, where the largest liquid staking token on its HyperEVM—kHYPE—has already drawn $221 million in TVL.
With PENDLE’s rally leaving the CoinDesk 20’s 13% weekly gain in the dust, momentum appears firmly on the project’s side as it cements its position at the forefront of on-chain yield trading.
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Alex is Editor-in-Chief of Coindoo and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.
