Yield Platform Debut Propels Pendle’s Total Value Locked to Record $8.3 Billion

Pendle Surges to $8.3B TVL as Boros Yield Platform Drives Record Growth

Pendle Finance has reached a new milestone, with total value locked (TVL) climbing to $8.27 billion, fueled by strong user interest in Boros, its newly launched yield-trading platform. The protocol’s native token, PENDLE, has surged 45% over the past week to $5.60, significantly outperforming the broader market.

Boros enables traders to take long or short positions on funding rates by converting them into on-chain instruments called Yield Units (YUs). With bitcoin funding rates averaging 10% annualized and an estimated $80 billion in open interest, the product targets a substantial market of yield-sensitive traders.

The protocol also supports advanced strategies like hedging floating-rate exposure or locking in elevated yields during volatile periods.

In just two days since launch, Boros attracted deposits of 283 WETH (~~$1.1M) and 6.4 WBTC (~~$750K), according to on-chain data. Activity has spiked across Pendle’s Arbitrum deployment, with daily active addresses hitting 1,428, far exceeding the monthly average. Metrics from TheTie also show a sharp uptick in both buyers and sellers on DEXs.

Currently, Boros supports yield trading on BTC and ETH funding rates, with future plans to expand into other floating-yield assets like staking rewards and tokenized Treasury bills.

Pendle’s ecosystem has also benefited from its Hyperliquid integration. Since late July, Kinetiq’s kHYPE token—the leading liquid staking asset on HyperEVM—has drawn over $221 million in TVL.

PENDLE’s strong performance stands out in a rising market, significantly outpacing the CoinDesk 20 Index, which gained 13.15% over the same period.