The total value locked (TVL) of Pendle reaches a record high of $8.3 billion after the launch of the Boros yield trading platform.
The Pendle protocol recorded a record high in total value locked (TVL) reaching $8.27 billion, while the value of the native PENDLE token surged by 45% over the past week to $5.6. This growth came after the launch of the new Boros yield trading platform, which allows traders to bet on the rise or fall of funding rates, attracting significant deposits and activity since its launch.
Boros allows for the wrapping of yields into tradable assets called Yield Units, enabling advanced strategies such as converting floating funding into fixed rates or achieving high yields during periods of volatility. In just two days, the platform attracted deposits worth $1.1 million from ETH and $750,000 from BTC.
Pendle's activities on the Arbitrum network also saw a significant jump, with an increase in active addresses and traders. The platform plans to expand support for other yields such as staking rewards and treasury bonds.
The performance of PENDLE significantly outperformed the broader cryptocurrency market, rising by 45% compared to 13.15% for the CoinDesk 20 (CD20) index. This success is also attributed to the integration with the Hyperliquid system, which contributed to attracting $221 million in locked value.