Pendle Sub-Protocol Boros launched, recording $15 million in open positions and $36 million in nominal trading volume within 24 hours; the BTC/USDT market is fully leveraged, and ETH/USDT is using 52%. Boros innovatively uses the perpetual contract funding rate as an underlying asset, splitting it into tradable Yield Units, allowing users to go long or short to hedge or arbitrage, particularly benefiting delta-neutral strategy projects (like Ethena) to avoid negative funding rate risks. Revenue distribution does not mint new tokens: 80% goes to vePENDLE holders, 10% enters the protocol treasury, and 10% is used for operations; the expected annualized income for the first year is $2 million, which may increase vePENDLE APY (approximately 40% last year).