Pendle Reaches $8.3B in Locked Value as Yield-Trading Platform Gains Traction

Pendle TVL Hits All-Time High as Boros Yield-Trading Platform Draws Strong Demand

Pendle Finance’s total value locked (TVL) has soared to a record $8.27 billion, fueled by the launch of its new yield-trading product, Boros, and renewed investor appetite for advanced on-chain yield strategies.

The protocol’s native token PENDLE surged 45% over the past week to $5.60, outperforming the broader market as traders flocked to Boros, which allows users to take directional positions on crypto funding rates by trading Yield Units (YUs) — tokenized representations of future yield.

The platform is launching amid heightened interest in funding markets. Bitcoin funding rates averaged 10% annualized this week, with open interest exceeding $80 billion, according to Dune. Boros enables traders to hedge or speculate on these rates by packaging them into transferable assets, unlocking a new dimension of yield management.

Within its first two days, Boros attracted more than 283 WETH (~$1.1M) and 6.4 WBTC (~$750K) in deposits. The launch also spurred activity on Pendle’s Arbitrum deployment, where active addresses surged to 1,428, well above the monthly average, while decentralized exchange volume jumped on both the buy and sell sides, according to TheTie.

Boros currently supports ETH and BTC funding rates but plans to expand to other yield-bearing instruments, including staking rewards and tokenized U.S. Treasurys.

Pendle’s momentum is also being bolstered by its recent integration with the Hyperliquid ecosystem. Since partnering in late July, Kinetiq’s kHYPE — now the largest liquid staking token on Hyperliquid’s HyperEVM — has accumulated $221 million in TVL.

Pendle’s strong performance stands in sharp contrast to the broader crypto market, with PENDLE outperforming the CoinDesk 20 Index’s 13.15% gain over the same period.