Pendle’s launch of Boros converts volatile perpetual swap funding rates into tradable Yield Units, marking a strategic shift toward DeFi interest rate infrastructure in the expanding derivatives market.
On August 6, 2025, Pendle introduced Boros, a product that tokenizes and hedges funding rates in perpetual contracts by creating Yield Units (YUs). Built on Arbitrum and initially supporting BTC and ETH on Binance, Boros employs a risk control strategy with open interest capped at US$20 million and a leverage ratio of 1.4x. The launch, coinciding with explosive growth that has pushed TVL over US$10 billion and driven $PENDLE to surge over 40% to nearly $6, signals Pendle’s pivot from a yield management protocol to a core DeFi interest rate infrastructure.