1/ So @pendle_fi just introduced Boros, a new platform that makes Yield Trading So Efficient, It Could Probably Run on Decaf
I read through the @Medium article for Boros (previously known as Pendle V3) so you don't have to. Here's the TL;DR + some Airdrop Alpha that you need to know ⬇️
a 🧵
medium.com/pendle/boros-b…
2/ Okay, quick overview ⬇️
Boros is @pendle_fi's latest platform for yield trading. Imagine getting capital-efficient exposure to any kind of yield—onchain, offchain, TradFi, DeFi, the works. Basically, yield trading just got an upgrade.
3/ Now, why does this matter? 🤔
Boros is making funding rates tradable on a large scale. And we’re talking about a massive untapped market—funding rates on perpetual exchanges handle $150-$200 billion in daily volume.
That’s a number that should grab everyone’s attention. 😎
4/ Here’s what’s unique about Boros💎
Until now, funding rates were crucial but hard to trade with precision. They’ve been this unpredictable factor that influences trader decisions but couldn’t be hedged directly at scale.
Boros changes that by letting traders get proactive with funding rates.
5/ Think of it like this 💭
DeFi and TradFi have been developing separately, but Boros is starting to bring them together.
With Boros, traders can get exposure to offchain and TradFi yields, while DeFi folks can enjoy capital-efficient trading on the onchain side.
Looks like a win-win to me
6/ Now, a cool thing for all the Pendle believers here: No new tokens are being issued for Boros!
Pendle’s sticking with its established model—$PENDLE and vePENDLE continue to absorb all the value from both Boros and V2. That’s a major plus for anyone who likes token stability. 👍
7/ Speaking of vePENDLE, mark your calendars 🗓️
If you’re holding vePENDLE as of Dec 31, 2024, you’re getting an airdrop. 🎉 Pendle’s rewarding vePENDLE holders with a pro-rata airdrop from points the protocol has collected, so hold on to your tokens!
8/ Now for the fee structure 🏛️
This is where things get interesting if you’re a vePENDLE holder. Pendle’s set up Boros fees to ensure sustainable growth and continuous rewards:
• 80% of protocol revenue goes to vePENDLE holders.
• 10% to the treasury.
• 10% to operations.
It’s designed to reward long-term holders while keeping the protocol funded and scalable.
Community eats first
9/ Now let’s talk strategy.
With Boros, traders can either hedge funding rate volatility or, if they’re risk-takers, trade funding rates on margin.
So whether you’re looking to protect your portfolio or bet on market moves, there’s a range of opportunities here.
10/ Here’s a concrete example 📊
Say you’re a protocol managing billions in capital—like @ethena_labs .
With Boros, they could hedge against volatile funding rates and lock in predictable returns. That’s next-level risk management that just wasn’t available before in DeFi.
11/ Here’s something Pendle’s done really well 🫡
They’re actively listening to their community. They’ve set up Boros to be adaptable based on feedback.
So if you have thoughts on funding rates, yield strategies, or anything else, they want to hear it! It’s great to see that level of openness @pendle_fi
12/ TL;DR: Boros is making yield trading with margin possible across DeFi and TradFi, unlocking a $150B+ market for funding rates and bringing tools we’ve needed in crypto for years.
It’s Pendle’s big move to reshape yield trading—and it looks like it’s only the beginning.
PENDLE always
tags:
@pendle_fi
@PendleIntern
@tn_pendle
@Rightsideonly
@DaoChemist
@phtevenstrong
@ethena_labs
@MacroMate8
@leptokurtic_
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