Pendle’s total value locked (TVL) has surged to a record $8.27 billion, while its native token PENDLE climbed 45% over the past week to $5.6 on the back of the protocol’s new yield-trading platform.

With bitcoin funding rates averaging about 10% annualized this week and roughly $80 billion in open interest, according to Dune data, more than $8 billion changes hands yearly between longs and shorts.

Boros packages those yields into tradable on-chain assets called Yield Units (YUs), letting traders go long or short on the rates themselves.

Boros can be used for numerous advance strategies, including hedge floating funding payments into fixed rates, or lock in high yields during volatile periods.

In its first two days, Boros attracted deposits of over 283 WETH (around $1.1 million) and 6.4

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