1/ We worked with the @pendle_fi team to build the risk stack for @boros_fi, the first onchain protocol for trading funding rates. This required new frameworks, including dynamic margin models, auto-deleveraging mechanics, and real-time risk monitoring.

The new $PENDLE Boros is a really interesting product that I think markets are still struggling to understand its significance. E.g.: Over the weekend, BTC was being aggressively shorted with a -3% funding rate. You think a short squeeze will happen and longed $BTC - you would have lost money due to spot selling that brought down prices and brought up the funding rate. If you decided to go long the YU on Pendle Boros instead, you would have been paying -3% and receiving 10% apy while getting capital appreciation in BTC terms. This is a big unlock for large yield-bearing stables to smooth out earnings even when funding rates are negative. The next steps for this product will likely be increasing the OI available to get more trading fees.

Really excited to see that Boros is finally going live! It has been a pleasure working for so many years with the @pendle_fi team for so many years and honored they chose to launch their new product on @arbitrum. Arbitrum remains the home of innovative DeFi builders, and will power the next generation of the world’s financial rails. Arbitrum Everywhere.

This is a great example of why TradFi likes to explore opportunities on DeFi. You may say wtf. TrafFi market is hitting the sealing. We have so many potential onchain financial market untapped for many reasons. Crypto is so small yet, but we know money onchain will not or does not want to move back to offchain. It is not about privacy but it is about how easy we can move our money one platform/product to another at a much lower cost. Once we have sufficient products and liquidity around them, everything will flow into onchain financial market. Crypto is the future of finance

When we first announced V2, who would've thought it would turn into something magical. Wouldnt it be the same for Boros? A new DeFi primitive for the next wave. More magic incoming! Job's not done

Introducing Boros, Pendle’s new platform for trading funding rates 🔗

Always good to know when our prediction on @ethena_labs moves in the right direction for @pendle_fi Glad to see Pendle reach even higher ATHs, and our team at @caladanxyz can't wait to see the next chapter :)

Last week marked one of Pendle’s largest maturity events to date, with over $1.5B in TVL reaching maturity. Yet despite that, @pendle_fi TVL climbed to a new all time high. 🫡

📢 Update on V2 Incentive Structure As we prepare for @boros_fi as an addition to the Pendle suite, we will be implementing changes to improve the $PENDLE incentive structure for V2 and introduce minor adjustments to protocol fees. 2025 thus far has been a year of deep building - creating a new protocol from scratch, shipping tons of features for V2 and taking the time to dig into how the dynamics within the Pendle Protocol have evolved. Pendle pools have reached a point where deep liquidity and strong volumes can be sustained with minimal incentives, a clear sign of natural market demand. While some bootstrapping is still needed early on, many pools become self-sustaining once momentum builds. However, as emissions taper, we must ensure that incentives remain effective — an area of our active research alongside ongoing fee optimizations. Once initial testing is completed over the next few weeks, we will be implementing a dynamic incentive cap based on a pool’s swap fee contribution. Pools deployed on Pendle will begin with a high incentive cap to allow room for TVL bootstrapping and will gradually adjust weekly to match its fee contribution to the protocol. The imposed caps are asymmetrical by design: they rise quickly with strong performance but decline more gradually. For pools with fluctuating swap fees, this means caps will typically reflect the higher end of its recent activity, providing stability and encouraging growth without penalizing short-term dips. This cap mechanism prevents pools that are consistent laggards from taking excess amounts of incentives, only being eligible for additional incentives as they gain traction. Currently, the bottom 5% of swap-fee and TVL contributors consume over ~50% of PENDLE emissions — an imbalance we intend to resolve. We expect that these improvements will make the system significantly more efficient and reduce the amount of incentives utilized by the Pendle protocol. Once live, the detailed mechanics on the incentive caps will be available in the docs and the team will continue monitoring the overall protocol performance. In addition, we have seen positive impact with our last adjustment on fees and will adjust the following: 1️⃣Reduction in swap fees from 2% to ~1.3% 2️⃣Increase in YT yield fees from 5 to 7% On net we expect an increase in trading volumes, while the fee on yield remains well below the industry standards of 10-50% set by protocols such as Yearn, Lido, Rocket and Balancer. We expect these settings to remain for the medium term, barring unforeseen circumstances.

Pendle is now live on HyperEVM With this launch, we're bringing Pendle's fixed yield infrastructure to life for HyperEVM users. Joining forces with our new friends: @0xHyperBeat @kinetiq_xyz