3 anni fa fino ad ora tutta la fiducia e le posizioni su @Pendle $Pendle @boros_fi dopo oltre 2 anni di sviluppo originale, il che significa che tutte sono innovazioni partite da 0 boros ha finalmente lanciato l'unico attore e re del trading del tasso di finanziamento continua così per i prossimi 3 anni

Fissati sui numeri e sui dati Impegnati completamente in progetti che hanno numeri pazzeschi come @pendle_fi $4 miliardi in collaterale PT da solo Se non sei ancora ottimista su $PENDLE non so cosa dirti 🤷‍♀️

Celebratory Dance thanks to @crypto_linn

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.

Huge news for all funding rate traders. @pendle_fi has launched Boros @boros_fi, a new onchain platform on Arbitrum that lets users trade funding rates from CEX perps like Binance, rather than the price of assets like $BTC or $ETH. Instead of speculating on price direction, Boros introduces Yield Units (YUs, similar to YTs on Pendle), YU-ETH represents the funding yield from 1 ETH perp, allowing users to go long if they expect funding rates to rise or short if they expect them to drop. This unlocks a new layer of strategy, especially for protocols like @ethena_labs, with an almost $10B TVL, relying on positive funding rates to generate stablecoin yields and can now hedge more efficiently without complex OTC setups. Early traction is strong with $800k already deposited into Liquidity Vaults. With $10M OI caps per pair (BTC/ETH only for now), 1.2x leverage, and support expanding soon, Boros may not be retail-friendly yet, but I already plan to prepare a couple of posts on how we can hedge our positions there. Furthermore, there is no 2nd token, which makes $PENDLE even more valuable as it will be used for incentives and all trading fees acquired by the protocol. A huge milestone not just for Pendle, but for the entire crypto space. Truly excited for the team and wishing them massive success ahead.

Very significant launch by @pendle_fi. Combined with Pendle's existing PT/YT mechanism for on-chain yields, Boros now covers off-chain yields (CEX funding rates). Perps traders will be able to lock in funding rate costs. Could be very useful for @ethena_labs one day, who could potentially lock in future funding rates by longing YUs when rates are attractive. This transforms variable funding income into fixed income for specific periods. During periods of negative funding (like bear markets), Ethena could have pre-hedged by shorting YUs. This would offset losses from paying funding, stabilizing USDe's yield, and would help to stop the supply contracting during risk off periods (would stop the fudoooors). Obviously early days, and it needs to become battle tested, but think this is a big launch for crypto as a whole. There is still only one token too - $PENDLE Elite team, elite protocol.

Congrats to our Stellar @Rightsideonly and the team at @pendle_fi on the launch of Boros! Pretty wild that you can now hedge exposure or speculate on funding rates onchain. Maybe it’s time for all the DeFi builders & enjoyooors in ARC to drop a Stellars Playbook on yield farming? 👀

Boros di @pendle_fi è finalmente attivo Grande traguardo e sono davvero entusiasta di provarlo grande ricerca in arrivo più tardi oggi, gpendle

Quick Explain & Personal Though on Pendle's @boros_fi 1. Funding rates are periodic payments between long and short prep traders. If the market is bullish (perp price > spot), longs pay shorts (positive funding rate) 2. Boros "tokenizes" these funding rates into assets called Yield Units (YU). Example: 1 YU-ETH = the funding yield from 1 ETH notional in Binance's ETH/USDT perp 3. If you think funding will go up ▶︎ Long YU. If you think funding will go down ▶︎ Short YU. 4. Use Case Example: Ethena, which relies on positive funding for stablecoin yields, can short YUs to lock in rates and protect against drops ---- thoughts: 1. This product is targeting the funding rate arbs and protocol, but not normal retail user. I don't think much retails really care about how much they are paying to the funding rate. For funding rate stablecoin protocol like Ethena, they may have huge demand on "Short YU", not sure about the liquidity for them to hedge if buy side is not enough. 2. Funding rate formula can be adjusted by CEX. From below chart, you can actually observe the recent funding rate for $ETH is pretty consistent to stay on/below 0.01%, even during a bull market. Exchange generally now encourage more AUM so they tend to not make their funding rate too high. The result is more smart users (who actually who play with trading funding rate) will also likely to sell YU as well. So I'm not too sure who will be the buy sides of YU. 3. Pendle Team always deliver a great product, I'm a pendle user and I'm willing to trust them have a proper mechan on this product, including risk control.

Presentiamo Boros, la nuova piattaforma di Pendle per il trading dei tassi di finanziamento 🔗