I believe in TN's hair.

Happy New Year! In the last 5 months that @boros_fi has been running, we have observed: - $7B in cumulative trading volumes - peak OI at $250M (prior to Xmas maturity) - large counterparties swapping 8-figures in OI to capture FR spreads up to 7% across exchanges ie BN/OKX/HL

I have since flipped to the other side and getting toast by the market. 💀

How to earn $358,478 USD in 2 months with Pendle. ⬇️⬇️

Explain Like I'm 5: @pendle_fi. 🧵: What is Boros (trading funding rates).

Big fat busy times ahead

Pendle 2025: Zenith In this post, I've outlined the highlights for Pendle V2 in 2024, our future roadmap for the 3 pillars of Pendle - V2, Citadels and Boros, as well as The End Game. Job's not done - but it'll be.

Currently, Boyco by @berachain is officially live. However, the community was quite surprised when the project allocated 2% of the total $BERA supply to Boyco instead of the previously announced 1.5%. At the same time, the TVL of Bera Era pools on @pendle_fi has approached ~$600M, accounting for more than 25% of the total TVL in Boyco Vaults, demonstrating the high demand for utilizing those assets with Pendle. ​ And to make it easier to track Bera Era metrics on Pendle, I have compiled a dashboard that includes the fees collected and TVL breakdown by asset type in each pool. You can access the full dashboard here (Bera Era Fee & Bera Era Liquidity): flipsidecrypto.xyz/neo_nguye… ​ P/S: Latest update - users can now farm up to 10 types of points instead of just 8 as before on Pendle (as shown in the image below). The choice for farming points will also be more diverse, depending on each individual's preferences. Tagging chads are bullish on both Pendle and Berachain: @tn_pendle @Rightsideonly @PendleIntern @0xlenn @btclin @Jonasoeth @crypto_linn @quant_sheep @0xTindorr @phtevenstrong @LisaFlorentina8 @Hirohnguyen @0xTrablo @2lambro @JasonvuTech @Chris_Insights @chutoro_au @ViNc2453 @NaveenCypto @kenodnb @EthereumThaila1 @Milk_Trudge @JiraiyaReal @monosarin @DeFi_Perryy @YashasEdu @TheDeFinvestor @ellaqiang9 @Alvin0617 @jackvi810 @web3_alina @sortition1337 @0xCheeezzyyyy @Frogling68 @TheDefiDog @eli5defi @captainjack @SmokeyTheBera @hanztrinh @Berasearch @splinter0n

The upcoming @pendle_fi airdrop was 4.2M$ a few weeks back, now it is already at 8M$... and we might have some really good weeks ahead of us leading up to the end of the year. hm. hmmmmm. HMMMMMMMMMMMMMM. Pendlicious. vePendle holders:

Christmas came early for @pendle_fi ❄️ 2024 has been a great year and we thank you for being a part of this incredible journey with us! But the best is yet to come. 2025 is shaping up to be even better, and we can’t wait to share what’s in store! JOB'S NOT DONE 🎄

Boros

Introducing Boros by Pendle: Yield Trading with Margin Based on the ancient Greek word meaning “to eat”, Boros is Pendle’s newest platform. Developed from scratch in our conquest to consume every yield in the world, both onchain and offchain, starting with funding rates. Of Boros, tokenomics and more, check out pendle.medium.com/boros-by-p…

S1 YT S2 PT S3 YT GL. #IYKYK

We don't claim him.

Pendle PT tokens from @pendle_fi are increasingly being used as collateral in lending markets to create high-yielding positions. Yet there are substantial challenges for creating and managing these kinds of markets using existing solutions. Here’s how Euler vaults can make life simpler, safer, and more efficient. -- Pendle PT tokens represent the principal of a yield-bearing asset. They typically trade at a discount to their underlying, giving rise to a fixed interest rate for the period over which they mature. For example, a PT token for sUSDe which matures on 24th October currently yields ~12.5% APY. Using this as collateral to borrow, for example, USDC, enables borrowers to earn a multiplier on their earned interest. Borrowers can deposit the sUSDe PT token as collateral, borrow USDC at a cost of e.g. 5%, and then loop. At a loan-to-value of 0.75, this enables a multiplier of around 4x, meaning borrowers can earn an upper limit of 4x * (12.5 - 5) ~= 30%. Meanwhile, lenders of USDC benefit from receiving yield on a relatively low risk market. They earn 5% whilst lending to the holders of a collateral asset which is highly correlated in price (and therefore relatively unlikely to trigger liquidations). As the PT token matures, the value of the collateral increases over time as well. Overall, one can see why it is a popular trade. Today these kinds of positions are typically being created on lending protocols using ungoverned isolated pairs. There’s several reasons why that is a sub-optimal approach in terms of simplicity, risk management, and efficiency. -- First, creating and managing lending pairs for this kind of trade is deeply inefficient and will require a lot of housekeeping. If there are several high-yielding PT tokens USDC lenders want to lend to, a separate USDC pool is required for each PT token. This means USDC lenders need to fragment and manage their liquidity inside multiple pairs at once. This is especially challenging when considering that new PT-USDC pairs need to be recreated every time a PT token is close to maturity, with lenders having to migrate frequently between pools. In a best case scenario, all borrowers will repay their loans close to maturity, but in practice this never happens. For some lenders, this means their USDC could be stuck inside an illiquid pool for a prolonged period of time after maturity. Earning yield, yes, but still unable to withdraw. Even if lenders use a risk curator to manage this process on their behalf, the fragmented liquidity across different USDC vaults creates uncertainty for borrowers, with more volatile rates making profit calculations harder. Euler vaults can be used to overcome the inefficiencies of pairs very easily. A single vault can be created that is designed to accept any number of collateral assets. This means a vault creator can add multiple PT tokens as collateral at once, or gradually add and remove PT tokens as they are born or reach maturity. This makes life much easier for both lenders and borrowers, who can more easily roll their positions as the world moves on. -- Second, using ungoverned markets for PT tokens raises challenges for risk management. In the rare event that something goes wrong, USDC lenders might appreciate having additional checks and balances on vaults to help manage risk. Euler vaults can be deployed in an ungoverned manner if people wish, but they also allow risk curators to govern and help manage risk. A governor would have the option to be able to slowly ramp down LTVs, switch interest rates, modify supply and borrow caps to curb further borrowing activity. Alternatively, vault creators can add custom hooks which can be used to allow permissioned deposits or liquidations, withdrawal delays, and more. These governance and more advanced risk management features are completely optional and likely won’t to everyone’s taste, but for many users will add value. -- Third, using isolated pairs with fixed LTVs and liquidation bonus parameters can pose risks to both lenders and borrowers. In the event of liquidation, borrowers should have to pay no more than is needed for someone to close out their position. Yet on the vast majority of lending protocols, the liquidation bonus paid to liquidators is a fixed percentage of the borrower’s collateral – typically more than 5%! This means borrowers who have looped 4x stand to lose up to 20% of their collateral, just to pay for the privilege of being liquidated by an MEV bot. This is obviously bad news for borrowers, but it poses risks to lenders too. If 20% of a borrower’s collateral is going towards liquidation costs, that’s 20% that is no longer helping to secure loans. Fixed liquidation bonuses can, in some circumstances, therefore elevate the risks of bad debt to lenders as well as punishing borrowers. In contrast, Euler uses a Dutch-auction based approach to price the liquidation bonus. This leads to much fairer liquidation bonuses that tend to only be a little higher than the fixed cost to liquidate someone. I wrote about how this is the fairest liquidation mechanism in DeFi recently here: x.com/euler_mab/status/18414…. -- Finally, most people building and managing looped positions on PT tokens today are doing so manually. This costs gas and takes a significant amount of time. Unwinding positions in a hurry is a nightmare. Euler’s powerful batch transaction system with liquidity deferral checks enables looping PT token’s as collateral in a single transaction. Moreover, borrowers have the option to use intents to enable operators to manage positions on their behalf, giving them the option to automatically close out positions which are no longer profitable, execute more advanced stop-loss and take profit orders, and much more. -- Overall, Euler is a very flexible lending platform where builders can deploy vaults that can make life simpler, safer, and more efficient for traders. Pendle PT integrations with Euler may unlock a whole new world of possibilities.

Def not written by @chutoro_au

GM, great start to the week with $20B cumulative trading volume for @pendle_fi 🌅 More to come - launches, volume, TVL...Team is set on delivering some exciting stuff soon 🤞🏻 JOB'S NOT DONE