Pendle Weekly Report Overview: Pendle releases new Boros features and year-end airdrop plan, and vePENDLE users who lock up vePENDLE receive multiple income incentives

According to official news, since November 28, the Pendle platform has generated more than $1.15 million in fee income, bringing significant benefits to vePENDLE holders. Currently, about 30% of PENDLE tokens are locked as vePENDLE, and 80% of the fees generated by the platform are allocated to vePENDLE holders. The average lock-up time of vePENDLE reaches 388 days, further highlighting the long-term confidence of the community. The total amount of PENDLE in circulation in the market is currently 164,798,902, and the total amount of locked PENDLE is 52,372,379.

Users who support the appropriate funding pool for voting can enjoy an annualized rate of return of up to 4,399% (MUXLP pool). Additionally, users can increase their pool’s base annualized yield by 2.5x.

Pendle’s Upcoming Feature: Boros

Pendle will be launching a new feature next year, Boros. Boros (formerly Pendle V3) will support trading of new yield assets and introduce leverage through margin trading capabilities, enabling unprecedented capital efficiency on any yield type, including off-chain yields. This will provide users with more trading opportunities and a higher leverage trading experience, while increasing platform fee income, all of which will be distributed to vePENDLE holders.

With Boros, Pendle is opening the next major chapter in the yield space, starting with a critical but underdeveloped type of yield in crypto – funding rates.

Perpetual swaps exchanges trade $150-200 billion per day, and funding rates play a major role in shaping traders’ strategies. With Boros, traders will be able to trade funding rates with flexibility and precision, enabling previously unattainable levels of sophistication. This innovation will not only redefine Pendle’s product range, but is also expected to reshape one of the world’s largest and most active markets.

Boros introduces a completely new infrastructure that runs alongside the existing Pendle V2, which will continue to be optimized and improved. We envision a future where traders and market makers incorporate Boros as part of their core yield strategies.

For example, there is currently no reliable way to hedge funding rates at scale. Take Ethena as an example, the yield and sustainability of the protocol depends heavily on the volatility of funding rates, which often involve billions of dollars in notional capital. .

The emergence of Boros changes this situation, providing an active and capital-efficient solution that enables traders to achieve absolute control and predictability of returns. Taking Ethena as an example, they can get a fixed funding rate return by hedging on Boros. From another perspective, speculators can use leverage to trade the volatility of funding rates and obtain potential excess returns, unlocking a new strategy space in the interest rate dimension.

The funding rate is just one of many new starting points for Boros. With the synergy of Boros and V2, the Pendle ecosystem is going all out to redefine the framework of DeFi returns.

Year-end Airdrop Benefits

Pendle will launch a large-scale airdrop at the end of the year, and each vePENDLE holder will receive airdrop rewards based on the points collected by the protocol. The vePENDLE holding snapshot will be taken at 23:59 (UTC) on December 31, 2024, and the corresponding tokens will be distributed proportionally.

Please note that this airdrop is only for individual vePENDLE holders, and third-party liquidity lockers will not be included in the airdrop.

Tokens to be distributed include:

More tokens may be added before the snapshot date.

The accumulated income and points since the announcement of the Boros function will also be distributed to vePENDLE's liquidity lockers to further incentivize user participation.

Pendle is continuously improving its core competitiveness in the field of decentralized finance through rich functional upgrades, generous user incentive plans and innovative revenue models. Community members are welcome to actively participate, lock vePENDLE, and enjoy more benefits and benefits.