
0xResearch Pendle and Boros: Shaping the Future of Yield Trading | TN, Pendle
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Aug 18, 2025 This week’s guest is TN, the innovative co-founder and CEO of Pendle, renowned for pioneering yield trading protocols. He discusses the launch of Boros, a new funding rate trading platform that promises to reshape liquidity and risk management in crypto. TN shares insights on onboarding market makers, the initial market response, and plans to scale Boros and Pendle v2. The conversation highlights strategies for enhancing user experience and the integration of diverse financial rates, setting the stage for the future of yield trading.
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Stabilizing Blended Yields For Yield Protocols
- Boros complements yield products like Athenas by allowing protocols to lock funding-rate exposure and stabilize blended yields.
- Hedging rates on Boros can make yield offerings more resilient to funding volatility.
Settlement Frequency Affects Trading Pace Not Efficiency
- Funding settlement frequency doesn't change capital efficiency but affects feedback cadence and trading intensity.
- Faster-settling markets (hourly) invite more frequent trading and quicker feedback than 8-hour settlements.
Support Any Oracle-Backed Rate
- Any market can be supported if a reliable oracle publishes the rates; broaden sources beyond perp funding.
- Consider non-crypto rates too, like LIBOR-style benchmarks, if oracles exist.
