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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Launch Outpaced Conservative Expectations
- Boros launch outperformed conservative expectations, hitting ~$27M open interest within days instead of a week.
- Trading volume and activity scaled quickly despite starting with low leverage and caps.
Raise Caps Only After Liquidity And Risk Proof
- Increase OI and leverage only after confirming deep liquidity and robust risk management.
- Prioritize safety: gather data from volatile swings before raising leverage or removing caps.
Months Of Prep To Onboard Market Makers
- Onboarding market makers took months of outreach, documentation, and stress testing with a day-one partner, Caledon.
- Beta phases with internal and community traders ran from April to launch to gather feedback and seed liquidity.