Boros surpasses $250 million in open contracts, reaching a new high. It accounts for only 0.1% of the market share but has significant room for growth.

Boros, the trading platform under Pendle, is rapidly rising. According to the latest news, on January 6th, Boros’s open interest once exceeded $250 million, setting a new record high. Even more surprisingly, in just about four and a half months since its launch in August, the platform’s nominal trading volume has surpassed $7 billion. More importantly, behind this figure lies a huge market opportunity.

The Logic Behind Short-Term Growth

From Zero to Seventy Billion Speed

Boros’s growth curve is quite steep. In less than five months since its launch, attracting a nominal trading volume of $7 billion indicates that the platform has identified market demand in user acquisition and product experience. The open interest surpassing $250 million is a key indicator—reflecting market recognition of the platform’s liquidity and risk management.

The “Real and Fake” Market Share

Boros revealed an interesting data point: the current daily average open interest in the funding rate market is about $150 billion, with Boros currently holding only 0.1% of that share. At first glance, 0.1% seems insignificant, but from another perspective—this means Boros still has 99.9% growth potential in a $150 billion market.

Ecosystem Expansion to Strengthen Competitiveness

Layout of V2 New Features

Besides the impressive data of the trading platform, Pendle itself is also pushing for ecosystem upgrades. Pendle V2 currently allows protocols to incentivize market activity on Pendle through additional YT (Yield Token) rewards, with the first batch involving mHYPER and mAPOLLO yield tokens. The benefit of this mechanism is clear—through token incentives, more protocols and users are attracted to participate, creating a positive feedback loop in the ecosystem.

Why This Is Critical

According to relevant information, Pendle’s position in the DeFi ecosystem should not be underestimated. Major whales increased their holdings of Pendle against the trend on the first day of the new year, and emerging DeFi projects like Treehouse are also making Pendle a core partner. This indicates that the market has a clear understanding of Pendle’s ecological value. The optimization of V2 features and incentive mechanisms are turning this recognition into actual user growth.

Three Layers of Market Opportunity

From an industry perspective, Boros’s growth hits several key nodes:

• Institutional Capital Reflow: According to the latest data, on the first trading day of 2026, US spot Bitcoin and Ethereum ETFs saw a net inflow of $645.8 million, creating incremental opportunities for the entire DeFi ecosystem as institutional funds reallocate.
• Intensified Competition Among Trading Platforms: Competition in DeFi trading platforms has shifted from product features to ecosystem integration. Through V2 upgrades and Boros expansion, Pendle is building a more complete trading ecosystem.
• Real Market Share Opportunities: Although 0.1% seems small, in a $150 billion market, each 0.1% increase equals $1.5 billion in incremental value, which is a tangible attraction for platforms.

Summary

The achievements Boros has made in just four and a half months reflect the strong demand in the DeFi trading platform market and validate the attractiveness of the Pendle ecosystem. With only 0.1% market share, this platform’s growth potential remains far from saturated. Coupled with Pendle V2’s feature upgrades, ecosystem expansion, and the current institutional capital reflow into DeFi, Boros is likely to become a platform worth continuous attention in the DeFi trading sector this year. The key question is whether Pendle can turn this short-term growth momentum into long-term ecological competitiveness.