Pendle and Boros: Shaping the Future of Yield Trading | TN, Pendle
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Hey, guys. Welcome back to another episode of OX Research. Today, we're joined by a special guest. We've got Tien, cofounder of Pendle, alongside some of my friends here at Blockworks, Shonda Devins, Carlos, and Luke from the research team. How are you guys all doing today?
We
good. Yeah. Been been, feeling pretty hyped about the Boris watch in the last couple of days, so pretty good.
Definitely. Love to hear that. And, I know we had to work through the the time zone differences here. It's late for Tian. It's early for most of the rest of us, here on the BlockWorks side. But, I guess, if you wanna just jump into it for us, Tian, like, maybe give some quick background on yourself and then on Pendle before we kind of dive into, you know, all things Pendle and Boros, that'd be a great starting point. So go for it.
Yeah. Thanks for having me. So I'm Tian, one of the cofounders and CEO of Pendle. Pendle, we we are rates protocol. So at this point in time, we have two products. One's v two. V two is conventionally known as the product that enables the tokenization and the trading of yield. So it popularized yield trading, points trading, and we worked very closely with protocols like Beta, EigenLayer, and and the the other LRT stablecoin projects. And then more recently, just last week, we also launched BOROS, which is also a yield trading protocol but with margin. So the first use case for BOROS is the tr
Awesome. I guess maybe just kick things off with, the recent Boros launch, like, curious from your POV, how that launch has been, just in terms of, you know, the initial kind of activity, you know, more or less than you expected. Have you felt that it's success so far? What's the the general feeling there?
So I wanna say it went better than we initially thought. So when we started out, again, because this is the first iteration of the product, and it's a zero to one product, meaning that there hasn't been any kind of precedence before the launch. And we we've spent some time constructing educational materials, but we we were relatively conservative when it comes to estimates. So we thought we started out with $10,000,000 of open interest cap for each of the two markets. So in total, we were expecting like, sorry. We we allocated $20,000,000,000 of cap open interest for for for borrowers, expecti
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