Boros v1.0
Today, we’re officially launching Boros in full!
Today, we’re officially launching Boros in full!
Alongside this, we’re also introducing a referral program to tap into the strength of our community to drive growth. Participants will earn a share of protocol fees, creating a direct feedback loop of contribution and reward.
Boros is a one-month-old protocol, introducing a brand new financial primitive (Funding Rates Trading) for crypto traders.
In our soft launch, we’ve already seen strong early adoption:
- $60M Open Interest
- $950M Total Notional Volume
- $730k Annualized Revenue
And this is just the beginning for Boros. After a month of refining, testing, and watching traders put Boros to work, we’re ready to take the next step.
Referral Program
Here’s how it works:
Referrer
- Earn 20% of the settlement fees generated by your referrals
- Earn 20% of the swap fees generated by your referrals
Referred User
- Enjoy a 10% rebate on swap fees when trading with a referral code
To learn more about Boros Referral Program, you may refer (pun intended) to our docs here.
New Updates
In conjunction with the official launch, we’ve also made adjustments to the OI caps, Vault caps and Leverage.
- OI Caps across all markets are now 2x higher
- Vault Caps have been raised across the markets
- Leverage for HyperLiquid markets increased from 1.3x → 2x
Vault caps will be raised more aggressively from now on, based on OI demand and market needs. Meanwhile, the team will continue to introduce new perp markets, more assets, as well as upcoming features including leaderboard, calculator, copy-trading and more.
All Roads Lead to $PENDLE
As a new protocol, our key focus for Boros is to stay lean, while continuing to grow our user base and find true PMF as the first trading protocol for funding rates. Boros will not have a token, and $PENDLE will remain the ultimate beneficiary of all value generated by V2 and Boros.
The potential for Boros is vast, and the revenue generated by Boros will be reinvested to fuel growth. With our resources focused on building a robust, market-leading product, we can build a moat within crypto, as the entire DeFi space expands.
Our commitment to $PENDLE is unwavering, and it remains the core value accrual mechanism of everything we do with both V2 and Boros.
Once meaningful PMF and a competitive edge is established, we will focus on implementing mechanisms to direct value back to $PENDLE holders.
The Road Ahead
On a daily basis, there’s over $200B of open interest in the perp markets, processing over $250B of transactions every day.
In just 1.5 months since we first launched, Boros has already processed close to $1 billion in notional trading volume, the same feat that took V2 more than one year to achieve.
V2 is already one of the largest protocols in the space after capturing just ~10% of DeFi yields. The speed, size and frequency at which the funding rate market operates (10x bigger than the spot market) means that Boros has the potential to not only match V2, but to dwarf it too.
As of today, Boros has only captured ~0.03% of the total addressable market of crypto funding rates.
Even reaching just 3% of the $200B in open interest means a 100x in growth as a protocol. Already, this will translate to $5B in Open Interest + $73M in annual revenue — and that’s just the tip of the iceberg.
And as the first protocol to open up the trading of funding rates onchain, we aim to continue growing our market share. With new pairs, new markets, and paying close attention to the feedback of our early users, we’re confident in continuing this positive growth trajectory.
This is why we set out to build Boros. Over the past month, the response from traders and early users has validated that vision. With each trade taken on Boros, we’re proving that trading funding rates isn’t just a novel idea. It’s a market with clear demand and the potential for huge growth and adoption. But creating a new financial primitive takes time, and Boros is still early.
With conviction, patience, relentless focus, and your help, we can unlock one of the largest untapped markets in crypto and define a new vertical in DeFi.
All roads lead to $PENDLE.
Job’s not done!