NeoNguyen

Mr.President, we're going to be tired of winning, right??

Boros represents ignition. Within seven months, it surpassed $11.5B in notional volume and reached 270M peak OI. Its mission is to expand the rate economy by unlocking tradable inefficiencies embedded in perpetual funding markets.

For asset issuers, especially teams launching stablecoins, synthetic dollars, and RWAs, Pendle acts as a launchpad. Integration guidance and trusted audits lower barriers, ensure alignment, and connect projects to distribution from day one.

Planned upgrades streamline maturity handling, expand fixed rate exposure across ecosystems, enable leveraged positioning with reduced friction, unlock direct CEX access, improve large trade execution, and strengthen tailored support for long term users.

Funding rates swing more violently than price and diverge widely across venues. Boros enables arbitrage, hedging, and directional rate exposure while deepening liquidity, scaling AI driven education, and aligning with the growth of RWA perps.

A proprietary in house GTM framework provides issuers with established channels, partner networks, influencer reach, and community access. The goal is coordinated rollout, strong early traction, scalable TVL growth, and institutional onboarding.

2026 may be colder and more selective, but direction remains unchanged. Through empowerment in V2 and ignition via Boros, Pendle strengthens infrastructure, expands the rate economy, and reinforces its role at the core of onchain yield markets. Full send.

V2 centers on a single theme: empowerment. The objective is to equip users and asset issuers with tools, access, and infrastructure. This reduces friction and expands what can be achieved with capital inside an increasingly competitive yield landscape.

As yields compress, experienced DeFi users become selective with both capital and mental bandwidth. Seamless access to best in class fixed returns with minimal cognitive load becomes critical for retaining attention and sustaining capital inflows.

In 2026, Pendle narrows to a few moves. Scale yield markets, deepen integrations, and harden risk rails. 💡Less narrative, more execution. 💡The goal is simple: make fixed and leveraged yield liquid reliable, and dominant across chains.

Remember, the trade exists only when the spread beats costs. Use this rule: 🔹|Funding - Implied| must exceed 109.5% x YTM if you enter with a market order and exit with a limit order. 🔹If you use market order both ways, require |Funding - Implied| > 219% x YTM. Near-expiry

3x short on ETH funding reached +227.8% total PnL. UPnL stayed modest, while most gains arrived as Settled PnL at settlement (2.43K%). Collateral remained small, yet the settlement payout was outsized. So let's digest the theory of last-minute settlement arbitrage on

Early traction confirms demand. Within weeks of launch, Ethena Whitelabel supported over $130 million in issued stablecoins, validating the thesis that stablecoins as a service will be a major growth vector in the next market phase.

Ethena's revenue trajectory reflects real economic activity rather than short lived incentives. Reaching $100 million in revenue within 251 days places it among the fastest growing protocols in crypto history, signaling product market fit at institutional scale.

Exchange integrations power Ethena's distribution edge. By offering rewards above T-Bill rates at scale, Ethena lets exchanges internalize revenue while giving users a superior dollar experience without sacrificing liquidity or usability for most.

The protocol's credibility is reinforced by performance under stress. Since launch, Ethena has handled multiple market shocks while maintaining peg stability and building trust among exchanges, protocols, and large liquidity providers across cycles.

Together, USDe, USDtb, Whitelabel, and HyENA form a unified system. Each product reinforces the others, turning Ethena from a yield bearing stablecoin into a foundational financial layer where liquidity, yield, and trading activity converge.

Ethena stands among the most influential DeFi protocols, driven by scale, integration depth, and execution speed. Operating seamlessly across CeFi and DeFi venues creates structural advantages that few stablecoin issuers can replicate today. So what is the engine today?