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Pendle Weekly Report Overview: Pendle releases new Boros features and year-end airdrop plan, and vePENDLE users who lock up vePENDLE receive multiple income incentives
According to official news, since November 28, the Pendle platform has generated more than $1.15 million in fee income, bringing significant benefits to vePENDLE holders. Currently, about 30% of PENDLE tokens are locked as vePENDLE, and 80% of the fees generated by the platform are allocated to vePENDLE holders. The average lock-up time of vePENDLE reaches 388 days, further highlighting the long-term confidence of the community. The total amount of PENDLE in circulation in the market is currently 164,798,902, and the total amount of locked PENDLE is 52,372,379.
Users who support the appropriate funding pool for voting can enjoy an annualized rate of return of up to 4,399% (MUXLP pool). Additionally, users can increase their pool’s base annualized yield by 2.5x.
Pendle’s Upcoming Feature: Boros
Pendle will be launching a new feature next year, Boros. Boros (formerly Pendle V3) will support trading of new yield assets and introduce leverage through margin trading capabilities, enabling unprecedented capital efficiency on any yield type, including off-chain yields. This will provide users with more trading opportunities and a higher leverage trading experience, while increasing platform fee income, all of which will be distributed to vePENDLE holders.
With Boros, Pendle is opening the next major chapter in the yield space, starting with a critical but underdeveloped type of yield in crypto – funding rates.
Perpetual swaps exchanges trade $150-200 billion per day, and funding rates play a major role in shaping traders’ strategies. With Boros, traders will be able to trade funding rates with flexibility and precision, enabling previously unattainable levels of sophistication. This innovation will not only redefine Pendle’s product range, but is also expected to reshape one of the world’s largest and most active markets.
Boros introduces a completely new infrastructure that runs alongside the existing Pendle V2, which will continue to be optimized and improved. We envision a future where traders and market makers incorporate Boros as part of their core yield strategies.
For example, there is currently no reliable way to hedge funding rates at scale. Take Ethena as an example, the yield and sustainability of the protocol depends heavily on the volatility of funding rates, which often involve billions of dollars in notional capital. .
The emergence of Boros changes this situation, providing an active and capital-efficient solution that enables traders to achieve absolute control and predictability of returns. Taking Ethena as an example, they can get a fixed funding rate return by hedging on Boros. From another perspective, speculators can use leverage to trade the volatility of funding rates and obtain potential excess returns, unlocking a new strategy space in the interest rate dimension.
The funding rate is just one of many new starting points for Boros. With the synergy of Boros and V2, the Pendle ecosystem is going all out to redefine the framework of DeFi returns.
Year-end Airdrop Benefits
Pendle will launch a large-scale airdrop at the end of the year, and each vePENDLE holder will receive airdrop rewards based on the points collected by the protocol. The vePENDLE holding snapshot will be taken at 23:59 (UTC) on December 31, 2024, and the corresponding tokens will be distributed proportionally.
Please note that this airdrop is only for individual vePENDLE holders, and third-party liquidity lockers will not be included in the airdrop.
Tokens to be distributed include:
More tokens may be added before the snapshot date.
The accumulated income and points since the announcement of the Boros function will also be distributed to vePENDLE's liquidity lockers to further incentivize user participation.
Pendle is continuously improving its core competitiveness in the field of decentralized finance through rich functional upgrades, generous user incentive plans and innovative revenue models. Community members are welcome to actively participate, lock vePENDLE, and enjoy more benefits and benefits.
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Mixin has launched USTD-margined perpetual contracts, bringing derivative trading into the chat scene.
The privacy-focused crypto wallet Mixin announced today the launch of its U-based perpetual contract (a derivative priced in USDT). Unlike traditional exchanges, Mixin has taken a new approach by "liberating" derivative trading from isolated matching engines and embedding it into the instant messaging environment.
Users can directly open positions within the app with leverage of up to 200x, while sharing positions, discussing strategies, and copy trading within private communities. Trading, social interaction, and asset management are integrated into the same interface.
Based on its non-custodial architecture, Mixin has eliminated friction from the traditional onboarding process, allowing users to participate in perpetual contract trading without identity verification.
The trading process has been streamlined into five steps:
· Choose the trading asset
· Select long or short
· Input position size and leverage
· Confirm order details
· Confirm and open the position
The interface provides real-time visualization of price, position, and profit and loss (PnL), allowing users to complete trades without switching between multiple modules.
Mixin has directly integrated social features into the derivative trading environment. Users can create private trading communities and interact around real-time positions:
· End-to-end encrypted private groups supporting up to 1024 members
· End-to-end encrypted voice communication
· One-click position sharing
· One-click trade copying
On the execution side, Mixin aggregates liquidity from multiple sources and accesses decentralized protocol and external market liquidity through a unified trading interface.
By combining social interaction with trade execution, Mixin enables users to collaborate, share, and execute trading strategies instantly within the same environment.
Mixin has also introduced a referral incentive system based on trading behavior:
· Users can join with an invite code
· Up to 60% of trading fees as referral rewards
· Incentive mechanism designed for long-term, sustainable earnings
This model aims to drive user-driven network expansion and organic growth.
Mixin's derivative transactions are built on top of its existing self-custody wallet infrastructure, with core features including:
· Separation of transaction account and asset storage
· User full control over assets
· Platform does not custody user funds
· Built-in privacy mechanisms to reduce data exposure
The system aims to strike a balance between transaction efficiency, asset security, and privacy protection.
Against the background of perpetual contracts becoming a mainstream trading tool, Mixin is exploring a different development direction by lowering barriers, enhancing social and privacy attributes.
The platform does not only view transactions as execution actions but positions them as a networked activity: transactions have social attributes, strategies can be shared, and relationships between individuals also become part of the financial system.
Mixin's design is based on a user-initiated, user-controlled model. The platform neither custodies assets nor executes transactions on behalf of users.
This model aligns with a statement issued by the U.S. Securities and Exchange Commission (SEC) on April 13, 2026, titled "Staff Statement on Whether Partial User Interface Used in Preparing Cryptocurrency Securities Transactions May Require Broker-Dealer Registration."
The statement indicates that, under the premise where transactions are entirely initiated and controlled by users, non-custodial service providers that offer neutral interfaces may not need to register as broker-dealers or exchanges.
Mixin is a decentralized, self-custodial privacy wallet designed to provide secure and efficient digital asset management services.
Its core capabilities include:
· Aggregation: integrating multi-chain assets and routing between different transaction paths to simplify user operations
· High liquidity access: connecting to various liquidity sources, including decentralized protocols and external markets
· Decentralization: achieving full user control over assets without relying on custodial intermediaries
· Privacy protection: safeguarding assets and data through MPC, CryptoNote, and end-to-end encrypted communication
Mixin has been in operation for over 8 years, supporting over 40 blockchains and more than 10,000 assets, with a global user base exceeding 10 million and an on-chain self-custodied asset scale of over $1 billion.
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