Pendle is turning the 'revenue protocol' into the interest rate base for DeFi. On August 6th, its new platform Boros was launched, tokenizing the funding rate of perpetual contracts for the first time and introducing an on chain hedging mechanism. This is not only a functional upgrade, but also a strategic turning point for Pendle from "splitting profits" to "building a complete on chain interest rate market". Boros converts the highly volatile funding rates of perpetual contracts into tradable profit units (YUs), where users can lock in fixed rates to hedge risks or bet on rate fluctuations to earn returns. This mechanism is similar to TradFi's interest rate swap, establishing for the first time an on chain market for the core variable of encrypted derivatives. Fluctuations in funding rates have always been a pain point for DeFi derivatives, especially for Delta Neural protocols such as Ethena: when the rate is negative, holding costs significantly erode returns. Boros provides it with a 'shock absorber' that smooths the yield curve through floating fixed swaps, improving capital efficiency and risk controllability. Considering that the trading volume of derivatives far exceeds that of spot in the long term, perpetual contracts are the cornerstone of the cryptocurrency market, and related rate derivatives are expected to grow into a trillion dollar new market. Pendle CEO TN Lee said, "With hundreds of billions of dollars in perpetual transactions per day, but no scalable, permissionless on chain fee market, Boros will change the status quo. ” Boros' economic design directly feeds back to PENDLE: 80% of the cost of the agreement belongs to the vePENDLE holder, forming a positive feedback flywheel of usage cost lock; LP can also obtain transaction fees and incentives by providing liquidity. During the week of its launch, PENDLE rose by over 40%, approaching $6. Currently, Boros supports Binance BTC/ETH perpetual rates and will expand to more platforms and assets in the future. It also has the potential to integrate CeFi income products, RWA, and TradFi interest rate tools, becoming a rate module that can be called by finance on the entire chain. If Pendle has built a DeFi yield curve in the past year, then Boros is the key puzzle to its path towards "on chain interest rate infrastructure" - once DeFi can replicate the core interest rate market of TradFi, the true paradigm shift will no longer be far away.