The brief

Analyst view

• 2025: $5.8B average TVL, $13.4B peak, $40M annualized revenue.
• Boros tokenizes funding rates; $14B+ cumulative volume by mid-2026.
• Live on Ethereum, Arbitrum, Optimism; expanding to Solana, Hyperliquid in 2026.

Technical approach

As reported

Decomposition

Split yield-bearing tokens

Breaks tokens (stETH, aUSDC) into Principal Tokens (PT) and Yield Tokens (YT).

Fixed-income trading

Lock in yields before maturity

PT and YT trade separately, enabling hedging and yield-curve trading.

Boros

Tokenize funding rates

Yield Units (YUs) represent funding-rate income locked at entry.