#75 | Crypto's First Interest Rate Swap (IRS): Pendle's BOROS Fixes Basis Trade Hedging

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More Than Speculation

Launchy

75 episodes

2 days ago

A crypto podcast by @2lambro and @ManoppoMarco | We talk about all things crypto from builders' and investors' perspective. Expect a mix of degeneracy combined with thoughtful musings.

Investing

Business

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A crypto podcast by @2lambro and @ManoppoMarco | We talk about all things crypto from builders' and investors' perspective. Expect a mix of degeneracy combined with thoughtful musings.

Investing

Business

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#75 | Crypto's First Interest Rate Swap (IRS): Pendle's BOROS Fixes Basis Trade Hedging

More Than Speculation

46 minutes 10 seconds

4 days ago

#75 | Crypto's First Interest Rate Swap (IRS): Pendle's BOROS Fixes Basis Trade Hedging

In this episode, the hosts discuss the intersection of AI and crypto, focusing on the 0G platform and its implications for decentralized AI workloads. They delve into the volatility of the market, the launch of Pendle's new product BOROS, and the intricacies of funding rates and yield trading. The conversation also covers hedging strategies, market insights, and the future growth of Pendle, including potential changes in tokenomics and the importance of survival in the crypto space.
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Chapters

(00:00) Intro: Welcome Dan from Pendle & Twitter Drama
(05:10) BOROS Explained: Yield Trading on Margin & Interest Rate Swaps
(06:27) Why BOROS Trades Funding Rates
(08:11) Underlying APR vs. Implied APR
(10:49) Trading Mechanics: Longing the Funding Rate Delta
(17:32) Short-Term Trading: Using Implied APR as a 'Shitcoin' Price
(19:38) Capital Efficiency: Hedging a $390k Position with $0.76 ETH
(20:17) Hedging Use Case: Protecting Basis Traders (Ethena, Resolve)
(27:20) Ethena Hedge Example: Locking in Fixed Rate vs. Volatile Funding
(36:07) Growth Metrics: BOROS is 10x Faster Than Pendle V2
(38:14) Tokenomics & PE Ratio
(40:04) Why LPs Can't Lock vePENDLE
(44:19) The Key to Crypto is to "Just Survive"
(46:04) Outro
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Disclaimer
All views expressed by the me is solely my opinions. I may maintain positions in the assets discussed in this podcast. This podcast is for informational purposes only and nothing in the podcast is intended to be financial, legal, or even life advice.