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

By: blockbeats|2024/12/17 15:00:02

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.

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

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.

On March 16, 2026, in Dallas, Texas, USA, CanGu Company (New York Stock Exchange code: CANG, hereinafter referred to as "CanGu" or the "Company") today announced its unaudited financial performance for the fourth quarter and full year ended December 31, 2025. As a btc-42">bitcoin mining enterprise relying on a globally operated layout and dedicated to building an integrated energy and AI computing power platform, CanGu is actively advancing its business transformation and infrastructure development.

2025 Full Year and Fourth Quarter Financial and Operational Highlights

• Financial Performance:

Total revenue for the full year 2025 was $688.1 million, with $179.5 million in the fourth quarter.

Bitcoin mining business revenue for the full year was $675.5 million, with $172.4 million in the fourth quarter.

Full-year adjusted EBITDA was $24.5 million, while the fourth quarter was -$156.3 million.

• Mining Operations and Costs:

A total of 6,594.6 bitcoins were mined throughout the year, averaging 18.07 bitcoins per day; of which 1,718.3 bitcoins were mined in the fourth quarter, averaging 18.68 bitcoins per day.

The average mining cost for the full year (excluding miner depreciation) was $79,707 per bitcoin, and for the fourth quarter, it was $84,552;

The all-in sustaining costs were $97,272 and $106,251 per bitcoin, respectively.

As of the end of December 2025, the company has cumulatively produced 7,528.4 bitcoins since entering the bitcoin mining business.

• Strategic Progress:

The company has completed the termination of the American Depositary Receipt (ADR) program and transitioned to a direct listing on the NYSE to enhance information transparency and align with its strategic direction, with a long-term goal of expanding its investor base.

CEO Paul Yu stated: "2025 marked the company's first full year as a bitcoin mining enterprise, characterized by rapid execution and structural reshaping. We completed a comprehensive adjustment of our asset system and established a globally distributed mining network. Additionally, the company introduced a new management team, further strengthening our capabilities and competitive advantage in the digital asset and energy infrastructure space. The completion of the NYSE direct listing and USD pricing also signifies our transformation into a global AI infrastructure company."

"As we enter 2026, the company will continue to optimize its balance sheet structure and enhance operational efficiency and cost resilience through adjustments to the miner portfolio. At the same time, we are advancing our strategic transformation into an AI infrastructure provider. Leveraging EcoHash, we will utilize our capabilities in scalable computing power and energy networks to provide cost-effective AI inference solutions. The relevant site transformations and product development are progressing simultaneously, and the company is well-positioned to sustain its execution in the new phase."

The company's Chief Financial Officer, Michael Zhang, stated: "By 2025, the company is expected to achieve significant revenue growth through its scaled mining operations. Despite recording a net loss of $452.8 million from ongoing operations, mainly due to one-time transformation costs and market-driven fair value adjustments, the company, from a financial perspective, will reduce its leverage, optimize its Bitcoin reserve strategy and liquidity management, introduce new capital to strengthen its financial position, and seize investment opportunities in high-potential areas such as AI infrastructure while navigating market volatility."

Fourth Quarter 2025 Ongoing Operations Financial Performance

Revenue

The total revenue for the fourth quarter was $1.795 billion. Of this, the Bitcoin mining business contributed $1.724 billion in revenue, generating 1,718.3 Bitcoins during the quarter. Revenue from the international automobile trading business was $4.8 million.

Operating Costs and Expenses

The total operating costs and expenses for the fourth quarter amounted to $4.56 billion, primarily attributed to expenses related to the Bitcoin mining business, as well as impairment of mining machines and fair value losses on Bitcoin collateral receivables.

This includes:

· Cost of Revenue (excluding depreciation): $1.553 billion

· Cost of Revenue (depreciation): $38.1 million

· Operating Expenses: $9.9 million (including related-party expenses of $1.1 million)

· Mining Machine Impairment Loss: $81.4 million

· Fair Value Loss on Bitcoin Collateral Receivables: $171.4 million

Profit Situation

The operating loss for the fourth quarter was $276.6 million, a significant increase from a loss of $0.7 million in the same period of 2024, primarily due to the downward trend in Bitcoin prices.

The net loss from ongoing operations was $285 million, compared to a net profit of $2.4 million in the same period last year.

The adjusted EBITDA was -$156.3 million, compared to $2.4 million in the same period last year.

Full Year 2025 Ongoing Operations Financial Performance

Revenue

The total revenue for the full year was $6.881 billion. Of this, the revenue from the Bitcoin mining business was $6.755 billion, with a total output of 6,594.6 Bitcoins for the year. Revenue from the international automobile trading business was $9.8 million.

Operating Costs and Expenses

The total annual operating costs and expenses amount to $1.1 billion.

Specifically, they include:

· Revenue Cost (excluding depreciation): $543.3 million

· Revenue Cost (depreciation): $116.6 million

· Operating Expenses: $28.9 million (including related-party expenses of $1.1 million)

· Miner Impairment Loss: $338.3 million

· Bitcoin Collateral Receivable Fair Value Change Loss: $96.5 million

Profitability

The full-year operating loss is $437.1 million. The continuing operations net loss is $452.8 million, while in 2024, there was a net profit of $4.8 million.

The 2025 non-GAAP adjusted net profit is $24.5 million (compared to $5.7 million in 2024). This measure does not include share-based compensation expenses; refer to "Use of Non-GAAP Financial Measures" for details.

Financial Position

As of December 31, 2025, the company's key assets and liabilities are as follows:

· Cash and Cash Equivalents: $41.2 million

· Bitcoin Collateral Receivable (Non-current, related party): $663.0 million

· Miner Net Value: $248.7 million

· Long-Term Debt (related party): $557.6 million

In February 2026, the company sold 4,451 bitcoins and repaid a portion of related-party long-term debt to reduce financial leverage and optimize the asset-liability structure.

Stock Repurchase

As per the stock repurchase plan disclosed on March 13, 2025, as of December 31, 2025, the company had repurchased a total of 890,155 shares of Class A common stock for approximately $1.2 million.

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