As markets continue to chop, we take a break to look into Pendle’s new yield market platform, Boros, which will initially start with perpetual futures funding rate markets — but likely expand further. Ethereum has been a strong performer, with ETH/BTC up significantly since April on the back of ETF and treasury flows.   

Since Trump’s “Liberation Day" back in April, ETH has been steadily outperforming BTC in a notable shift in market dynamics. At the time, the ETH/BTC ratio was hovering around 0.019, but by late May, ETH had broken out sharply against BTC, and another leg higher began in mid-July. As of Aug. 1, the ETH/BTC ratio sits above 0.033, marking roughly a 75% increase since April. 

Whether this move is being driven by ETF and treasury flows, renewed confidence in Ethereum’s roadmap or simply a pause in BTC’s momentum, the chart tells a clear story: Ethereum has been the relative winner since the spring.

Similarly, April also marked the trough for the top 10 applications on Ethereum. While still not recovered to January 2025 levels, the top 10 protocols on Ethereum have rebounded 120%. This resurgence reflects renewed confidence, user engagement and ecosystem-wide revitalization. While it’s too early to call it a full recovery, the sustained momentum points to a slow but steady return of activity across Ethereum’s leading applications.

— Marc

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After increasing for three months in a row, monthly active addresses (MAAs) on Ethereum hit an all-time high of 14.9m (an 11.8% increase from June’s 13.3m). Simultaneously, the transaction count on Ethereum also hit an all-time high of  ~46.7m (an 11% increase MoM). A welcome sign given that many were pushing for activity to return to the L1.

The increase in both monthly users and transaction activity can be attributed to the increase in Ethereum’s gas limit in 2025. The gas limit on Ethereum hadn’t been raised since August 2021, but given the mounting pressure from the community and competition, 2025 marked a turning point. It started in February with a 20% increase from 30m to 36m, then another 25% increase in July to 45m. This has effectively increased the gas limit on Ethereum by 50% YTD. 

— Marc

Boros and Pendle

Pendle launched Boros on Arbitrum earlier today! Boros allows users to speculate on and hedge funding rates. The platform functions as a yield market for both onchain and offchain yields — but will start with perpetual futures funding rates of major centralized exchanges (specifically Binance).

Boros operates similarly to traditional interest rate swap markets, allowing traders to exchange floating rates for fixed rates on margin. The platform uses yield units (YUs) as its core trading mechanism, with each YU representing yield from one unit of the underlying collateral asset until maturity. Users can go long on YUs if they expect funding rates to increase, or short them if they anticipate rates declining.

The initial product will offer yield markets on BTC and ETH funding rates from Binance. Apart from allowing traders to hedge their funding rate exposure, Boros will also launch Boros Vaults — which allow liquidity providers to earn PENDLE incentives, swap fees and benefit from favorable rate movements.

The initial launch will have relatively conservative risk parameters, including a $10m notional value cap per market for open interest and leverage limited to 1.2x. 

— Boccaccio

Solana July 2025 Update

July saw REV and DEX volumes increase 38% and 42% MoM. The anticipated PUMP ICO took place on July 12, with Solana significantly outperforming CEXs in the public sale. Regarding network performance, Solana’s block size has increased by 20% to 60m CUs, with an additional 67% increase to 100m CUs already approved. Finally, the REX-Osprey staked SOL ETF beat expectations in its first month of trading, registering $138m in inflows.

Ethereum July 2025 Update

July 2025 marked a strong turning point for Ethereum, as the ecosystem experienced a convergence of all-time highs across major metrics. ETH surged ~49% in July as this price rally was accompanied by ATH levels in open interest, monthly active addresses (MAAs) and gas usage, signaling a resurgence in both speculative interest and onchain activity. Institutional enthusiasm also hit new highs, with Ethereum ETFs posting their strongest monthly net inflows ever at $5.4b (more than all previous months combined). Moreover, treasury companies allocated a record $5.5b worth of ETH to their balance sheets, matching the ETF inflows. On the fundamentals front, Ethereum recorded its highest monthly transaction volume, while data availability usage also hit a new high. However, despite these bullish signals, the ETH burn rate remained near historic lows.

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