Pendle, a prominent DeFi protocol, has seen a dramatic 40% decline in its total locked value (TVL) over the past week.
Since Wednesday, users have withdrawn nearly $3 billion, reflecting a noticeable decrease in interest in restaking airdrops. This decline is further compounded by the imminent conclusion of Renzo’s points program at the end of July.
Pendle's total locked value (TVL) has fallen 40% in the past week. Since Wednesday, users have withdrawn nearly $3 billion. The large-scale withdrawals reflect the user's waning interest in restaking airdrops, and Renzo's points program is about to end at the end of July. DLNews…
— Wu Blockchain (@WuBlockchain) July 2, 2024
An analyst on X reported that Pendle’s woes were exacerbated by market expirations, which led to a significant reduction in user deposits by more than a third on Thursday. The withdrawals, amounting to nearly $3 billion in liquid restaking tokens, have occurred in a whirlwind over the past few days.
Pendle, a DeFi protocol, took a hit as market expirations slashed user deposits by over a third on Thursday.
In a whirlwind since Wednesday, nearly $3 billion, mostly in liquid restaking tokens, vanished.
By Monday, user deposits sat just above $3.7 billion. pic.twitter.com/FWy92dbG4a
— Kyledoops (@kyledoops) July 2, 2024
As of Monday, Pendle’s user deposits have stabilized slightly but still remain at a diminished total of just over $3.7 billion. This substantial reduction in TVL underscores the challenges facing the DeFi protocol amidst shifting market dynamics and user sentiment.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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