Since June 27, the volume of blocked value (TVL) in the Pendle DeFi protocol has fallen by 40% — from $6.19 billion to $3.7 billion. This was noticed in DL News.
Data: DeFi Llama.Most of the withdrawn funds worth almost $ 3 billion were liquid restaking tokens, the publication noted.
The collapse of TVL occurred after the completion of campaigns on the platform using five leading LRT assets: eETH (from Ether.Fi), ezETH (Renzo), pufETH (Puffer), rsETH (Kelp) and rswETH (Swell). Like Pendle, they allow you to interact with the EigenLayer protocol.
An equally compelling reason for the outflow was a drop in interest in the airdrops of segment projects, experts believe.
Recalling the "big repayment on June 27," the team posted instructions on how to transfer liquidity (including underlying assets and income received) to other pools on the platform for further earnings. However, the majority clearly preferred to withdraw tokens.
Heads up, Pendies 🫡
The big 27 June maturity will be upon us soon.
What can you do?
What should you do?
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"This is because many have invested in EigenLayer and several affiliated projects like Pendle in order to prepare for the expected airdrops — the distribution of free coins among early and loyal users," suggested DL News.
Most of the giveaways have already taken place. The first stage of the EIGEN steakhouse by EigenLayer started on May 10, and the second one has already begun on June 19.
Renzo and Ether LRT platforms.Fi conducted the distribution in April and March, respectively. They are also planning new "seasons" of giveaways.
"The next airdrops will be smaller, so you can see that some participants are reducing the risks. In addition, the Renzo points program ends at the end of July, so I think many people are probably wondering if it's worth blocking their tokens again," commented Jan Unsworth, founder of Kairos Research.
Recall that in June, the launch of EigenLayer's competitor, the "permissionless flexible restaking protocol" Symbiotic, supported by the founders of Lido Finance, took place.