{"id":14876,"date":"2024-07-02T13:01:03","date_gmt":"2024-07-02T10:01:03","guid":{"rendered":"https:\/\/forklog.com\/en\/pendle-protocols-tvl-plummets-40-following-lrt-airdrops\/"},"modified":"2024-07-02T13:01:03","modified_gmt":"2024-07-02T10:01:03","slug":"pendle-protocols-tvl-plummets-40-following-lrt-airdrops","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/pendle-protocols-tvl-plummets-40-following-lrt-airdrops\/","title":{"rendered":"Pendle Protocol&#8217;s TVL Plummets 40% Following LRT Airdrops"},"content":{"rendered":"<p>Since June 27, the total value locked (TVL) in the DeFi protocol Pendle has dropped by 40%\u2014from $6.19 billion to $3.7 billion. This was highlighted by <a href=\"https:\/\/www.dlnews.com\/articles\/defi\/pendle-hit-with-3bn-drawdown-as-restaking-airdrops-fade\/\">DL News<\/a>.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Pendle-DefiLlama-Google-Chrome.webp\" alt=\"Pendle-DefiLlama-Google-Chrome\" class=\"wp-image-236113\"\/><figcaption class=\"wp-element-caption\">Data: <a href=\"https:\/\/defillama.com\/protocol\/pendle#information\">DeFi Llama<\/a>.<\/figcaption><\/figure>\n<p>The majority of the withdrawn funds, nearly $3 billion, consisted of liquid restaking tokens, the publication noted.<\/p>\n<p>The TVL collapse followed the conclusion of campaigns on the platform involving five leading <span data-descr=\"liquid restaking tokens\" class=\"old_tooltip\">LRT<\/span> assets: eETH (from Ether.Fi), ezETH (Renzo), pufETH (Puffer), rsETH (Kelp), and rswETH (Swell). Like Pendle, they enable interaction with the EigenLayer protocol.<\/p>\n<p>Experts believe that a significant reason for the outflow was the waning interest in airdrops from projects in the segment.<\/p>\n<p>Referring to the &#8220;big redemption on June 27,&#8221; the team provided instructions on how to transfer liquidity (including base assets and earned income) to other pools on the platform for further earnings. However, most clearly preferred to withdraw tokens.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">Heads up, Pendies ?<\/p>\n<p>The big 27 June maturity will be upon us soon.<\/p>\n<p>What can you do?<\/p>\n<p>What should you do?<\/p>\n<p>Here&#8217;s all that you need to know about matured pools ?? <a href=\"https:\/\/t.co\/g4WfnClatf\">pic.twitter.com\/g4WfnClatf<\/a><\/p>\n<p>\u2014 Pendle (@pendle_fi) <a href=\"https:\/\/twitter.com\/pendle_fi\/status\/1805781432092311945?ref_src=twsrc%5Etfw\">June 26, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;This is because many invested in EigenLayer and several affiliated projects like Pendle in preparation for <a href=\"https:\/\/forklog.com\/en\/news\/three-airdrops-for-the-price-of-one-how-to-get-them-via-ethereum-restaking\">anticipated airdrops<\/a>\u2014the distribution of free coins among early and loyal users,&#8221; DL News suggested.<\/p>\n<\/blockquote>\n<p>Most of the distributions have already occurred. The <a href=\"https:\/\/forklog.com\/en\/news\/eigenlayer-developers-initiate-eigen-token-claim\">first phase<\/a> of the EIGEN &#8220;stakedrop&#8221; by EigenLayer began on May 10, with the second phase starting on June 19.\u00a0<\/p>\n<p>LRT platforms Renzo and Ether.Fi conducted distributions in April and March, respectively. They also plan to hold new &#8220;seasons&#8221; of giveaways.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;The next airdrops will be smaller, so you see some participants reducing risks. Additionally, the Renzo points program ends in late July, so I think many are probably considering whether to lock their tokens again,&#8221; commented Kairos Research founder Ian Answorth.<\/p>\n<\/blockquote>\n<p>In June, the launch of EigenLayer&#8217;s competitor, the &#8220;permissionless flexible restaking protocol&#8221; Symbiotic, supported by Lido Finance founders, took place.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Since June 27, the total value locked (TVL) in the DeFi protocol Pendle has dropped by 40%\u2014from $6.19 billion to $3.7 billion. This was highlighted by DL News. Data: DeFi Llama. The majority of the withdrawn funds, nearly $3 billion, consisted of liquid restaking tokens, the publication noted. The TVL collapse followed the conclusion of [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":14875,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1093,1263],"class_list":["post-14876","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-defi","tag-restaking"],"aioseo_notices":[],"amp_enabled":true,"views":"41","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/14876","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=14876"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/14876\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/14875"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=14876"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=14876"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=14876"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}