According to BlockBeats, Pendle, a popular cryptocurrency, experienced a significant drop in its market value on July 3rd. The currency's value fell below $4.1, with the current price standing at $4.09. This represents a 24-hour drop of 17.62% and a seven-day drop of 28.9%.
In the previous week, several Pendle markets concluded, leading to a 40% decrease in Pendle's Total Value Locked (TVL). This resulted in an outflow of over $3 billion in user funds. The sudden drop in Pendle's value and the significant outflow of user funds highlight the volatile nature of the cryptocurrency market.