PANews reported on July 2 that according to DL News, DeFi protocol Pendle has withdrawn nearly $3 billion in deposits since last Wednesday due to the expiration of multiple market products, most of which are liquidity re-pledged tokens. On Monday, the total value of user deposits fell to $3.7 billion, and Pendle's total locked value (TVL) fell 40% in the past week.
Ian Unsworth, founder of Kairos Research, said that the outflow of funds was mainly due to the expiration of some products. The Pendle market products related to ether.fi's eETH, Renzo's ezETH, Puffer's pufETH, Kelp's rsETH and Swell's rswETH expired on June 27. Investors could have transferred these tokens to the new Pendle market, but the returns would not necessarily be as generous as before. Pendle's outflow of funds also affected related protocols, such as Zircuit, whose deposit value fell by 15% in a week.
