$pendle was hit hard today, mainly due to the negative impact of the Restake sector. As the saying goes, Restake is the reason for success and failure. Back then, it rose dozens of times with the help of ETH re-staking. Now the points of the underlying Eigenlayer project of ETH re-staking are seriously lower than expected, which directly dealt a fatal blow to $pendle. The main impacts are as follows:

1. The Eigenlayer snapshot is scheduled for 3.15, and most of the latecomers who pledged will not get tokens this time;

2. All points obtained by relying on the LRT track will be postponed to the second time, including YT (leverage points) in Pendle. Also affected by this are $RENZO, $ETHFI, $PUFFER, $KELP, etc.;

3. Pendle YT investors are likely to suffer losses due to the points mechanism, resulting in a large number of YT redemptions, making Pendle The reason for the sudden drop in TVL is very simple. According to the pre-market price, the total market value of Eigen has exceeded 15 billion US dollars. The market currently does not have the capacity to take over projects with such a market value. The tokens that failed to be sold at the opening are likely to experience the harvest of the dead projects and depreciate severely when the second phase is issued;

4. When redeeming ezeth PT on Pendle recently, it failed to redeem ezeth at a 1:1 ratio, which made people re-understand the mechanism and valuation of Pendle;

5. Eigen will be listed on May 10th. We will know whether it is a mule or a horse at that time, but as I said, this project is not worth 15 billion FDV. Pay attention to the risks when listing.

Conclusion: Pendle is affected by the Eigen points system, which has seriously damaged its valuation in the Restake track. TVL will be greatly affected, but Restake is not all of it. For an interest rate swap agreement, it can be used on any project that earns points, so the long-term value still exists. If the market value can be significantly repaired, it is still a worthwhile project to fall to less than 3.