According to data from DefiLlama, DeFi protocol Pendle has seen nearly $3 billion in outflows of total locked asset value in the past, with the majority being so-called Liquidity Rehypothecation Tokens (LRTs).
At the same time, the price of the PENDLE token also fell from $6 to below the $5 mark.
Ian Unsworth, founder of Kairos Research, said that the reason why the Pendle protocol has experienced such a large outflow of funds is mainly related to the expiration of some products. Products related to Ether.fi’s eETH, Renzo’s ezETH, Puffer’s pufETH, Kelp’s rsETH and Swell’s rswETH on the Pendle market expired on June 27, resulting in massive outflows.
DeFi protocol Pendle has seen users withdraw nearly $3 billion in deposits since last Wednesday due to the expiration of multiple market products, most of which were liquid re-pledged tokens. The value of total user deposits fell to $3.7 billion on Monday, with Pendle’s total value locked (TVL) down 40% in the past week.
Ian Unsworth, founder of Kairos Research, told the media that these outflows were related to the expiration of some products. It is reported that Ether.fi’s eETH, Renzo’s ezETH, Puffer’s pufETH, Kelp’s rsETH and Swell’s rswETH related products on the Pendle protocol all expired on June 27, triggering a large amount of capital outflows.
Although investors can still choose to put these LRT tokens into the new Pendle market, they may have given up this option because the returns are far different from the past and the potential airdrop event is getting closer.
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