According to Odaily, the DeFi protocol Pendle has seen nearly $3 billion in withdrawals since last Wednesday due to the expiration of several market products. The majority of these withdrawals were liquidity re-pledged tokens. By Monday, the total value of user deposits had dropped to $3.7 billion, marking a 40% decrease in Pendle's total locked-in value (TVL) over the past week.
Ian Unsworth, the founder of Kairos Research, stated that these fund outflows were primarily due to the expiration of certain 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, leading to a significant outflow of funds.
The outflow of funds from Pendle also affected the related protocol Zircuit, which saw a 15% decrease in deposit value within a week.