- Pendle TVL has dropped sharply over the past week, from $6.2 billion to $3.7 billion.
- Meanwhile, PENDLE price is down 16% in the same period.
Pendle, the yield tokenization protocol that allows for the trading of yield-bearing crypto assets, has seen the total value locked (TVL) of assets on the platform slide more than 40% in one week.
Data shows the DeFi protocol’s TVL hovered above $6.18 billion last week.
However, that has now dropped to lows of $3.7 billion, with DeFiLlama data showing a sharp drop that reflects the 40% decrease.
Why is Pendle TVL down?
Well, the broader market is down as cryptocurrencies struggle with sell-off pressure.
However, this decline in Pendle TVL also comes amid the maturation of multiple liquid staking markets within the DeFi project’s ecosystem. Impacted markets that saw huge pool tokens mature for redemption were across Ether.Fi, Renzo, Puffer and Swell among others.
Pendle markets that matured Thursday include Ether.Fi’s eETH, Renzo’s ezETH, Puffer pufETH, Kelp’s rsETH, and Swell’s rswETH.
Pendle’s TVL grew rapidly in the first half of 2024 as liquid restaking protocols attracted more users, particularly amid increased anticipation of market airdrops such as EigenLayer.
Despite the drop, the protocol has outlined several other new assets that users can opt into, including a short dated eETH for July 25 and a long dated eETH (for December 26). There’s also a new series of September 26 pools, Ethena USDe, Symbiotic and Mellow LRTs and Karak LRTs among others.
Pendle price
PENDLE price has also slipped in recent weeks.
Whale acivity contributed to the scenario as has overall bleeding of altcoins. Per CoinGecko, PENDLE’s value was down 16% in the past week and traded lower by nearly 3% in the past 24 hours (at the time of writing).
The post DeFi protocol Pendle sees 40% drop in TVL appeared first on CoinJournal.
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