According to data from DefiLlama, the DeFi protocol Pendle has seen nearly $3 billion in total value locked (TVL) assets flow out, most of which are so-called Liquidity Rehypothecation Tokens (LRTs). Meanwhile, the price of PENDLE tokens has also slid from $6, falling below the $5 mark.
Ian Unsworth, founder of Kairos Research, stated that the significant outflow of funds from the Pendle protocol is mainly 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 substantial outflow of funds.
The DeFi protocol Pendle has experienced nearly $3 billion in withdrawals since last Wednesday due to the expiration of multiple market products, most of which were liquidity rehypothecation tokens. By Monday, the total deposit value of users had dropped to $3.7 billion, with Pendle’s TVL declining by 40% over the past week.
Ian Unsworth of Kairos Research told the media that these fund outflows are related to the expiration of certain products. It is noted that products related to Ether.fi’s eETH, Renzo’s ezETH, Puffer’s pufETH, Kelp’s rsETH, and Swell’s rswETH on the Pendle protocol all expired on June 27, causing a large outflow of funds.
Although investors still have the option to reinvest these LRT tokens in new Pendle markets, the potential returns are significantly different from the past, and as the distance to potential airdrop events narrows, investors have abandoned this option.