隨著流動性重新抵押市場的成熟，Pendle 的 TVL 暴跌 45% 至 $3.5B

收益交易協議 Pendle 的總鎖定價值 (TVL) 在短短一周內暴跌 45%，從 62 億美元跌至 35 億美元

Yield trading protocol Pendle’s Total Value Locked (TVL) dropped by 45% in just a week, falling to $3.5 billion from $6.2 billion, DeFiLlama data shows.

DeFiLlama 數據顯示，收益交易協議 Pendle 的總鎖定價值 (TVL) 在短短一周內下降了 45%，從 62 億美元跌至 35 億美元。

The sharp decline occurred as several liquid restaking markets, including Ether.Fi’s eETH, Renzo’s ezETH, Puffer’s pufETH, Kelp’s rsETH, and Swell’s rswETH, matured on June 27. At maturity, these markets allowed users to redeem their principal investments, leading to substantial capital withdrawals.

價格急劇下跌是由於幾個流動性重新抵押市場，包括Ether.Fi 的eETH、Renzo 的ezETH、Puffer 的pufETH、Kelp 的rsETH 和Swell 的rswETH 於6 月27 日到期。用戶贖回其本金投資，導致大量資金流失。

Pendle CEO TN Lee told The Defiant that large liquid restaking token (LRT) pools that started this year matured on June 27, totaling close to $4 billion.

Pendle 執行長 TN Lee 告訴 The Defiant，今年啟動的大型流動性重新抵押代幣 (LRT) 池已於 6 月 27 日到期，總額接近 40 億美元。

On Pendle, LRTs split into Principal Tokens (PTs) and Yield Tokens (YTs). When users stake assets like ETH, they receive PT-ETH, which can be converted back to ETH when the staking period ends. YTs represent the interest earned from the staked asset, which can be traded separately from the principal amount.

在 Pendle 上，LRT 分為主體代幣（PT）和收益代幣（YT）。當用戶質押 ETH 等資產時，他們會收到 PT-ETH，當質押期結束時可以將其轉換回 ETH。 YT 代表從質押資產中賺取的利息，可以與本金分開交易。

"Pendle’s mechanics worked precisely as intended," said Lee. "Users claimed their PTs and liquidity provider tokens while YTs decayed to zero in exchange for leverage points."

「彭德爾的機械裝置完全按照預期工作，」李說。 “用戶要求他們的 PT 和流動性提供者代幣，而 YT 則衰減至零以換取槓桿點。”

Another key factor in the TVL drop was the decreased demand for YTs. As many users exited Pendle after the LRTs matured, demand for YTs fell, causing yields on PTs to drop below 10%.

TVL 下降的另一個關鍵因素是對 YouTube 的需求減少。由於許多用戶在輕軌成熟後退出 Pendle，對 YT 的需求下降，導致 PT 的收益率降至 10% 以下。

This decline led users to shift their ETH to other platforms, which then caused the PENDLE token price to crash by 40%, dropping to $4.2 from $7 in a week, according to CoinGecko.

據 CoinGecko 稱，這種下跌導致用戶將 ETH 轉移到其他平台，導致 PENDLE 代幣價格暴跌 40%，在一周內從 7 美元跌至 4.2 美元。

Lee confirmed that many users exited Pendle after the LRTs matured, leading to low demand for YTs. These tokens allow users to earn yield on their assets but become worthless upon maturity.

Lee證實，輕軌成熟後，許多用戶退出了Pendle，導致YT的需求較低。這些代幣允許用戶從其資產中賺取收益，但到期後就會變得一文不值。

Surge In TVL Earlier

TVL 較早激增

In April, Pendle’s TVL surged by 40%, reaching nearly $3.9 billion. This increase was largely driven by high demand for leveraging exposure to DeFi protocols.

4 月份，Pendle 的 TVL 飆升 40%，達到近 39 億美元。這一增長主要是由於對 DeFi 協議槓桿作用的高需求推動的。

Pendle capitalized on this demand by offering traders a way to gain leveraged exposure to EigenLayer and LRT protocols like EtherFi, Swell Network, and Puffer Finance.

Pendle 充分利用了這一需求，為交易者提供了一種獲得 EigenLayer 和 LRT 協議（如 EtherFi、Swell Network 和 Puffer Finance）槓桿敞口的方式。

EigenLayer points can be earned by restaking ETH or LSTs such as Lido’s stETH through the protocol.

EigenLayer積分可以透過協議重新抵押ETH或LST（例如Lido的stETH）來獲得。

When traders buy YTs, they gain the ability to farm additional airdrop points. The idea behind this is that the airdrops received will be more valuable than the cost of purchasing the YTs.

當交易者購買 YT 時，他們就能夠獲得額外的空投點。背後的想法是，收到的空投將比購買 YT 的成本更有價值。

Pendle’s daily active users dropped from a peak of 23,000 in April to less than 1,000 today, according to Token Terminal data. During May and June, the number of daily active users ranged between 3,000 to 5,000.

Token Terminal 數據顯示，Pendle 的每日活躍用戶從 4 月的峰值 23,000 人下降到如今的少於 1,000 人。 5 月和 6 月期間，每日活躍用戶數在 3,000 至 5,000 人之間。

Pendle introduced a rollover feature to help users transition their liquidity into new pools.

Pendle 引入了展期功能，幫助用戶將流動性轉移到新的資金池中。

"Despite the TVL decline, this is a natural part of our platform's lifecycle. The rollover process ensures users can seamlessly move their assets,” he said.

「儘管 TVL 下降，但這是我們平台生命週期的自然組成部分。展期過程確保用戶可以無縫地轉移他們的資產，」他說。

According to Lee, the APY isn’t as high as before (over 40%), and new pools may suffer from price impact due to lower liquidity. “Still, Pendle remains a place for good yields in ETH."

Lee表示，APY沒有以前那麼高（超過40%），新池可能會因流動性較低而受到價格影響。 “儘管如此，Pendle 仍然是 ETH 收益率較高的地方。”

Recovery Plans Pendle is working with other protocols to recover the TVL, noted Lee.

Lee 指出，Pendle 正在與其他協定合作恢復 TVL。

“We've been in talks with protocols and some provided higher multipliers,” he said. “For example, EtherFi gave us a 4x multiplier and some of our pools on Arbitrum network are incentivized with $ARB tokens for LPs so there are good opportunities in the Pendle pool on Arbitrum at the moment.”

「我們一直在與協議進行談判，一些協議提供了更高的乘數，」他說。 「例如，EtherFi 為我們提供了 4 倍的乘數，並且 Arbitrum 網路上的一些礦池受到了 LP 的 ARB 代幣激勵，因此目前 Arbitrum 上的 Pendle 礦池有很好的機會。”

Pendle has also rolled out features like zero price impact mode and limit orders. "We have added a PT and LP rollover feature and highlighted pools that currently provide good APY.”

Pendle 也推出了零價格影響模式和限價訂單等功能。 “我們添加了 PT 和 LP 滾動功能，並突出顯示當前提供良好 APY 的池。”

The Pendle team is building PendleV3 to introduce new yield strategies and cater to emerging markets, Lee concluded.

Lee 總結道，Pendle 團隊正在建立 PendleV3，以引入新的收益策略並迎合新興市場。

"Pendle supports any yield-generating asset. Pendle has grown this first half of the year from the points meta allowing leverage points farming or very good fixed yields,” he said. “While this remains our highest growth driver, we're still open to exploring and experimenting with other types of assets, both inside and outside of restaking. We are particularly vocal about supporting yield-generating assets outside ETH, such as BTC.”

「Pendle 支持任何產生收益的資產。今年上半年，Pendle 已經從允許槓桿點農業或非常好的固定收益的點元增長，」他說。開放態度探索和試驗其他類型的資產，無論是在重新抵押的內部還是外部，我們都特別支持支持 ETH 以外的產生收益的資產，例如 BTC。