Pendle's TVL Drops Nearly 50%, $3 Billion Withdrawn, Governance Token Down 20%

Pendle, a DeFi protocol, has experienced a significant decline in its Total Value Locked (TVL), which has fallen by nearly 50% over the past week. The TVL dropped from $6.18 billion on June 27 to $3.6 billion currently, reflecting a 42% decrease. This decline is primarily attributed to large-scale withdrawals of nearly $3 billion in liquid restaking tokens since Wednesday, and the maturation of certain liquid restaking market pools. Additionally, the impending end of Renzo's points program at the end of July has contributed to the waning interest in restaking airdrops. The value of Pendle's governance token has also plunged more than 20% this week, amid a broader downturn in the DeFi sector.