Pendle

Value

Roaring Kitty

DeFi

Billion

Pendle witnessed a 42% decrease in its Total Value Locked (TVL), dropping from $6.18 Billion on June 27 to $3.57 Billion at the time of writing. The decline in TVL is mainly attributed to certain liquid restacking market pools maturing on June 27. After the TVL dropped, Pendle is still ranked No. 9 in terms of TVL among all DeFi protocols. 
<img src="https://lh7-us.googleusercontent.com/docsz/AD_4nXchODoh0a98T30_LQKrJUBXy4aNf2TR_JBTdpZtqCdFgBX3tZZCqXI7Zaewt4JoNdMMPhJgLIJqxd7O4kYUHBO2KZLbn_DGE-ppkQK67m9AV6gR_w8OutdLvv690rG85qSJ099Qz908zc1u7nYYBbAlb4YC?key=ftl0od6Xb-VyU_loLWt2OQ" width="624" height="332"> Source: defillama
However, Pendle is ranking out of the Top 100 in terms of market cap, showcasing the potential it has.
<h3 id="span-span-data-font-font-size-style-font-size-16px-reason-behind-pendle-tvl-drop-span-span">Reason Behind Pendle TVL drop</h3>
The crypto market is currently facing a downturn, which has also affected Pendle's <a href="https://www.coingabbar.com/en/crypto-currency-news/hederas-tvl-soars-hbar-price-ready-bull-run" title="Total Value Locked" class="f-link" rel="noopener noreferrer nofollow">Total Value Locked </a>(TVL) due to the expiration of various liquid staking pools. Notable pools in Ether.Fi, Renzo, Puffer, and Swell have seen tokens mature.&nbsp;
Pendle's TVL had seen significant growth earlier in 2024, driven by user interest in liquid restaking and potential airdrops like EigenLayer. Moving forward, Pendle has introduced new assets for users, including short-term and long-term eETH options, as well as a fresh set of pools set for September 2026.
<h4>Pendle Drops 27% This Week What Next?</h4>
On the daily technical chart, the Pendle is witnessing extreme selling pressure as it breaks below the 200-day exponential moving averages showcasing bearishness. The price of <a href="https://www.coingabbar.com/en/crypto-currency-news/decentralized-finance-tvl-rises-20-percent-in-2023-liquid-staking-leads-markets" title="PENDLE" class="f-link" rel="noopener noreferrer nofollow">PENDLE </a>dropped from $7.53 and continued to decrease.
At the time of writing Pendle crypto price was trading at the level of $4.08 with a 16.4% intraday down suggesting bearishness. However, the volume is inclined by almost 284.72% and currently stands at $145,501,051.
Over the last month Pendle's performance was disappointing as it gave a negative return of 34.6% in a month, a drop of 29.9% in the last 14 days, and last week it was down by almost 27% showcasing bearishness.
According to the Tradingview technical summary out of 26 indicators 16 are on the sell side, 8 are on the neutral side and 2 are on the buy side. The overall weightage is on the selling side and suggests bearish momentum in Pendle.
<h4>Conclusion</h4>
Pendle's TVL has suffered a significant drop, primarily due to the maturation of key liquid staking pools amidst a broader market downturn. Despite this setback and a decline in market cap ranking, Pendle maintains a top position in DeFi TVL rankings. The protocol is adapting by offering new assets and pool options to users. However, current technical analysis indicates continued bearish momentum, with a majority of indicators favoring a sell position, reflecting the challenges Pendle faces in the market.
Also Read:&nbsp;<a href="https://www.coingabbar.com/en/crypto-currency-news/investors-withdraw-lawsuit-roaring-kitty" title="Investors Withdraw Lawsuit Against Roaring Kitty" class="f-link" rel="noopener noreferrer nofollow">Investors Withdraw Lawsuit Against Roaring Kitty</a>

Pendle TVL Plummets By 42%: Analyzing the Drop

Table of Contents

Coingabbar

Άλλα άρθρα που δημοσιεύτηκαν στις 3 Ιουλ 2024

SubWallet Polkadot Bridges and Swaps: Expanding Use Cases with User-Friendly Experience

NFTFi, Marketplace Trading Service Restriction

Canadian crypto adoption struggles as cash remains king

Gorilla Price Prediction: GORILLA Pumps 14%, But Analysts Say This Base Meme Coin Might Be The Be...

Bitcoin Address Wakes Up From Dormancy After 10 Years Amid Price Slump

Post delisting, Monero [XMR] surges nearly 5%: Is $190 here?

Join our free newsletter for daily crypto updates!