[$PENDLE 結束了嗎？我們應該逢低買進嗎？

TVL崩潰了？發生了什麼事？

Pendle DeFi’s Total Value Locked (TVL) has dropped significantly. On June 27, Pendle’s TVL was recorded at $6.18 billion, but since then it has decreased by 42% to reach $3.6 billion at present. This article will delve into the reasons behind this substantial drop, upcoming Pendle catalysts, and the protocol’s yet-to-be-realized potential in the market.

Pendle DeFi 的總鎖定價值（TVL）大幅下降。 6 月 27 日，Pendle 的 TVL 錄得 61.8 億美元，但此後已下降 42%，目前達到 36 億美元。本文將深入探討這一大幅下降背後的原因、即將推出的 Pendle 催化劑以及該協議在市場上尚未實現的潛力。

Pendle’s TVL Drop: What Caused It?

Pendle 的 TVL 下降：是什麼原因造成的？

The majority of the decrease in Pendle’s TVL can be attributed to the maturation of certain liquid restaking market pools on June 27. Many participants also exited the point-farming game at this stage as they were unhappy with the upcoming LRT airdrop.

Pendle 的 TVL 下降主要歸因於 6 月 27 日某些流動性重新抵押市場池的成熟。

As a result, the indicated yield for Principal Tokens (PT) has dropped as demand for Yield Tokens (YT) has decreased; today, it ranges roughly 6%. This reduced income has made the PT assets less appealing, leading some users to shift their ETH to other protocols.

因此，隨著收益代幣 (YT) 需求的減少，主體代幣 (PT) 的指示收益率也隨之下降；如今，這一數字約為 6%。收入的減少使得 PT 資產的吸引力下降，導致一些用戶將他們的 ETH 轉移到其他協議。

Upcoming Catalysts to Boost Pendle’s Recovery

即將到來的促進彭德爾復甦的催化劑

Despite the recent downturn, there are some positive signals ahead for Pendle. One key aspect to note is that the MCAP/TVL is still largely used by the market as a valuation tool. Any future rally in Pendle’s price will likely be accompanied by an increase in its TVL. Several upcoming catalysts are set to boost Pendle’s chances.

儘管近期經濟低迷，但彭德爾仍面臨一些正面訊號。需要注意的一個關鍵方面是，MCAP/TVL 仍被市場廣泛用作估值工具。 Pendle 價格未來的任何上漲都可能伴隨著其 TVL 的增加。即將到來的幾個催化劑將增加彭德爾的機會。

Firstly, the anticipation of an ETH ETF could spark fresh interest in the protocol. Pendle v3, which will introduce leveraged yield trading, also seems promising upon its release. Furthermore, the Symbiotic + Mellow Protocol story is still unfolding and could bring additional synergy to the platform.

首先，對 ETH ETF 的預期可能會激發人們對該協議的新興趣。 Pendle v3 將引入槓桿收益交易，發布後似乎也充滿希望。此外，共生 + Mellow 協議的故事仍在展開，可能會為平台帶來額外的協同效應。

Pendle’s Potential and Market Position

Pendle的潛力與市場地位

In terms of TVL, Pendle still manages to hold the 9th rank among all DeFi protocols. However, its market capitalization (MCAP) places it below the Top 100, highlighting the unrealized potential that remains within the protocol.

就 TVL 而言，Pendle 在所有 DeFi 協議中仍然排名第九。然而，其市值 (MCAP) 使其低於前 100 名，凸顯了該協議中尚未實現的潛力。

This disparity between TVL and MCAP presents a potential avenue for growth, especially if upcoming catalysts succeed in driving user engagement and expanding the protocol’s TVL.

TVL 和 MCAP 之間的這種差異提供了潛在的成長途徑，特別是如果即將推出的催化劑成功推動用戶參與度並擴大協議的 TVL。

On the other hand, the native token of Pendle, PENDLE, is currently trading at around $4.06. The coin has shown a bearish trend over the past seven days, recording a 23.97% decrease, while it has gained 1.28% in the last 24 hours.

另一方面，Pendle 的原生代幣 PENDLE 目前的交易價格約為 4.06 美元。該幣在過去 7 天呈現看跌趨勢，跌幅為 23.97%，而在過去 24 小時內上漲了 1.28%。

This recent drop might be influenced by both the TVL decline and the broader market sentiment, but it also paves the way for a potential rebound as new developments unfold.

最近的下跌可能受到 TVL 下降和更廣泛的市場情緒的影響，但隨著新事態發展，這也為潛在反彈鋪平了道路。

To add another layer of optimism, prominent figures within the crypto space, like Arthur Hayes, have expressed favorable sentiments towards Pendle. Hayes’ bullishness, which CNF covered earlier, includes Pendle and Dogecoin (DOGE), suggesting that there is still hope for Pendle to shine in the future, despite the challenges in the present market.

為了增添另一層樂觀情緒，加密貨幣領域的知名人士，如 Arthur Hayes，表達了對 Pendle 的好感。 CNF 先前報導的 Hayes 的看漲包括 Pendle 和狗狗幣 (DOGE)，這表明儘管當前市場面臨挑戰，但 Pendle 未來仍有希望大放異彩。