[$PENDLE 结束了吗？我们应该逢低买入吗？]

TVL崩溃了？发生了什么？@pendle_fi 的 TVL 下降了 42%，从 6 月 27 日的 61.8 亿美元降至目前的 36 亿美元。

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 的总锁定价值（TVL）大幅下降。 6 月 27 日，Pendle 的 TVL 录得 61.8 亿美元，但此后已下降 42%，目前达到 36 亿美元。本文将深入探讨这一大幅下降背后的原因、即将推出的 Pendle 催化剂以及该协议在市场上尚未实现的潜力。

Pendle’s TVL Drop: What Caused It?

Pendle 的 TVL 下降：是什么原因造成的？

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 下降主要归因于 6 月 27 日某些流动性重新抵押市场池的成熟。许多参与者也因对即将到来的 LRT 空投不满意而在这个阶段退出了积分挖矿游戏。

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，随着收益代币 (YT) 需求的减少，主体代币 (PT) 的指示收益率也随之下降；如今，这一比例约为 6%。收入的减少使得 PT 资产的吸引力下降，导致一些用户将他们的 ETH 转移到其他协议。

Upcoming Catalysts to Boost Pendle’s Recovery

即将到来的促进彭德尔复苏的催化剂

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.

尽管近期经济低迷，但彭德尔仍面临一些积极信号。需要注意的一个关键方面是，MCAP/TVL 仍被市场广泛用作估值工具。 Pendle 价格未来的任何上涨都可能伴随着其 TVL 的增加。即将到来的几个催化剂将增加彭德尔的机会。

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，对 ETH ETF 的预期可能会激发人们对该协议的新兴趣。 Pendle v3 将引入杠杆收益交易，发布后似乎也充满希望。此外，共生 + Mellow 协议的故事仍在展开，可能会给平台带来额外的协同效应。

Pendle’s Potential and Market Position

Pendle的潜力和市场地位

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 协议中仍然排名第九。然而，其市值 (MCAP) 使其低于前 100 名，凸显了该协议中尚未实现的潜力。

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 之间的这种差异提供了潜在的增长途径，特别是如果即将推出的催化剂能够成功推动用户参与度并扩大协议的 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 的原生代币 PENDLE 目前的交易价格约为 4.06 美元。该币在过去 7 天呈现看跌趋势，跌幅为 23.97%，而在过去 24 小时内上涨了 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 下降和更广泛的市场情绪的影响，但随着新事态发展，这也为潜在反弹铺平了道路。

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.

为了增添另一层乐观情绪，加密货币领域的知名人士，如 Arthur Hayes，表达了对 Pendle 的好感。 CNF 之前报道过的 Hayes 的看涨包括 Pendle 和狗狗币 (DOGE)，这表明尽管当前市场面临挑战，Pendle 仍有希望在未来大放异彩。