随着流动性重新抵押市场的成熟，Pendle 的 TVL 暴跌 45% 至 $3.5B

收益交易协议 Pendle 的总锁定价值 (TVL) 在短短一周内暴跌 45%，从 62 亿美元跌至 35 亿美元

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 数据显示，收益交易协议 Pendle 的总锁定价值 (TVL) 在短短一周内下降了 45%，从 62 亿美元跌至 35 亿美元。

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.

价格急剧下跌是由于几个流动性重新抵押市场，包括 Ether.Fi 的 eETH、Renzo 的 ezETH、Puffer 的 pufETH、Kelp 的 rsETH 和 Swell 的 rswETH 于 6 月 27 日到期。到期时，这些市场允许用户赎回其本金投资，导致大量资金流失。资本撤出。

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 首席执行官 TN Lee 告诉 The Defiant，今年启动的大型流动性重新抵押代币 (LRT) 池已于 6 月 27 日到期，总额接近 40 亿美元。

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 分为主体代币（PT）和收益代币（YT）。当用户质押 ETH 等资产时，他们会收到 PT-ETH，当质押期结束时可以将其转换回 ETH。 YT 代表从质押资产中赚取的利息，可以与本金分开交易。

"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."

“彭德尔的机械装置完全按照预期工作，”李说。 “用户索取他们的 PT 和流动性提供者代币，而 YT 则衰减至零以换取杠杆点。”

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 下降的另一个关键因素是对 YouTube 的需求减少。由于许多用户在轻轨成熟后退出 Pendle，对 YT 的需求下降，导致 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.

据 CoinGecko 称，这种下跌导致用户将 ETH 转移到其他平台，从而导致 PENDLE 代币价格暴跌 40%，在一周内从 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证实，轻轨成熟后，许多用户退出了Pendle，导致对YT的需求较低。这些代币允许用户从其资产中赚取收益，但到期后就会变得一文不值。

Surge In TVL Earlier

TVL 较早激增

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 飙升 40%，达到近 39 亿美元。这一增长主要是由于对 DeFi 协议杠杆作用的高需求推动的。

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 充分利用了这一需求，为交易者提供了一种获得 EigenLayer 和 LRT 协议（如 EtherFi、Swell Network 和 Puffer Finance）杠杆敞口的方式。

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

EigenLayer积分可以通过协议重新抵押ETH或LST（例如Lido的stETH）来获得。

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.

当交易者购买 YT 时，他们就能够获得额外的空投点。其背后的想法是，收到的空投将比购买 YT 的成本更有价值。

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 数据显示，Pendle 的日活跃用户从 4 月份的峰值 23,000 人下降到如今的不足 1,000 人。 5 月和 6 月期间，日活跃用户数在 3,000 至 5,000 人之间。

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

Pendle 引入了展期功能，帮助用户将流动性转移到新的资金池中。

"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.

“尽管 TVL 下降，但这是我们平台生命周期的自然组成部分。展期过程确保用户可以无缝地转移他们的资产，”他说。

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没有以前那么高（超过40%），新池可能会因流动性较低而受到价格影响。 “尽管如此，Pendle 仍然是 ETH 收益率较高的地方。”

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

Lee 指出，Pendle 正在与其他协议合作恢复 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.”

“我们一直在与协议进行谈判，一些协议提供了更高的乘数，”他说。 “例如，EtherFi 为我们提供了 4 倍的乘数，并且 Arbitrum 网络上的一些矿池受到了 LP 的 ARB 代币激励，因此目前 Arbitrum 上的 Pendle 矿池有很好的机会。”

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 还推出了零价格影响模式和限价订单等功能。 “我们添加了 PT 和 LP 滚动功能，并突出显示当前提供良好 APY 的池。”

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

Lee 总结道，Pendle 团队正在构建 PendleV3，以引入新的收益策略并迎合新兴市场。

"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 支持任何产生收益的资产。今年上半年，Pendle 已经从允许杠杆点农业或非常好的固定收益的点元增长，”他说。“虽然这仍然是我们最高的增长动力，但我们仍然持开放态度探索和试验其他类型的资产，无论是在重新抵押的内部还是外部，我们都特别支持支持 ETH 之外的产生收益的资产，例如 BTC。”