Pendle TVL has dropped 40% in the past week, and users have withdrawn nearly $3 billion in deposits since last Wednesday

PANews reported on July 2nd, according to DL News, the DeFi protocol Pendle has seen nearly $3 billion in deposits withdrawn since last Wednesday due to multiple market products expiring. Most of these are re-collateralized liquidity tokens. On Monday, the total value of user deposits dropped to $3.7 billion, and Pendle's Total Value Locked (TVL) decreased by 40% within the past week.

Ian Unsworth, founder of Kairos Research, stated that the outflow of funds was mainly due to some products expiring. Products related to ether.fi's eETH, Renzo's ezETH, Puffer's pufETH, Kelp's rsETH and Swell’s rswETH on Pendle market expired on June 27th. Investors could have transferred these tokens into new Pendle markets but returns may not necessarily be as substantial as before. The fund outflows from Pendle also affected related protocols such as Zircuit which saw a decrease in deposit value by 15% within a week.