DeFi

DeFi Protocol Pendle’s TVL Drops 40% in a Week, What’s Behind the Exodus?

Published

7 months ago

2 July, 2024

DeFi Protocol Pendle's TVL Drops 40% in a Week, What's Behind the Exodus?

Over the past week, Pendle, a popular DeFi protocol that led the EigenLayer boom, has seen a 40% drop in total value locked (TVL). At one point, Pendle had managed to amass over $6 billion in user deposits, but has now lost nearly a third of that sum. Since last Wednesday, users have withdrawn $3 billion of Pendle’s deposits, much of which belongs to liquid re-staking tokens. On Monday, the value of user deposits in DeFi Pendle Protocol was $3.7 billion.

What is behind this recent exodus on Pendle?

Speaking to DL News, Kairos Research founder Ian Unsworth noted that the recent exits were partly due to some products maturing. “It just so happened that it aligned perfectly for the top five LRTs all at the same time,” he added.

However, some of these outflows could also be attributed to the airdrop phenomenon that often fuels the boom and bust cycles of different protocols. Last Thursday, Pendle faced the big deadline of June 27 with the conclusion of Pendle markets for tokens such as Ether.Fi’s eETH, Puffer’s pufETH, Renzo’s ezETH, Kelp’s rsETH, and Swell’s rswETH.

While investors were able to reinvest these tokens in the new Pendle markets, the returns were not as attractive as before. This is partly because many had invested in DeFi EigenLayer Protocol and its associated projects, such as Pendle, to position itself for anticipated airdrops – free tokens distributed to loyal early adopters. However, many of these airdrops have already happened

In May, early adopters of EigenLayer claimed a share of the $1.6 billion native EIGEN TokensOn the other hand, liquid resttaking protocols like Ether.Fi and Renzo, which offered access to the EigenLayer, airdropped their tokens in March and April, respectively.

All three projects will distribute their tokens in successive seasons, and users will always have the opportunity to claim a share of future airdrops.

Users reduce risks

Unsworth said the upcoming airdrop would be slightly smaller, so some participants may have considered reducing their risk. “Also, the Renzo Points program ends at the end of July, so I think a lot of people are probably taking a moment to think about whether or not they want to lock up their tokens again,” he said. added.

Pendle’s outflows have affected other protocols like Zircuit. As a result, Zircuit’s value has dropped by 15% over the past week. On the other hand, Pendle’s native token, PENDLE, has dropped by 17% over the past week and is currently trading below $5.0.

Fuente

DeFi

If You Missed BONK and PEPE This Year, This Viral New Crypto Might Be Your Salvation

Published

6 months ago

29 July, 2024

CoinFlix Staff

If You Missed BONK and PEPE This Year, This Viral New Crypto Might Be Your Salvation

Bonk and Pepe appear set to net new investors 10x to 100x returns over the next 12 months. However, cryptocurrencies in the DeFi play-to-earn gaming sector could offer even greater returns. As August approaches, Rollblock is emerging as a standout DeFi play-to-earn gem with the potential to 100x-1000x gains in the fourth quarter and beyond.

The project features an innovative revenue sharing model and exceptional accessibility, attracting players and investors. Additionally, Rollblock’s extensive game library of over 150 titles and enhanced sports betting are further driving excitement for the platform. Cryptocurrency analysts are expecting a sudden surge in demand. 800% a push for Rollblock from the beginning of September.

Bonk remains strong despite market fluctuations

While most well-known cryptocurrencies struggled throughout July, Bonk remained strong. As one of the highest-grossing meme cryptocurrencies of 2024, Bonk rose over 24% in July, while most cryptocurrencies experienced negative fluctuations.

Investors looking to add a relatively safe memecoin to their portfolio should consider Bonk. While Bonk is unlikely to generate explosive gains of 250x to 1,000x from here on out, Bonk could still theoretically provide returns in the 20x to 100x range.

Pepe should see a big rise in the next bull run

Alongside Bonk, Pepe has yet to go through a bull run. This means that there are still substantial gains to be made from Pepe over the next 12 months.

Pepe is down 4% in 30 days, but that shouldn’t worry Pepe investors in 2024. Experts believe Pepe’s best days are still ahead, with crypto analysts predicting a 10x to 50x surge in the next election cycle around November.

In the long term, Pepe could surpass the 100x mark for today’s investors. However, Pepe is a memecoin, and one should exercise caution when investing in purely speculative assets that have no utility.

Rollblock’s Unprecedented Hype Potential Could Push It Past 100x Valuation in Q4

Rollblock is a GambleFi Play-to-Earn token that integrates centralized and decentralized gambling on a single platform. By allowing players to earn rewards through active participation and gameplay, the platform creates a compelling incentive structure that appeals to both casual and competitive players.

With its cutting-edge blockchain technology, Rollblock offers top-notch security that keeps bets and transactions on the platform secure. The platform’s lack of KYC mandates appeals to both users who value anonymity and security.

Rollblock’s revenue sharing model, which allocates up to 30% of casino revenue to RBLK token holders, is a major draw for investors. The model involves burning half of the repurchased tokens and distributing the other half to stakers, increasing the token’s value and encouraging long-term investment.

The platform is also constantly evolving thanks to user feedback which has enabled updates such as the upcoming sports betting feature within the platform’s casino. This addition will complement Rollblock’s extensive game library of over 150 titles, ranging from traditional poker to innovative blockchain-based games.

RBLK is expected to emerge as one of the leading DeFi tokens in 2024. With a price of $0.0172 with impressive growth potential and over 140 million tokens sold recently, Rollblock is on track to enter the top 100 cryptocurrencies by Q4, making today a lucrative time to buy RBLK tokens.

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Fuente

DeFi

Cryptocurrency sector is experiencing ‘most misjudged moment’ since 2020, says venture capitalist Arthur Cheong

Published

6 months ago

29 July, 2024

CoinFlix Staff

Cryptocurrency sector is experiencing ‘most misjudged moment’ since 2020, says venture capitalist Arthur Cheong

Veteran cryptocurrency investor Arthur Cheong believes the digital asset sector offers long-term holders a golden opportunity.

Cheong, the founder of DeFiance Capital, tell His 171,700 followers on social media platform X indicate that he believes decentralized finance (DeFi) is hugely undervalued.

According to Cheong, DeFi projects are innovating at a rapid pace and leaving traditional financial (TradFi) companies in the dust.

“It’s been a long time since I’ve been this excited about the risk/reward and potential upside of DeFi. This is probably the most misjudged moment since the pre-DeFi summer of 2020, with extremely promising prospects.

I see opportunities not only in OG (original) DeFi, but also in some newer projects that are evolving rapidly and growing at a pace that fintech startups will do anything to match.

The veteran investor also believes that crypto is now here to stay following recent launch from the Ethereum spot market (ETH) exchange-traded funds (ETFs) last week.

“Overall, the floodgates are open and there is no turning back. TradFi asset managers will continue to launch new crypto products because, guess what: there is huge demand for them!”

I expect them to launch actively managed crypto ETFs [in the] coming years. ”

Earlier this month, Cheong laid that it might be a bad strategy for cryptocurrencies to seek mass adoption, believing that digital assets are designed to disrupt several key financial sectors.

“I think we should accept that cryptocurrencies may not be suited for mass adoption like Web2, but rather are optimized for some narrow but very high-impact use cases like stateless global money, cross-border payments, and decentralized finance.

Chasing mass adoption of normies may be chasing the wrong Grail from the start.

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