DeFi

Pendle hit with $3 billion drawdown as airdrop recovery fades – DL News

Published

7 months ago

1 July, 2024

Pendle hit with $3 billion drawdown as airdrop recovery fades – DL News

Pendle’s TVL fell by 40% last week.
The exodus was expected, as several Pendle markets expired on June 27.
But it also reflects waning interest in resuming airdrops.

Pendle, a DeFi protocol that has climbed EigenLayer’s boom that amassed more than $6 billion in user deposits lost more than a third of that sum on Thursday as several of its markets expired.

Since Wednesday, users have withdrawn nearly $3 billion, most of it in the form of so-called liquid re-staking tokens. The total value of user deposits was just over $3.7 billion as of Monday.

Pendle has lost nearly $3 billion in crypto since several markets expired last week.

This leak “was at least due to the fact that some products have reached maturity,” said Ian Unsworth, founder of Kairos Research. DL News.

“It turned out that this project aligned perfectly for the first five LRTs at the same time. »

But these outflows can also be attributed to cryptocurrencies’ favorite rewards program, which is behind many protocols’ boom and bust cycles: the drop.

Airdrops

Pendle markets for Ether.Fi‘s eETH, Renzo’s ezETH, Puffer’s pufETH, Kelp’s rsETH and Swell’s rswETH ended Thursday in what Pendle himself mentioned in an job as “the big deadline of June 27.”

Investors could have invested these tokens in new Pendle markets. But the profits are not necessarily the same as before.

That’s because many have invested money in the DeFi protocol EigenLayer and several affiliated projects, such as Pendle. Their goal: to position themselves for the expected airdrops, the distribution of free tokens to early and loyal users.

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Some of these airdrops have come and gone.

The first users of EigenLayer have started affirming a tranche of the protocol’s 1.6 billion EIGEN tokens in May.

And Renzo liquid restoration protocols and Ether.Fi – which, among other things, simplifies access to EigenLayer for retail investors – airdropped their own tokens in April and March, respectively.

All three will distribute their tokens in successive “seasons,” and users may still have the opportunity to claim a share of these future airdrops.

Derisk

“The next airdrop is slightly smaller, so you see some participants taking risks,” Unsworth said.

“The Renzo points program is also ending 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.”

Pendle’s outflows have affected associated protocols, such as Zircuit. The value of crypto deposited in Zircuit has dropped by 15% over the past week.

Zircuit was impacted by Pendle’s cash outflows.

Rolling liquid re-staking tokens deposited into Pendle via Zircuit to new markets requires manual work, said Martinet Lee, Zircuit’s head of developer relations. DL News.

“[I’m] I was actually quite surprised by the amount of liquidity that initially noticed the expiration, and I also went through all the issues related to moving liquidity and supporting Zircuit,” he said.

Aleks Gilbert is DL News‘ DeFi correspondent based in New York. You can contact him at aleks@dlnews.com.

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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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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