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End of an Era? Holders of PENDLE woke up to find their bags down nearly 8% on the day. What caused the price to slide, and can the yield-splitting protocol continue to provide enhanced upside going forward?
The relative valuation of PENDLE had outperformed BTC by nearly 300% during 2024, bolstered by a two-and-a-half week pump that began in the middle of last month and allowed the token to achieve new all-time highs against BTC on April 6 before finding resistance at the 0.0001 level.
While the total value locked (TVL) inside of Pendle’s smart contracts reached $5.4B on Wednesday, the application experienced its largest outflow on record yesterday, losing 18% of its deposit base after the maturity of five separate pools occurred.
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