EigenLayer's net outflow in June was US$4.4 billion! LRT protocols Renzo, Swell and other TVLs fell across the board

This site (120btC.coM): As the re-pledge craze gradually recedes, LRT leader EigenLayer experienced the largest net outflow in the past three months this month. The net outflow in June was as high as 4.4 billion US dollars. Others The TVL of the LRT protocol also dropped by 20%-30% within a month. The reason behind it seems to be that the end of the airdrop incident has made farmers less interested.

EigenLayer had a net outflow of US$4.4 billion in June

DeFiLlama data shows that EigenLayer, which attracted much attention in the first half of this year, once reached a historical high of US$20 billion in total locked value (TVL) in early June, and now only has US$15.59 billion left.

EigenLayer daily capital outflow (in US dollars)

It is not difficult to see that since EigenLayer’s TVL hit a new high in June, capital flows have often been greater than inflow, and have increased over time.

The TVL of re-pledge protocols have all dropped significantly

However, as the leader, EigenLayer’s loss is still small. The TVL of other LRT protocols has also seen a significant decline of 20% to 30% on average recently:

• Renzo: From $3.93 billion in early June to the current $2.06 billion, a decrease of approximately 47.6%

• Puffer: From $1.79 billion in early June to the current $1.7 billion, a decrease of approximately 6%

• KelpDAO: From US$1.17 billion in early June to the current US$860 million, a decrease of approximately 26.5%

• Swell: From US$3.03 billion in early June to the current US$2.42 billion, a decrease of approximately 20.3%

• Eigenpie: From US$1.03 billion in early June to the current US$830 million, a decrease of approximately 20%

In addition, the TVL of Pendle, an on-chain interest derivatives market closely related to the LRT protocol, has also suffered a heavy setback, from 67.1 in early June. billion fell to the current US$3.83 billion, a decrease of 43%.

Among them, the reason behind it is believed to be the expiration of multiple liquid re-pledge derivatives, which has had a significant impact on the locked-up value of the protocol.

Reasons: The airdrop ended and farmers lost interest

As for the sharp drop in TVL of the re-pledge protocol, the end of the large-scale LRT protocol airdrop event seems to be the main reason for the large outflow of funds.

Specifically, Renzo’s REZ and EigenLayer’s EIGEN opened token inquiries and applications in April and May, symbolizing the end of the airdrop activity, which caused airdrop farmers to lose the motivation to continue participating in the agreement and put their funds away. Move to other protocols with more profit prospects.

However, the TVL of the Swell protocol, which has not yet announced its token issuance, has also seen a significant decline. On the one hand, it may be that the market speculates on its airdrop opportunities and slim profits, and transfers funds to other places; on the other hand, it may also be the community Gradually lost interest in EigenLayer and other related LRT protocols.

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