Staking again to relieve fever? EigenLayer had a net outflow of US$4.4 billion in June, and LRT protocol TVL fell by 20% overall

As the re-staking craze gradually subsided, 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. The TVL of other LRT protocols also fell by 20 in one month. %-30%. 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, 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.

In other words, EigenLayer's TVL dropped 23% in one month, losing more than $4.4 billion.

In addition, the agreement experienced the largest net outflows in the past three months on July 8 and 17, respectively, of US$750 million and US$700 million.

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

The TVL of the re-pledge agreement has dropped significantly.

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

• Renzo : From US$3.93 billion in early June to the current US$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%
• Kelp DAO : From $1.17 billion in early June to the current $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 $1.03 billion in early June to the current $830 million, a drop of about 20%

In addition, the TVL of Pendle , an on-chain interest derivatives market closely related to the LRT protocol, also suffered a heavy setback, falling from US$6.71 billion in early June to the current US$3.83 billion, a drop 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.

( Pendle’s lock-up value shrank by 40%: LRT derivatives expired + re-pledge craze faded )

Reason: airdrop ended, farmers lacked interest

As for the sharp decline in the 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 and causing airdrop farmers to lose the motivation to continue participating in the agreement and transfer funds to Other agreements with greater profit expectations.

( Why is re-staking points no longer popular recently? Is this actually the intention of EigenLayer’s currency issuance? )

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 due to the community’s disapproval of EigenLayer and Other related LRT protocols gradually lost interest.