DeFi Tokens Plunge 10%-20%, Led by Pendle Amid Weak Crypto Price Action This Week
Summary
Cryptocurrencies in the DeFi sector saw a 9% drop in the CoinDesk DeFi Index, led by Pendle's governance token falling over 20%. The protocol experienced a $3 billion drop in TVL due to users withdrawing funds. Aave and Lido tokens also fell 10%-15%. A large investor transferred $6.2 million LDO and $4.5 million AAVE to Binance for likely selling. The DeFi struggle coincided with a lull in the broader crypto market, with BTC and ETH consolidating below March peaks. ETH is down 6% from Monday highs.
