Pledge narrative fades, EigenLayer TVL drops $2 billion in the past month
Over the past month, billions of dollars worth of Ethereum (ETH) have been withdrawn from the staking protocol. A month ago, the trading price of Ethereum (ETH) was $3300, only slightly higher than the current market price by about 1.5%. However, during this period, the total locked in value (TVL) on EigenLayer decreased by approximately $2 billion.
On the other hand, DefiLlama's data also shows that popular liquidity re pledging agreements such as Renzo and Kelp have lost 45% and 22% of TVL, respectively.
The reason for some fund outflows may be related to depositors' desire to maximize potential returns. When depositors accumulate enough airdrop points in one agreement, they will transfer the assets to other agreements to maximize potential airdrop returns.
In addition, due to the insufficient demand for AVS from EigenLayer, the liquidity in the staking agreement's yield is not attractive to users. For example, Renzo offers an annual return of 3.43%, while the decentralized stablecoin protocol Ethena can provide an annualized return of over 10%.
