Overview of Pendle Expiration Activities: Redemption Performance and User Benefit Analysis

In the recent cryptocurrency market, the expiration activities of the Pendle platform have attracted widespread attention. Pendle completed its largest expiration activity to date on June 26, involving assets worth up to $3 billion. Within a week after the event, Pendle successfully facilitated redemptions of $2.7 billion.

Redemption Value Distribution

In this expiration activity, the redemption value of the top three pools accounted for approximately 79% of the total redemption value, reaching $2.14 billion. Specifically:

· eETH (Ethereum): The total redemption amount was $1.41 billion, and the average redemption amount per address was approximately $1 million.

· Zircuit ezETH: The total redemption amount was $311 million, and the average redemption amount per address was approximately $800,000.

· puffer pufETH:The total redemption amount was $424 million, with an average redemption amount of about $715 per address.

Best Performing Users

· User 0xdde, who purchased PT-eETH from February to June, holds 45,294 PT-eETH, realized a profit of 1,594 ETH, and an ROI of 3.64%.

· User 0xbec, who purchased PT-ezETH (Zircuit) from March to June, holds 16,000 PT-ezETH, with a profit of 783 ETH and an ROI of 5.15%.

· User 0xbec, by buying PT-eETH from March to May, holds 1,182 PT-eETH, with a profit of 100 ETH and a return on investment of 9.19%.

Best LP

· User 0x0c6, provided liquidity to the eETH pool from January to February 2024, for a total of 158 days, realized a profit of 123 ETH, and a return on investment of 8.17%.

· User 0x33c, used ZPI to provide liquidity to the rsETH pool in February 2024, for a total of 137 days, with a profit of 48 ETH and a return on investment of 4.68%.

· User 0x90c, provided liquidity to the rsETH pool from February to April 2024, for a total of 119 days, with a profit of 42 ETH and a return on investment of 5.58%.

Conclusion

The numbers shown here do not represent the value of the airdrops/points received by LPs. In the end, Pendle passed the largest mechanism stress test to date. Looking forward to the future development of Pendle.

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