June 26 Maturity Recap

On June 26, 2024, Pendle reached its largest maturity event in value to date, with $3 billion in value maturing.

Within a week (June 26, 2024 — July 4, 2024) , Pendle successfully facilitated $2.7 billion in redemptions, including both Principal Tokens (PT) and Liquidity Provider (LP) positions:

• $2.4 billion in redemption on Ethereum
• $330 million in redemption on Arbitrum

Breakdown of Top 3 Pools

Of the collective redemptions, the Top 3 pools — EtherFi eETH, Renzo ezETH (Zircuit), and Puffer pufETH — comprised approximately 79% or $2.14 billion of the total value.

EtherFi eETH

• Network: Ethereum
• Total redemptions: $1.41 billion
• Average PT redemption: ~$1 million per address

Renzo ezETH (Zircuit)

• Network: Ethereum
• Total redemptions: $424 million
• Average PT redemption: ~$800k per address

Puffer pufETH

• Network: Ethereum
• Total redemptions: $311 million
• Average PT redemption: ~$715k per address

Biggest Winners

Many of the June pools provided some of the best risk-to-reward yields in DeFi to-date, which also meant that many Pendies had been able to realize significant profits during the maturity event.

Some of the biggest winners include:

Top PT Winners

0xdde

• Primary strategy: Swapped ETH for PT-eETH from Feb — June 2024
• Total Duration: 137 days
• Redemption mechanic: 1 PT-eETH for 1 eETH at maturity
• Redemption: Redeemed 45,294 PT-eETH for 43,486 weETH
• Profit: 1,594 ETH (+3.64%)

0xbec

• Primary strategy: Swapped ETH for PT-ezETH (Zircuit) from March to June 2024
• Total Duration: 87 days
• Redemption mechanic: 1 PT-ezETH (Zircuit) for 1 ETH deposited on Zircuit at maturity
• Redemption: Redeemed 16,000 PT-ezETH for 15,798 ezETH
• Profit: 783 ETH (+5.15%)

0x7a9

• Primary strategy: Swapped ETH for PT-eETH from 4–7 June 2024
• Total Duration: 22 days
• Redemption mechanic: 1 PT-eETH for 1 eETH at maturity
• Redemption: Redeemed 35,237 PT-eETH for 35,237 eETH
• Profit: 337 ETH (+0.97%)

0x555

• Primary strategy: Limit order for PT-eETH (Zircuit) from 2–7 May 2024
• Total Duration: 55 days
• Redemption mechanic: 1 PT-eETH (Zircuit) for 1 ETH deposited on Zircuit at maturity
• Redemption: Redeemed 5,896 PT-eETH (Zircuit) for 5,661 weETH
• Profit: 222 ETH (+3.90%)

0xc5c

• Primary strategy: Swapped ETH for PT-ezETH from 26 Apr — 2 June 2024
• Duration: 61 days
• Redemption mechanic: 1 PT-ezETH for 1 ETH deposited on Renzo at maturity
• Redemption: Redeemed 8,231 PT-ezETH for 8,127 ezETH
• Profit: 159 ETH (+1.97%)

0xbec

• Primary strategy: Swapped ETH for PT-eETH from March to May 2024
• Total Duration: 89 days
• Redemption mechanic: 1 PT-eETH for 1 eETH at maturity
• Redemption: Redeemed 1,182 PT-eETH for 1,135 weETH
• Profit: +100 ETH (+9.19%)

Top LP Winners

0x0c6

• Primary strategy: Zap in LP into eETH from Jan — Feb 2024
• Total Duration: 158 days
• Profit: +123 ETH (+8.17%)

0x33c

• Primary strategy: LP with Zero Price Impact (ZPI) into rsETH in Feb 2024
• Duration: 137 days
• Profit: 48 ETH (+4.68%)

0x90c

• Primary strategy: LP into rsETH from Feb — Apr 2024
• Duration: 119 days
• Profit: 42 ETH (+5.58%)

0x691

• Primary strategy: LP into pufETH in Mar 2024
• Duration: 98 days
• Profit: 40 ETH (+7.96%)

0xa50

• Primary strategy: Zap in LP into ezETH (Zircuit) in Mar 2024
• Total Duration: 158 days
• Profit: +38 ETH (+7.11%)

Note: Numbers displayed here DO NOT account for the value of airdrop/points earned by LPs

At the time of writing, ~95% of matured positions have been redeemed and the Pendle protocol has passed the largest stress test of its mechanisms to date successfully.

This maturity event marked an important milestone for Pendle.

We are grateful for the continued support from our community and remain committed to providing an innovative, rewarding platform for our users.

JOB’S NOT DONE 🫡