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Biden Drops from Elections

The news that Joe Biden declined to run for the upcoming U.S. elections caused a brief panic drop in cryptocurrency prices.

Despite very different circumstances, the news of an attempt on Trump’s life two weeks ago had a similar effect on prices. In the last hours of Sunday, prices quickly rebounded after the initial drop and are now quite volatile at the start of the week

Expect that Biden’s endorsement of Kamala Harris will signal that news about her or other potential replacements will become trending topics impacting cryptocurrencies. Regardless of your interest (or lack thereof) in U.S. politics, the social volume of these major topics continues to show a fragile correlation with speculative cryptocurrency prices.

Why Do Pendle Returns Decrease?

The trend is more comprehensive than you may think and the core issue is restaking. Pendle has recently launched new token markets that mature in October and December 2024, with APYs that are less impressive than expected. Most ETH derivatives offer a fixed APY of 4-15%, while USD markets yield 10-20% APY. This may be acceptable for some users, but it pales in comparison to the ~60% APY on USDe back in May.

Maturity of Liquid Restaking

Kelp, Renzo, Swell, and other restaking solutions are no longer in their early stages. Their TVL (Total Value Locked) is enormous, and their use cases span various protocols and chains. Some projects have already introduced their tokens, while others plan to do so soon.

Users now have a better understanding of their airdrop returns and what to expect from these solutions. All these factors indicate a relative maturity in the market, making extraordinary yields unlikely.

Proliferation of Restaking Projects

Many protocols want a piece of the pie, but it is finite. With numerous protocols restaking on EigenLayer, Symbiotic, and Karak, the market lacks a dominant player that will airdrop a large sum of tokens generously.

Each protocol needs to allocate funds for marketing, collaborations, team salaries, development, and other expenses. This competition dilutes yields for each project individually.

Ethena’s sUSDe Yields Have Decreased

sUSDe no longer offers the 35-40% APR it once did. As returns have decreased, demand has responded accordingly. The current yield now varies between 9-12% APY.

Gladly, Pendle is not the only market on the planet :) You can always search for better yields on 👉🏼 Notum Investments.