Key Highlights
- Pell Network’s TVL has dropped over 99% to around $587,225, despite its website showing $200M.
- The PELL token has lost 95% of its value, now trading near $0.00064 from a peak of $0.01324.
- In 2024, Pell Network raised $3M in pre-seed funding and is deployed on 20 chains, which was aimed at Bitcoin restaking across multiple networks.
Pell Network, the first resilient BTC restaking network, seems to have experienced a drop in activity. According to DeFiLlama, the network’s total value locked (TVL) has fallen to about $587,225. This means more than 99% of the value once locked in the protocol is no longer there.
Meanwhile, the network’s website still shows over $200 million in restaked tokens and more than 510,000 cumulative stakers, which does not match the on-chain data. The Crypto Times team has contacted Pell Network to clarify the difference, but the team has not responded yet.
Pell Network is backed by a couple of investors, including Paper Ventures, Halo Capital, and Mirana Ventures, with support from D11-Labs, Delta Blockchain Fund, and other investors.
In 2024, the network raised $3 million in pre-seed funding to build its Omnichain Decentralized Validation Services (DVS) network to unlock Bitcoin’s potential through cross-chain restaking.
The network’s architecture consists of three layers: the Restaking Layer, Pell Chain, and Service Layer. It has already been deployed on 20 chains, including BNB Smart Chain, Ethereum, Core, Babylon, and Mantle, which has made it achieve over $200 million TVL.
The network’s token, PELL, went live on March 13, 2025, on major exchanges including Bybit, Gate.io, MEXC, BitMart, and XExchange, with a launch price of $0.01.
Since launch, the token has dropped significantly and is currently trading for $0.00064, with a 24-hour trading volume of $81,000. The token lost about 95% of its value in 2025, dropping from a peak of $0.01324, according to data from CoinMarketCap.
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