Pendle has accumulated more than 2 million PENDLE tokens through buybacks in the six months since launching sPENDLE, its staking mechanism, the protocol announced on X. The buyback total represents capital returned to the staking pool as part of a revenue-sharing model designed to reward token holders.
sPENDLE launched in January 2026 and redirects protocol fees toward buybacks and airdrops for stakers. The mechanism has also reduced PENDLE emissions by 71 percent, more than double the protocol's initial 30 percent reduction target. That emissions cut affects the rate at which new tokens enter circulation.
The staking pool has reached an all-time high in total PENDLE locked, according to the protocol. Revenue flows to stakers through three channels: protocol fees, buybacks funded by those fees, and periodic airdrops. Pendle is a yield-trading protocol that allows users to buy and sell future yield from decentralized finance positions. The mechanism lets yield farmers lock in returns or speculators bet on future yield movements.
The 71 percent emissions reduction was achieved through a combination of fee capture and token burns. Protocol revenue increased as trading volume grew, funding larger buyback allocations than originally modeled. Pendle did not specify which revenue sources funded the buybacks or provide a timeline for reaching the 2 million token threshold within the six-month window.
