Pendle · the mint stopped — supply now just shuffles between a reserve, a buyback and stakers.

Pendle does not mint. The token's total supply read exactly 281.53M PENDLE to the wei at both ends of the 90 days, so nothing new was created. What looks like inflation is a release from a pre-minted incentive reserve: the reserve wallet fell from 22.05M to 20.85M, so about 1.2M PENDLE moved out to reward distributors and the market over the window. An Algorithmic Incentive Module cut the underlying emission rate about 71%, which caps how fast this reserve can drain from here.

There are no vesting unlocks left. Pendle's team, investor and advisor allocations are fully unlocked, and its published schedule shows no cliff landing inside this window. Every remaining non-circulating token sits in the incentive reserve that feeds the row above, not in a locked founder or investor tranche.

The standing overhang is the incentive reserve itself. Total supply is 281.53M against about 171.80M circulating, so roughly 109.73M is non-circulating — the incentive-reserve multisig (about 20.85M) plus the ecosystem and liquidity-incentive distributor pools (about 89M) that fund the scheduled terminal emission already booked as row 1. There is no separate discretionary Foundation sale on top of that schedule. No public evidence of release in window — monitored.

There is no bankruptcy estate, trustee schedule or court-ordered distribution attached to PENDLE.

Pendle runs a fee-funded buyback. About 80% of protocol revenue is used to buy PENDLE on the open market every two weeks — an hourly time-weighted purchase spread over the following week — and the bought PENDLE is handed to sPENDLE stakers. Summing every PENDLE transfer into the buyback contract over the window gives about 1.14M PENDLE pulled off the market across 520 purchases. Because those tokens are delivered as staked sPENDLE, they are a genuine float sink even though staking has a 14-day exit.

There is no PENDLE burn. Protocol fees are not destroyed — they are used to buy PENDLE for stakers (the row above), and the token's total supply held at exactly 281.53M across the window, confirming nothing is burned.

No discretionary open-market PENDLE buying by the team or foundation was observed in the window, separate from the protocol buyback already counted above. No public evidence of release in window — monitored.

No net new lock is booked here, and that is deliberate. The PENDLE bought back is delivered to sPENDLE stakers, and that staking absorption is already counted in the buyback row above; booking the same tokens again as a fresh lock would double-count them. sPENDLE staking is liquid with a 14-day exit, so no separate multi-year lock quantum applies.