PENDLE · it mints nothing, and the tradable float still grows.

Not one new PENDLE was created. The count of PENDLE in existence was identical at both ends of the window, to the last decimal, and the token's weekly emission has not been claimed since March 2025. Incentives are paid out of a reserve instead: the governance wallet released 0.20M PENDLE on Jun 12 2026 into the rewards distributor and 0.40M on Jul 20 2026 into the pool-reward contract. That reserve sits outside the tradable count, so the 0.60M is new float even though nothing was minted. The quarter before ran 0.90M on the same two rails.

There is nothing left to vest. Team, investor and advisor allocations finished vesting in 2024, and the unlock trackers publish PENDLE as fully unlocked with no scheduled events ahead. The ecosystem reserve, the one remaining project pot with no published release rule, did not move a single token in these 90 days — not one transfer of any size in or out. Tagged as walked rather than closed, because exhaustion rests on the project's own statement rather than on anything the contract enforces.

Two discretionary wallets moved. The governance wallet sent 0.60M PENDLE on Sep 8 2026 through a one-hop address and into an exchange deposit wallet eight minutes later — a treasury deployment, not a reward. The team wallet sent 0.12M on Jun 25 2026 and 0.07M on Aug 26 2026, a steady drip it has run every two months for a year. Watched as overhang: 20.25M PENDLE still in the governance wallet, 16.12M in the ecosystem reserve, 7.77M in the team wallet, and 9.28M of emission that has accrued but never been minted.

The old two-year vote-lock is winding down and its contents are walking out. The lock contract fell from 64.62M to 63.73M PENDLE across the window on 251 withdrawals and zero deposits — new locks were switched off in January 2026, so it can only drain from here. The remaining 63.73M has to be out by January 2028 at the latest, but holders choose when, so only what actually left is counted. The pace is cooling fast: the previous 90 days drained 3.58M against 0.88M this time.

The buyback is real and it is large: 0.96M PENDLE bought over these 90 days across 417 purchases, funded by 80% of protocol fee revenue, every purchase routed through the protocol's own router. It removes nothing. All of it is delivered straight into the staking contract, and the market's own count of tradable PENDLE already treats everything in that contract as tradable — so tokens bought out of the float and handed back into the float leave the float exactly where it was. Genuine demand; zero effect on this reading.

Nothing is burned, and right now nothing can be. The token's burn function is switched off at the contract level and reverts when called, and both burn surfaces were read at both ends of the window: the dead address held 0.1 PENDLE on both dates and the count of PENDLE in existence was identical on both dates. Neither moved. Governance can switch burning back on behind a seven-day delay, so this row is watched rather than closed.

No project wallet bought PENDLE. The windowed sweep found zero inbound transfers to every one of the four wallets that sit outside the tradable count — the governance wallet, the team wallet, the ecosystem reserve and the lock contract all received nothing at all across the 90 days. Every move on the project side was outbound.

Nothing new was locked away. The old vote-lock stopped accepting deposits in January 2026 and only released. The staking contract that replaced it did grow, by 1.36M PENDLE, but 0.96M of that is the buyback landing there rather than anyone locking, and it removes nothing in any case: staked PENDLE is counted as tradable float, and it can be withdrawn after fourteen days or instantly for a 5% fee.