Nothing minted; treasury wallets and old locks add coins.
PENDLE is the coin of Pendle, a market for trading future yield. 173.90M of 281.53M PENDLE circulate. No new PENDLE was minted.
Sell pressure. Treasury wallets released 1.21M PENDLE for rewards and payouts, and ended vote-locks freed 883,099.
Buy pressure. Fees bought back 815,387 PENDLE, but it goes to stakers, so nothing leaves the market.
Net. Net, supply rose 1.20% in 90 days and should rise about 1.64% next.
No new PENDLE was minted in these 90 days. Pool rewards are paid from coins Pendle already holds: on Sep 13 2026 the governance multisig sent 500,000 PENDLE to the wallet that tops up reward payouts. That wallet is refilled about every month or two, so we expect about the same next. The token can still mint about 10.06M PENDLE of unclaimed weekly emissions to its incentives wallet; that last happened on Mar 24 2025.
Nothing vests. Team, investor and advisor tokens finished vesting by September 2024, so no scheduled unlock is left.
The governance multisig sent 600,000 PENDLE to an exchange through a pass-through wallet on Sep 8 2026, and the team multisig paid out 70,000 on Aug 26 and 35,000 on Oct 26 2026. Exchange sends come every few months with no schedule, so the next 90 days count only the team payouts, about 105,000. Still held outside the market: governance multisig 19.75M, ecosystem fund 16.12M, team multisig 7.73M PENDLE.
The old vePENDLE vote-lock is winding down: new locks stopped on Jan 29 2026. Holders whose locks ended took out 883,099 PENDLE in these 90 days. Another 2.24M PENDLE of locks end in the next 90 days, mostly on Dec 24 and Dec 31 2026. The vote-lock still holds 63.42M PENDLE, about 1.92M of it already free to withdraw.
80% of Pendle V2 fees buy PENDLE on the open market every hour. In these 90 days that bought 815,387 PENDLE, delivered every two weeks into the sPENDLE staking contract and paid out to active stakers. Staked PENDLE still counts as circulating and can leave after 14 days, so the buyback does not shrink the count.
PENDLE has no burn. Burning is switched off inside the token itself, and total supply did not move in these 90 days.
No team or treasury wallet bought PENDLE back into its own holdings. None of the three Pendle multisigs received a single PENDLE in these 90 days.
New vote-locks are closed, and the vote-lock took in nothing in these 90 days. sPENDLE staking replaced it, but staked PENDLE counts as circulating, so staking removes nothing from the count.
Two sides: how much people want PENDLE right now, and how much buying could come later.
It shows how hot PENDLE is right now. A better rank means more people are talking about it.
Today, people are talking about PENDLE for two reasons:
In the month to Oct 31 2026, money in Pendle's tokenized-stock markets rose by about $16 million to $33.8 million, moving Pendle from seventh to second place in DeFi. Its PendleLoop tool, launched Oct 22 2026, lets users take leveraged long positions on seven tokenized stocks. People ask if stock trading can become a big new income line for Pendle.
On Nov 2 2026, Pendle posted a real-world asset thread, with a case study made with AssetoFinance on NGI+, a tokenized Partners Group infrastructure fund that trades on Pendle. In the same thread, Pendle noted that tokenized real-world assets reached $39.3 billion this month, up more than 80% since January. People ask if more big fund managers will bring their funds to Pendle.
Checked Nov 2 2026
As of Oct 28 2026, PENDLE supply moves +1.64% in 90 days and +7.42% in a year, so PENDLE is inflationary. New PENDLE outweighs what is burned or bought back.
PENDLE supply grows +7.42% over the next 12 months and +1.64% over the next 90 days (checked Oct 28 2026). That puts PENDLE #35 of 100 coins we track for new supply (#1 = the most new supply).
No dated PENDLE unlock is scheduled in the next 90 days (checked Oct 28 2026). New PENDLE still arrives: about 2.85M PENDLE in 90 days.
Not in a way that removes PENDLE today: nothing takes PENDLE off the market over the next 90 days (checked Oct 28 2026). The fee buyback bought 815,387 PENDLE, but it all goes to stakers, who still count as circulating, so it removes none. No burn.
In our count, about 2.85M new PENDLE reaches the market over the next 90 days (checked Oct 28 2026). How it works: Nothing minted, but the treasury paid 500K PENDLE into pool rewards, sent 600K to an exchange, the team multisig paid 105K, and 883K left ended vote-locks: 2.09M in 90 days.
PENDLE has about 174M coins in circulation as of Oct 28 2026; the next 90 days change that by +1.64% (+7.42% over a year).
Over the next 90 days (checked Oct 28 2026): PENDLE +1.64%, BTT −2.17%, LDO +5.15%, FF +18.22%. PENDLE sits in the middle of these 4 coins.
Every answer here applies basic economic theory — the law of supply and demand — to this coin's data. It is not financial advice. How we read every coin →
We look at two things: supply and demand. Fewer new coins mean less selling pressure. We also show each coin's age, with a warning when it is younger than 1 year. Demand shows how much people want the coin. Price Drivers (Beta) are the 2 or 3 things that can move one coin's price that supply and demand miss. PENDLE supply grows +1.64% in the next 90 days, so it shows in red: more PENDLE reaches the market than is removed. Zero or falling supply is always green, any growth is red.
One email before each big supply event, and the day our verdict changes. Nothing else. You can watch 2 coins for free.
Related supply research: BTT −2.17% · LDO +5.15% · FF +18.22% · All crypto inflation rates (109 coins) → · Full PENDLE supply report → · Embed this coin
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