No new coins minted, but treasury coins keep leaking out.
PENDLE runs Pendle, a market for trading yield. 173.74M coins circulate, about 62% of all PENDLE.
Sell pressure. No new PENDLE was minted. Still, 2.45M reached the market in 90 days: pool rewards and payments from team wallets, plus 881K from old locks running out.
Buy pressure. Fees bought 825K PENDLE, but the coins go to stakers, who still count as circulating. Nothing is burned.
Net. Net, supply grows about 1.41% in 90 days and about 1.86% next, as bigger locks end.
No new PENDLE was minted in these 90 days. Pool rewards are paid from coins minted earlier and held in the governance wallet: it sent 400,000 PENDLE on Jul 20 and 500,000 on Sep 13 to the wallet that tops up the reward pools. Those 900,000 coins joined the market. Rewards were cut hard this year, so the next 90 days should look about the same.
Nothing vests. The team, investor, advisor and ecosystem shares finished vesting years ago, and unlock trackers list PENDLE as fully unlocked.
The governance wallet also sent 600,000 PENDLE to an exchange on Sep 8, as it did in May. The team wallet paid out 70,000 on Aug 26; it pays about every two months, so about 140,000 more is likely by early January. Still held outside the market: governance wallet 19.75M, ecosystem fund 16.12M (no payment since Apr 30), team wallet 7.77M. On top of that, about 9.55M PENDLE of old reward emissions has built up unminted and can be claimed into the governance wallet at any time.
The old vote-lock is closed to new rewards, so locks just run out. 881,032 PENDLE left it in these 90 days as locks ended. It still holds 63.54M PENDLE, and the lock dates show 2.19M more ending in the next 90 days, most of it on Dec 24 and Dec 31.
Most of Pendle's fees buy PENDLE on the market every two weeks: 825,498 PENDLE in these 90 days. But the coins are handed to stakers, and staked PENDLE still counts as circulating, so none of it leaves the market. The 16,534 PENDLE not yet handed out sits in the buyback contract.
Nothing is burned. Burning is switched off in the token contract, total supply did not fall, and the dead address holds the same 0.1 PENDLE as before.
No team or treasury wallet bought PENDLE. Their balances only fell in these 90 days.
Staking now has a 14-day exit, and staked PENDLE (31.35M) counts as circulating, so it is not a lock. The old vote-lock only shrinks.
Two sides: how much people want PENDLE right now, and how much buying could come later.
This part is based on social media. 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:
On Oct 13 2026 Pendle opened a market for FLHYon, a token that follows Franklin Templeton's high-yield bond ETF, maturing Dec 10 2026. The market is still very small, with only a few thousand dollars in it so far. People ask if big fund names like this will bring real money to Pendle, or if it stays a test.
On Oct 12 2026 Pendle opened markets for superNVDA and superTSLA, tokens linked to Nvidia and Tesla shares, on Base. They end on Apr 8 2027 and show fixed yields near 14% and 28% today. People ask where such high yields come from, and how safe they are.
Checked Oct 14 2026
Based on the law of supply and demand, the long-run signal for Pendle is negative. As of Oct 15 2026, score 4/10, Pendle faces +1.86% new supply over 90 days, with demand modest (2.5/5). Pendle's price drivers: 0 ▲ price up, 2 ▼ price down.
Pendle is still running, but it has shrunk a lot: money in Pendle is down about 90% from its 2025 peak. Ethena, once 70% of that money, is now about 8%. With +1.86% new supply in 90 days, it scores 4/10 (Oct 10 2026). By supply and demand, Pendle's long-run signal is negative today.
Aave looks stronger right now. On Oct 10 2026 Aave scores 7.5/10 with strong demand (4/5) and +0.15% new supply in 90 days. Pendle scores 4/10, with modest demand (2.5/5) and +1.86% new supply. Supply and demand still read negative for Pendle in the long run.
Today the signal is negative. Supply and demand would point the other way for Pendle if new supply keeps arriving (+1.86% in 90 days), or demand falls from modest, or Money in Pendle and Ethena's share keep pointing down.
On our framework Pendle scores 4/10 (Oct 15 2026), with supply 1.5/5 (heavy) and demand 2.5/5. In the next year Pendle's supply changes +7.90%, so the long-run signal reads negative.
The law of supply and demand points to one window for Pendle: low new supply, high demand, drivers pointing up. Where Pendle stands today: +1.86% new supply in 90 days (heavy), demand modest (2.5/5), drivers 0 ▲ / 2 ▼.
Pendle has 2 price drivers today (0 ▲ price up, 2 ▼ price down). ▼ Money in Pendle: Money in Pendle is down about 90% from its 2025 peak ▼ Ethena's share: Ethena went from 70% of Pendle's money to about 8%
Pendle reads negative at 4/10; Bitcoin reads positive at 8.5/10 (Oct 15 2026). On supply and demand, Pendle looks weaker than Bitcoin today.
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, half each: supply and demand. Fewer new coins mean less selling pressure. A meme coin scores 1.5 at most on supply: its team got its coins for free, so no new supply does not make it safe. We also show each coin's age, with a warning when it is younger than 1 year. Demand looks at how much people want the coin now and how much buying could come later. Price Drivers (Beta) are the 2 or 3 things that can move one coin's price that supply and demand miss; they have no score. PENDLE supply grows +1.86% 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.
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