PENDLE · emissions just dropped to a low terminal rate.
PENDLE is the reward and governance token of Pendle, a yield-tokenisation protocol on Ethereum — ~171.0M circulating of a ~281.5M total, with no hard cap.
Sell pressure. Only about ~0.84M PENDLE reaches the market over the next 90 days now that emissions have switched to a terminal ~2% a year rate.
Buy pressure. Revenue buys PENDLE back, but those tokens are handed to stakers as rewards — they stay in circulation, so they remove no supply.
Net. About +0.5% to market over the next 90 days — much cooler than the past quarter, which still carried the old, higher emissions.
Pendle's weekly incentive emissions decayed for over a year and then switched to a terminal rate of about 2% a year on circulating supply — roughly 0.84M PENDLE, near 66K a week, over the next 90 days.
All team and investor tokens finished vesting back in September 2024, so no scheduled cliff or linear founder unlock remains.
The Ecosystem Fund still holds a large unallocated slice, tracked as an overhang, but it has no published 90-day release rate — so it is monitored, not booked.
There is no bankruptcy estate and no scheduled long-term protocol release tied to PENDLE.
Up to 80% of protocol revenue buys PENDLE on the market, but those tokens are handed straight to stakers as rewards rather than burned or held — so they stay in circulation and remove no supply.
There is no PENDLE burn — fee value is paid out to stakers, not used to destroy tokens.
No treasury or foundation PENDLE purchase in the window — monitored.
Staking PENDLE into sPENDLE pulls it out of the float, but staking is now liquid — a 14-day exit, or instant for a fee — and two-directional with no announced amount, so it is not booked.
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