Pendle Finance has scooped up over 1.72 million PENDLE tokens through its buyback program since January, distributing them directly to stakers. On top of that, sPENDLE holders have collected roughly $1.4 million in airdrops year-to-date.
The numbers represent the first major proof point for Pendle’s overhauled tokenomics, which replaced the old vePENDLE lockup system with a more liquid staking model at the start of the year.
How the buyback machine works
Up to 80% of protocol revenue gets allocated to PENDLE token purchases. That revenue comes from three sources: yield fees on Pendle V2, swap fees on V2, and fees from Boros.
The buybacks happen on a fixed schedule. Every two weeks, a dedicated smart contract initiates purchases, with the actual buying spread across the following week. The tokens then flow to sPENDLE holders proportional to their stake.
