PendlePENDLE

Pendle generated $67.7M in gross revenue from Jul 2023 to Oct 2026 (1186 days), with $65.0M retained as net revenue. $56.6M accrued to PENDLE token holders. Its primary token utilities include Staking Rewards, Staking Access, and Standard 1:1.

This averages $$57.1K in daily gross revenue across the tracked period.

PENDLE accrues value through 1 mechanism: Buyback & Redistribute.

• Buyback & Redistribute: Up to 80% of total protocol revenue is used to buy PENDLE tokens on the open market, which are then distributed to eligible sPENDLE stakers every two Fridays as the sole value accrual mechanism for token holders.

Yes, Pendle burns or redistributes PENDLE tokens via Buyback & Redistribute. In 2026, approximately $6.6M worth of value was returned to token holders through these mechanisms.

Yearly token holder distributions:

• 2026: $6.6M
• 2025: $35.8M
• 2024: $14.2M

PENDLE serves 3 primary functions within the Pendle ecosystem: Staking Rewards, Staking Access, and Standard 1:1. The protocol generates fees from user activity, with a portion distributed back to PENDLE holders. Value flows back to token holders through Buyback & Redistribute.

Token utilities:

• Staking Rewards: sPENDLE stakers earn protocol revenue distributed as PENDLE buybacks every two Fridays, with up to 80% of protocol revenue directed toward purchasing PENDLE tokens on the open market for distribution to stakers.
• Staking Access: Staking PENDLE into sPENDLE is required to access protocol revenue sharing and governance voting rights on Pendle Protocol Proposals; simply holding PENDLE without staking does not grant these benefits.
• Standard 1:1: Under the new sPENDLE model, 1 staked PENDLE = 1 sPENDLE with equal voting power on Pendle Protocol Proposals (PPPs), with no duration-based multiplier for new stakers and a simplified vote-when-needed structure.

Value accrual mechanisms:

• Buyback & Redistribute: Up to 80% of total protocol revenue is used to buy PENDLE tokens on the open market, which are then distributed to eligible sPENDLE stakers every two Fridays as the sole value accrual mechanism for token holders.

Read our deep dive: Pendle tokenomics analysis.

In 2026, Pendle generated $8.8M in gross revenue. Of that, $6.6M was distributed to token holders, $2.1M was retained as protocol revenue (treasury), $125.1K went to supply-side participants (e.g. liquidity providers).

Year-by-year revenue breakdown:

• 2026: $8.8M gross revenue — $6.6M to holders, $2.1M to protocol, $125.1K to supply-side
• 2025: $39.6M gross revenue — $35.8M to holders, $2.6M to protocol, $1.2M to supply-side
• 2024: $19.1M gross revenue — $14.2M to holders, $3.5M to protocol, $1.4M to supply-side

Pendle's gross revenue has decreased by 51.2% over the past 90 days compared to the prior 90-day period, from $3.8M to $1.9M.

• Recent 90d daily average: $20.9K/day
• Prior 90d daily average: $42.8K/day