Pendle, a protocol operating in the decentralized finance (DeFi) sector, has announced reaching a significant milestone in its token buyback program, aimed at strengthening the ecosystem. A statement published via the project's official X account reports that the total value of repurchased $PENDLE tokens to date has exceeded $3 million.
Pendle also shared updated data on its staking program. According to the announcement, approximately six and a half months after the launch of the $PENDLE staking mechanism, the total number of $PENDLE tokens staked by users has surpassed 100 million. This figure represents approximately 36% of the total circulating token supply and indicates the community's sustained interest in the project.
The protocol indicates that the rewards provided to staking participants continue to grow. Accordingly, to date, a total of $5.12 million in rewards and airdrops has been distributed to staking participants. Pendle stated that these incentives are offered to support long-term user participation and accelerate ecosystem development.
On the other hand, the project also announced a gradual reduction in the issuance of new $PENDLE tokens. According to the statement, the volume of newly issued tokens has dropped to its lowest level ever, leading to a significant decrease in the growth rate of the supply. The goal is to promote enhanced token economic sustainability by implementing a reduced issuance rate in combination with the buyback program.
Recently, many DeFi projects have been actively using token buyback and burn programs to maintain their value, and Pendle is among those employing this strategy. Token buybacks help reduce their circulating supply, while the staking mechanism encourages users to hold their tokens within the system long-term.
*This is not investment advice.
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