Pendle (PENDLE) Tokenomics, Unlock Schedule and Vesting Chart

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Pendle (PENDLE) Token Unlock & Vesting Schedule

As of October 16, 2026, 235.89 million PENDLE have been released. The schedule is ongoing, with no final release date.

The chart shows gross modeled releases of every allocation: vesting unlocks, new issuance and reserve distributions, each allocation counted once. These have different meanings; a scheduled release is not evidence that tokens entered circulation or were sold. Review the coverage, sources and assumptions below.

Each color segment in the chart corresponds to a specific allocation group described in the Allocations section below. Underlying assumptions and data models used to reconstruct this schedule are explained in detail under Assumptions, while broader utility insights and token use cases are covered in Tokenomics & Utility.

Tokenomics & Utility

What PENDLE does

PENDLE helps fund incentives for participation in Pendle markets. The project’s token distribution included allocations for liquidity incentives, the team, investors, public sales, and its treasury. Pendle’s documentation says team and investor tokens were fully vested by September 2024. Its incentive system allocates token emissions among eligible pools using factors such as liquidity, fees, order-book depth, and contributions from partner protocols. (binance.com)

Pendle introduced sPENDLE in January 2026 as the staked form of PENDLE. A holder can stake PENDLE for sPENDLE at a one-to-one ratio. sPENDLE provides voting power and eligibility for a share of protocol rewards when the holder meets the participation rules. Its standard withdrawal process takes 14 days; an immediate withdrawal carries a fee. This system is replacing the older vePENDLE model, which required longer token locks and remains relevant to holders of existing positions. (medium.com)

Pendle uses a portion of fees from its yield and swap activity to buy PENDLE. Repurchased tokens can be distributed to eligible sPENDLE holders. This links the staking system to activity on the protocol, while the incentive system uses PENDLE to support the markets in which that activity takes place. (docs.pendle.finance)

Assumptions

Pendle minted 188.7 million PENDLE at launch for insiders, its Ecosystem Fund, the liquidity drop and prefunded incentives; later incentive claims increased reported total supply. Published terms describe insider vesting and fund availability, while Binance documents a later Launchpool reward program, but several payment histories and future claim dates remain unresolved. The supply-creation chart counts the genesis mint and estimated growth between dated total-supply observations; it does not add vesting, treasury transfers or buyback rewards to those same tokens. Cumulative burns could not be verified.

Ecosystem Fund distributions: Releases depend on future governance or treasury decisions.
Liquidity and market incentives paid from PENDLE: New issuance depends on network activity, such as staking, so it cannot be dated in advance.
Post-genesis PENDLE minting for incentives: New issuance depends on network activity, such as staking, so it cannot be dated in advance.
sPENDLE rewards funded by PENDLE buybacks: New issuance depends on network activity, such as staking, so it cannot be dated in advance.

Sources (11)

Total Supply N/A

Unlocked Supply 235.89M

Unlock Progress —

Genesis Date April 2021

Fully Unlocked Ongoing

Allocations 14

Marketcap Rank (#) 130

Price ($) 2.10 -0.66% (7d)

24h Volume ($) 5M +73.66% (7d)

Marketcap ($) 358M

Fully Diluted Value ($) N/A

Circulating Supply N/A

Perpetuals: 4 markets on Binance, OKX, Hyperliquid and Lighter · $30.5M open interest

Spot

Perp


PENDLE/USDT	7.1M	359K/348K
PENDLE/USDT	2.3M	1.9K/2.6K
PENDLE/USD	1.5M	179K/212K
PENDLE/USDT	1.2M	237K/223K
PENDLE/USDT	809K	84K/89K
PENDLE/USDT	774K	101K/114K
PENDLE/USDT	682K	41K/40K
PENDLE/USDC	681K	37K/47K
PENDLE/USD	652K	29K/87K
PENDLE/TRY	359K	6.9K/15K
PENDLE/WETH	318K	8.5K/8.4K
PENDLE/USDT	314K	101K/95K
PENDLE/USDT	249K	144K/173K
PENDLE/BTC	163K	86K/62K
PENDLE/EUR	96K	13K/41K
PENDLE/WBNB	86K	14K/14K
PENDLE/USDC	63K	14K/17K
PENDLE/USDC	56K	156K/162K
PENDLE/USDC	48K	11K/11K
PENDLE/COMP	10K	470/469
PENDLE/EUR	5.3K	12K/12K
PENDLE/	2.2K	195/195
PENDLE/	387	29/29
PENDLE/USDC	316	44/44

Allocations

Team, investors and advisors — combined genesis mint

94,917,125 tokens · 3 parts

Cliff: April 2021 — 100.00% of allocation · 94,917,125 tokens

Sources: PENDLE token and verified contract sourceBootstrapping Pendle Liquidity

Ecosystem Fund

46,000,000 tokens · 2 parts

Parts of this allocation with their own release dates are charted as their own allocations; the chart shows the rest here.

Cliff: April 2021 — 100.00% of allocation · 46,000,000 tokens

Sources: PENDLE token and verified contract source

Liquidity Drop Bootstrapping

16,582,875 tokens · 1 part

Parts of this allocation with their own release dates are charted as their own allocations; the chart shows the rest here.

Cliff: April 2021 — 100.00% of allocation · 16,582,875 tokens

Sources: PENDLE token and verified contract sourceLiquidity Drop Bootstrapping — Details

First 26 weeks of prefunded liquidity incentives

31,200,000 tokens

Cliff: April 2021 — 100.00% of allocation · 31,200,000 tokens

Sources: PENDLE token and verified contract sourcePendle Tokenomics

Liquidity and market incentives paid from PENDLE

N/A tokens

Timing not yet established (Apr 28, 2021 - Jan 28, 2026): amount unknown

Timing not yet established (Jan 29, 2026 - open): amount unknown

Sources: Pendle TokenomicsLiquidity Drop Bootstrapping — DetailsPENDLE token and verified contract sourceAlgorithmic Incentive Model (AIM)Incentives

Post-genesis PENDLE minting for incentives

Ongoing issuance

Observed release: 47,190,444 tokens

Timing not yet established (Oct 9, 2026 - open): amount unknown

Estimated from the last observation onward: about 129,289 per day (3,935,231 per month), the rate between the observations of October 2021 and October 2022.

Sources: PENDLE token and verified contract sourceTokenomicsPENDLE distribution as of October 2022

Binance Launchpool PENDLE rewards

5,021,222 tokens

Linear release: Jul 4, 2023 - Jul 29, 2023 · 5,021,222 tokens

Sources: Introducing Pendle (PENDLE) on Binance Launchpool

sPENDLE rewards funded by PENDLE buybacks

N/A tokens

Timing not yet established (January 2026 - open): amount unknown

Sources: sPENDLE

Last Updated: 2026-10-08 09:51:16 UTC

Description

#130

Pendle is a protocol that allows users to tokenize and trade future yield from yield-bearing assets. Pendle also has a novel AMM that supports assets with time decay and offers vePENDLE for staking and governance.

Sector:	RWA
Blockchain:	Arbitrum

2021

LRT