Pendle, a yield protocol operating in the decentralized finance (DeFi) space, announced that it has reached an important milestone in its buyback program aimed at strengthening its ecosystem. In a statement made through its official X account, the project reported that the total value of $PENDLE token redemptions to date have exceeded $3 million.
Pendle also shared updated data regarding its staking program. According to the announcement, approximately six and a half months after the launch of the $PENDLE staking mechanism, the total amount of $PENDLE The tokens staked by users have exceeded 100 million. This figure represents approximately 36% of the total circulating token supply and indicates continued community interest in the project.
The protocol indicates that the incentives offered to staking participants continue to grow. As a result, a total of $5.12 million in rewards and airdrops have been distributed to players to date. Pendle said these incentives are offered to support long-term user participation and accelerate the development of the ecosystem.
On the other hand, the project also announced that the issuance of new $PENDLE tokens continue to be gradually reduced. According to the release, the quantity of new tokens produced has fallen to its lowest level ever, resulting in a significant decrease in the rate of increase in supply. The objective is to contribute to making the symbolic economy more sustainable by implementing the reduced emission rate as well as the buyback program.
Recently, many DeFi projects have focused on buyback and programs to support the value of tokens, and Pendle is among those who have adopted this strategy. Buybacks help reduce the circulating supply, while the staking mechanism encourages users to hold their tokens in the system for the long term.
*This does not constitute investment advice.
