Pendle, a yield protocol operating in the decentralized finance (DeFi) space, announced that it has passed a significant milestone in its buyback program aimed at strengthening its ecosystem.
Pendle, a yield protocol operating in the decentralized finance (DeFi) space, announced that it has passed a significant milestone in its buyback program aimed at strengthening its ecosystem. In a statement made via its official X account, the project reported that the total value of PENDLE token buybacks to date has 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 tokens staked by users has exceeded 100 million. This figure represents approximately 36% of the token’s total circulating supply and indicates the continued interest of the community in the project.
The protocol stated that the incentives provided to staking participants continue to grow. Accordingly, a total of $5.12 million worth of rewards and airdrops have been distributed to stakers to date. Pendle stated that 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 is continuing to be gradually reduced. According to the statement, the amount of new tokens produced has fallen to its lowest level ever, resulting in a significant decrease in the rate of supply increase. The aim is to contribute to making the token economy more sustainable by implementing the reduced issuance rate together with the buyback program.
Recently, many DeFi projects have been highlighting buyback and burning programs to support token value, and Pendle is among those adopting this strategy. Buybacks help reduce the circulating supply, while the staking mechanism encourages users to hold their tokens in the system long-term.
*This is not investment advice.
Continue Reading: Decentralized Finance (DeFi) Project Continues Token Buybacks! Here Are the Details
