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$PENDLE is currently a pure utility token, with governance functions to come after the protocol has matured sufficiently. It will eventually be key to the value accrual mechanics and management of the protocol.

Token TickerPENDLE
Token TypeERC20
Address (Ethereum)0x808507121b80c02388fad14726482e061b8da827
Address (Avalanche)0xfB98B335551a418cD0737375a2ea0ded62Ea213b

Emission Schedule and Allocation

Pendle adopts a hybrid inflation model.

The emission will begin with stable incentives of 1.2M PENDLE per week for the first 26 weeks, following which, liquidity incentives will decay by 1% a week until week 260. At this point, there will be a terminal inflation rate of 2% per annum based on the circulating token supply.

Weekly Emission Rate

The maximum number of tokens in circulation by the end of year 2 is 251,061,124. Any subsequent increments will come from liquidity incentives. The following chart shows the breakdown of our token allocation at the end of year 2:

Weekly Emission Rate

We have allocated the highest percentage to liquidity incentives as the team places a high priority on creating deep and liquid yield markets. The Pendle team will decide on the incentive distribution at the beginning and this will evolve into community governance as the protocol matures.

The token distribution was also planned such that everyone can have a reasonable chance of participating and owning a percentage of the $PENDLE ecosystem.

Perpetual inflation will also help ensure that constant contribution to the protocol is required to maintain an ownership position.

Vesting Schedule

All investors and team members are under a vesting schedule to align incentives. The table below shows the schedule for the various components:

SegmentVesting Schedule
Team2-year vest
1-year cliff followed by quarterly release
Investors & Advisors1-year vest
Quarterly release starting 3 months after LDB
Ecosystem Fund50% no vest
50% unlocked after 1 year