Token Economics
Reference protocol
ETHDEFIApr 2021design 0xdf57…907dVerified

PENDLE $PENDLE

Yield-trading protocol. Heavy initial allocation to liquidity incentives (37%), team + investors on standard vests, vePENDLE locks for governance + boosted yield. The reference vote-escrow design.

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Total supply

258M PENDLE

fixed at launch

TGE circulating

7.0%

93.0% locked

Allocations

6

distinct line items

Launch

Apr 2021

Ethereum

Distribution
LIQUIDITY INCENTIVES37%TEAM22%ECOSYSTEM FUND19%INVESTORS15%TREASURY6%ADVISORS1%
Schedule of allocations
  • 1
    Locked at TGELIQUIDITY INCENTIVES

    Largest bucket — emitted to LPs and PENDLE-stakers (later, vePENDLE voters) over multiple years.

    37.00%
    60 MO LIN
  • 2
    Locked at TGETEAM

    Core team allocation. 1-year cliff + 1-year vest. Now fully unlocked.

    22.00%
    12 MO CLIFF · 12 MO LIN
  • 3
    Locked at TGEECOSYSTEM FUND

    Treasury for grants, partnerships, integrations.

    19.00%
    5% TGE · 60 MO LIN
  • 4
    Locked at TGEINVESTORS

    Seed + Strategic backers. 3-month cliff + 1-year vest.

    15.00%
    3 MO CLIFF · 12 MO LIN
  • 5
    TREASURY

    Operational treasury — payroll, audits, infra.

    6.00%
    100% TGE
  • 6
    Locked at TGEADVISORS

    Token grants to early advisors.

    1.00%
    12 MO CLIFF · 12 MO LIN
Key takeaway

A 37% liquidity-incentive bucket is large by today's standards but enabled bootstrap. The vePENDLE flywheel turned into Pendle's core differentiator.

Design notes
  • INFLATIONARY EARLY (LIQ INCENTIVES) — DEFLATIONARY POST-2024 AS EMISSIONS TAILED OFF.
  • vePENDLE LOCKS REDUCE CIRCULATING + DIRECT EMISSIONS.lock to earn + vote
  • TEAM/INVESTOR VESTS WERE SHORT BY MODERN STANDARDS — RAN 2021–2023.
Use as your starting point

Open the PENDLE tokenomics in Token Economics, edit the allocations, change the vesting, see the sell pressure live. Free, no signup.

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