Pendle said its sPENDLE mechanism has acquired 1,722,192 PENDLE from the open market since launch and distributed the full amount to sPENDLE holders. The figure came from Pendle’s official X account, making the claim a direct project update rather than an outside estimate.
The protocol also said sPENDLE holders have collected roughly $1.4 million in airdrops since the start of the year. Pendle did not include transaction hashes or a full public accounting table in the post, so the exact wallet-by-wallet distribution path still requires deeper on-chain tracing or a dedicated dashboard view.
Over 1.7M $PENDLE Buyback 🔥
Since the launch of sPENDLE, the protocol has acquired 1,722,192 $PENDLE from the open market and distributed every token to sPENDLE holders.
On top of it, sPENDLE holders have collected ~$1.4M in airdrops since the start of the year. pic.twitter.com/aCinIemfdT
— Pendle (@pendle_fi) June 15, 2026
sPENDLE Rewards Run Through Buybacks and Airdrops
Pendle’s documentation describes sPENDLE as the protocol’s native governance and reward token, issued when users stake PENDLE at a 1:1 ratio. sPENDLE can be unstaked back into PENDLE after a 14-day withdrawal period, or redeemed immediately with a 5% fee.
The reward design is centered on protocol revenue. Pendle docs state that 80% of Pendle V2 yield and swap fees are allocated to PENDLE buybacks, with up to 100% of repurchased PENDLE distributed to active sPENDLE holders in the form of sPENDLE.
Airdrops are handled separately from the buyback flow. Pendle says airdrops received by the protocol from points-bearing assets are distributed in kind, meaning they are not converted into PENDLE buybacks before reaching eligible users.
The buyback process also has a defined contract path. Pendle docs identify 0x9e08C5499f953C6297A7755BcBcEd383b606896b as the buyback contract, which receives harvested protocol fees every two weeks and executes PENDLE purchases over the following week through a one-hour TWAP.
Eligibility Depends on Active sPENDLE Participation
Reward eligibility is not automatic in every situation. Pendle docs state that sPENDLE holders are considered active unless they fail to vote during a period when a Pendle Protocol Proposal is live. When no proposal is active, all sPENDLE holders remain eligible for reward distributions.
The reward distribution process uses snapshots. Pendle says active sPENDLE balances are snapshotted every 14 days, including virtual sPENDLE balances from the vePENDLE transition, and rewards are claimable through the sPENDLE dashboard using a Merkle distribution system.
The sPENDLE token contract on Ethereum is 0x999999999991e178d52cd95afd4b00d066664144, according to the verified Etherscan page labeled “Pendle: sPENDLE Token.” That contract provides a direct on-chain reference for staking, cooldown and transfer activity tied to the mechanism.
sPENDLE went live on January 20, 2026, while Pendle paused new vePENDLE locks and took the transition snapshot on January 29 at 00:00 UTC. Existing vePENDLE balances receive virtual sPENDLE boosts based on remaining lock duration, with the maximum multiplier reaching 4x for a full two-year remaining lock.
The confirmed structure is now clearer: Pendle has stated the 1.72 million PENDLE and $1.4 million airdrop figures publicly, while its documentation confirms the buyback contract, reward cadence, active-participation rules and sPENDLE mechanics. What remains missing is a transaction-level distribution report that ties the headline totals to specific hashes, wallets and epoch-by-epoch allocations.