Pendle token supply: the cap, emissions and unlocks
PENDLE's maximum supply is fixed in its token contract, while emissions to liquidity providers and vesting unlocks raise the circulating total.
Vahe HakobyanEditor-in-chief
Updated Oct 6, 20263 min readFact-checked
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This guide shows you how to find the PENDLE contract and track how its circulating number changes. You need the official contract address and Pendle's docs on emissions and unlocks.
What do you need before you start?
A price page shows one number and rarely says which tokens are locked or still vesting. Find the official contract address and the Pendle docs before you read any figure.
How do you check Pendle supply?
The circulating number moves for two reasons: new emissions and vesting unlocks. Emissions are set for each epoch, a fixed period the protocol uses.
- 1Confirm the contractOpen the explorer page for the official PENDLE address. Check the symbol and the verified code, then read the maximum supply.
- 2Read the emission rulesIn Pendle's docs, find how new PENDLE is emitted each epoch. Since the v2 launch in 2022, emissions have gone to liquidity providers.
- 3Trace the vePENDLE votesHolders who lock PENDLE for vePENDLE vote each epoch to direct emissions to specific pools and gauges.
- 4Check the vesting unlocksLook up the release schedules for team, investor and treasury tokens. Unlocked tokens can enter circulation.
- 5Find the circulating figureCirculating supply leaves out locked and unvested tokens, so it is lower than the total supply.
What should you do after checking?
Write down the contract address, the date and the figures you read. Recheck after each epoch, because emissions and unlocks keep changing the number.
Frequently asked questions
The core model has no routine burn. A burn would appear as a separate transaction and would go through governance.
A vePENDLE vote does not change the maximum supply in the current contract. Changing it would take a new contract.
Pendle sets emissions for each epoch, and its docs list the current epoch length. Governance can adjust the schedule over time.
