pendle is at $177m market cap generating $34m annualized revenue with 80% allocated to token buybacks. that's a 15% buyback yield. arthur hayes sold 1.4m PENDLE at a $990k loss. polychain moved 4.1m tokens to falconx sitting on $3-4m in unrealized losses. early backers are capitulating into a protocol that holds 98.5% market share in yield tokenization, controls 30-60% of multiple RWA stablecoin supplies, and just launched on solana. the people who got in early are selling at losses. the protocol itself is buying back tokens at the same pace they're dumping. 60% of circulating supply is staked. the forced sellers are running out of tokens to sell. the buyback machine is not.