$PENDLE Tokenomics check 👀 The supply side is looking very different from where it was earlier this year. • Emissions down 92% YTD • Buybacks running at multiples of new supply • sPENDLE has replaced the old locking system • Staked supply remains a key metric to watch • Revenue comes from YT yield share, AMM fees and Boros The important part is that supply dynamics are becoming increasingly favorable while the protocol continues to generate revenue from multiple products. I’d pay less attention to short-term price noise and more attention to how much supply is being staked, how fast new emissions are coming down, and where protocol fees are actually coming from. That’s where the real tokenomics story is. 🔥