3M ethereum:0x808507121b80c02388fad14726482e061b8da827 bought back in ~8 months is impressive, but the ~6x ratio vs V2 emissions is what caught my eye. Buybacks are now running at roughly 6x V2 emissions. And those tokens aren't burned. They're distributed as rewards to eligible sPENDLE stakers. @pendle_fi uses fees from actual trading and yield activity to buy PENDLE on the open market, rather than issuing more tokens to fund those staking rewards. Ofc, that ratio isn't fixed. Buybacks depend on fees and token price, and stakers can still sell their rewards. But I like the direction here. More fee-generating activity → more buybacks → more rewards for stakers. That's a pretty solid flywheel if Pendle can keep it going.