About this Chart

Buybacks return revenue to holders. Emissions are the PENDLE paid out to attract liquidity and activity, across three programs: Gauge, LP incentives with the per-market rate set by vePENDLE voting; AIM, the same LP rail after the sPENDLE migration, with the rate set algorithmically; and Co-incentive and Limit Order, paid through a merkle distributor because limit-order makers hold no LP token for the market contract to reach.

Gauge and AIM are measured on accrual rather than transfers, priced at each day's PENDLE price, while co-incentives are lumpy monthly top-ups, which is why that series reads best at a monthly interval. Only PENDLE is counted, and transfers into the distributor from non-Pendle wallets are excluded as spam.