About this Chart

The total excludes the cooldown queue, matching Pendle's own staked figure, and the queue is plotted as its own series because cooldown burns sPENDLE immediately but releases the underlying PENDLE only after 14 days. The effective reward base is not staked PENDLE: it is the denominator rewards are split over, real sPENDLE plus the virtual balance vePENDLE positions were credited under the Loyalty Bonus.