Pendle cuts PENDLE incentives ~58% while TVL rises 43% in Q3

Pendle amplified a post from Vu Benson on its X feed noting that the team cut PENDLE incentives ~58% in Q3 — a contrast to the usual playbook of buying growth with token emissions. Pendle V2's capital still ended Q3 43% above its June 30 close, with the post arguing the growth is now less dependent on token-funded incentives.

• The reduction coincided with Pendle shifting pool payouts to be driven mainly by fees earned, and Q3 saw buybacks run at roughly 3.2x incentives.
• Pendle re-shared the observation as validation of its capital efficiency push, though the retweet itself contained no new product or listing details.