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docs/pendle-v2/ProtocolMechanics/Mechanisms/sPENDLE.md

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## sPENDLE Yields
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80% of Pendle V2 fees from **Yield** and **Swap Fees** are allocated to PENDLE token buybacks. Up to 100% of repurchased PENDLE will be distributed to active sPENDLE holders in the form of sPENDLE. Airdrops that Pendle Protocol receives as a result of fees from points-bearing assets will be distributed in kind (i.e. not used for buyback).
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*Buybacks for the current epoch are sourced from fees from the previous epoch and executed via 1-hour TWAP.*
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*Buybacks for the current epoch are sourced from fees from the previous epoch are executed using a 1-hourly TWAP throughout the current epoch.*
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Rewards from buybacks and point distributions may be claimed from the Pendle dApp at any time.
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Rewards from buybacks and point are distributed every 2 weeks and may be claimed from the Pendle dApp at any time.
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## Accounting
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