Pendle has distributed $7.49 million in CHIPS to sPENDLE holders, derived from protocol fee revenue. The distribution was based on time-weighted sPENDLE holdings from April 7 to April 20. This allocation is separate from the existing buyback reward mechanism, providing additional yield to holders. Pendle plans to further enhance token holders' yield through various channels, including fees and buybacks, to bolster the protocol's incentive system sustainability.