Pendle retires vePENDLE multi-year lockups as sPENDLE staking goes live
Pendle is replacing its vePENDLE lockup model with liquid sPENDLE staking, shortening withdrawal times and redirecting revenue to token buybacks.Summary
DeFi project Pendle has initiated a major overhaul by retiring its vePENDLE multi-year lockup system in favor of a new liquid staking alternative, sPENDLE, which reduces withdrawal timelines to just 14 days. This transition aims to address the constraints of the old model, which suffered from low participation (around 20% of supply) and concentrated voting power that led to market unprofitability despite overall fee efficiency. The changes will also redirect protocol revenue toward PENDLE token buybacks and introduce an algorithmic emissions model expected to cut overall emissions by about 30%. Existing vePENDLE holders will receive a boosted form of sPENDLE, with multipliers up to 4x based on their remaining lock duration, calculated from a snapshot on January 29. New vePENDLE locks will cease on that date as the revised incentive structure formally begins.
(Source：The Block)