Pendle launches sPENDLE liquidity staking token, replacing the multi-year lock-up model of vePENDLE

According to The Block, the DeFi project Pendle has announced the launch of the sPENDLE liquid staking token, officially replacing the original vePENDLE multi-year locking mechanism. The new system shortens the withdrawal period from several years to 14 days, while introducing transferable and composable token features, simplifying the user participation process.

Pendle revealed that the original vePENDLE system only attracted about 20% of the token supply to participate, the lowest among similar models. The new mechanism will utilize up to 80% of the protocol revenue for PENDLE buybacks and introduce an algorithmic emission model, which is expected to reduce the overall emissions by about 30%. Existing vePENDLE holders will receive a maximum reward multiplier of 4 times based on the remaining locking period, which will linearly decay over two years.