Pendle Launches sPENDLE Liquid Staking Token, Replacing vePENDLE Multi-Year Locking Model

Odaily News 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 reduces the withdrawal period from several years to 14 days, while introducing transferable and composable token features, simplifying the user participation process. According to Pendle, the original vePENDLE system only attracted approximately 20% of the token supply to participate, the lowest among similar models. The new mechanism will utilize up to 80% of protocol revenue for PENDLE buybacks and introduce an algorithmic emission model, which is expected to reduce overall emissions by about 30%. Existing vePENDLE holders will receive a maximum reward multiplier of up to 4x based on their remaining lock-up period, and this multiplier will linearly decay over two years. (The Block)