⚡️ Pendle @pendle_fi releases a major update: the token economic model has been upgraded to sPENDLE!
If you have been following Pendle all along, it is not difficult to see that this is a very natural extension—
After the original system has been fully validated by the market, it begins to prepare for the next phase of user structure.
The previous vePENDLE system was more like a tool designed around emission and incentive scheduling, quickly concentrating emissions in the hands of users willing to participate deeply in the early stages.
However, as the scale of the protocol grew, the performance of this mechanism in terms of efficiency was not outstanding.
The emergence of sPENDLE can better align the interests of token holders and product users, allowing both sides to participate in the growth of the protocol.
🎯 What exactly has changed in this upgrade?
1️⃣ The vePENDLE mechanism has been updated to the sPENDLE mechanism, bringing the following changes:
1) Staking certificates have become liquid and transferable.
2) The unstaking period has been shortened to 14 days.
3) There is no longer a requirement to lock in a long-term time dimension upon entry.
2️⃣ The protocol revenue of Pendle v2 will be used to repurchase $PENDLE and distribute it to eligible sPENDLE holders, with the protocol's cash flow starting to return to the token layer in a more intuitive way.
3️⃣ The original voting emission system will be upgraded to an algorithmic model, with the overall emission expected to be reduced by about 30%.
The goal is clear: to direct incentives more towards real usage scenarios and reduce the interference of human gaming on resource allocation.
4️⃣ Existing vePENDLE holders will receive up to a 4x bonus of sPENDLE based on the remaining lock-up period, which is also a clear recognition of the rights of early participants.
If we look at the development of Pendle from a broader perspective, it can be divided into two phases:
The first phase addresses "how yields are split, priced, and traded," making vePENDLE very suitable for this stage.
The second phase begins to address "how funding costs, interest rates, and hedging become infrastructure," preparing for long-term expansion, and the timing of sPENDLE's emergence is just right!
As for how far this step can take Pendle, the growth of V2 and Boros over the next year, changes in real transaction fees, and the participation rate of sPENDLE will provide the answers.
Let’s look forward to PENDLE bringing greater opportunities in 2026!
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
