Pendle launches sPENDLE, a liquid staking token, to replace the multi-year lock-up model of vePENDLE.

DeFi project Pendle announced the launch of sPENDLE, a liquid staking token, officially replacing the existing vePENDLE multi-year lock-up mechanism. The new system shortens the withdrawal period from several years to 14 days, while introducing transferable and composable token features to simplify the user participation process. According to Pendle, the original vePENDLE system attracted only about 20% of the token supply, the lowest among similar models. The new mechanism will utilize up to 80% of protocol revenue for PENDLE buybacks and introduces an algorithmic emissions model, which is expected to reduce overall emissions by approximately 30%. Existing vePENDLE holders will receive up to 4x rewards based on the remaining lock-up period, which will linearly decay over two years. (The Block)