Pendle introduces sPENDLE mechanism to replace vePENDLE and launches liquid staking

Pendle announced that it will fully replace vePENDLE with the sPENDLE mechanism. sPENDLE is a transferable and composable liquid staking token with a 14-day exit period. Protocol revenue will be used to buy back PENDLE and distribute it to active sPENDLE holders; users who do not participate in governance will not receive rewards for that period. The manual voting emission mechanism will be upgraded to an algorithmic model, with emissions expected to decrease by 30%. On January 29, a snapshot of existing vePENDLE will be taken, and up to a 4x virtual sPENDLE boost will be provided based on the remaining lock-up period, with a two-year transition period.