Pendle launches sPENDLE mechanism to replace vePENDLE and introduces liquidity pledge

Pendle announced that it will fully replace vePENDLE with sPENDLE mechanism. SPENDLE is a transferable and combinable liquid collateral with an exit period of 14 days. The agreement revenue will be used to repurchase PENDLE and distribute it to active sPENDLE holders, and users who have not participated in governance will not be able to receive current rewards. The manual voting emission mechanism will be upgraded to an algorithmic model, with an expected reduction of 30% in emissions. On January 29th, a snapshot of the existing vePENDLE will be taken, and a maximum of 4 times virtual sPENDLE bonus will be provided based on the remaining lock up time, with a transition period of two years.