《Review of ve Token Model Failure: Why Pendle, PancakeSwap, and Balancer Are Abandoning It》 (Author: Pink Brains; Translated by: TechFlow from Deep Tide) A systematic breakdown of the reasons behind three major DeFi protocols exiting the ve model, pointing out that the issue lies not in theory but in execution: low participation rate, governance capture, emission mismatch, and negative feedback from token price decline.