Pendle Launches New Governance Token, "sPENDLE," Lowering Adoption Barriers
Pendle, a DeFi revenue platform, is introducing a new token, "sPENDLE," addressing the limitations of the existing governance token system. Pendle expects this change to contribute to securing a wider user base and expanding the ecosystem.
On Monday, Pendle announced the launch of "sPENDLE" via its official X account, replacing the existing "vePENDLE." Designed as a liquid "staking governance token," "sPENDLE" allows users to withdraw their stake at any time after a 14-day unstaking period. Immediate withdrawals incur a 5% fee.
sPENDLE staking will begin on Tuesday, and the existing vePENDLE locking feature will be discontinued on January 29th. Additionally, snapshots will be taken based on users' vePENDLE holdings, and a new governance structure will be officially implemented.
Complex structures and long-term lock-ins have hindered adoption.
According to Pendle, the vePENDLE-based system has faced several limitations despite the platform's growth over the past few years. In particular, the structure that locks up assets for long periods of time was identified as a major factor in making it difficult for users to enter the platform. Pendle explained, "It was designed to encourage long-term participation, but in reality, it failed to achieve its goal."
Furthermore, vePENDLE's non-transferable structure hindered interoperability with other DeFi platforms, limiting ecosystem expansion. In contrast, sPENDLE was designed to integrate with multiple DeFi platforms, enabling diverse uses, including re-staking.
Governance also simplified… "Compensation becomes easier and distribution becomes fairer."
Criticisms were also raised about the existing governance structure. Pendle explained that the existing "weekly voting-reward system" was overly complex and required advanced knowledge of DeFi and market trends to receive optimal rewards. As a result, approximately $37 million (approximately 54.7 billion won) in rewards were generated in 2025, but most of the rewards were concentrated in the hands of a small number of experts.
Accordingly, the new governance system will be modified so that voting on "Prior Protocol Proposals (PPPs)" will maintain reward eligibility. In the absence of any other proposals, eligibility will be automatically maintained. Furthermore, PENDLE plans to use up to 80% of protocol revenue to buy back PENDLE tokens and redistribute them as rewards to governance participants.
Aiming to expand its presence in DeFi
Pendle currently ranks 13th in DeFi by total value locked (TVL), with approximately $3.5 billion (approximately KRW 5.1793 trillion) in locked funds. This token restructuring is interpreted as aimed at simultaneously expanding the user base and improving protocol profitability by enhancing liquidity and accessibility.
Pendle emphasized, "This token economy upgrade will open up new opportunities for both the platform and users." It remains to be seen whether Pendle will further expand its influence in the DeFi ecosystem through a more streamlined participation structure and enhanced liquidity.
💡 " SPENDLE Launches, A New Standard in DeFi Governance... How to Understand and Invest "
vePENDLE, criticized for its complex and closed structure, has been replaced by sPENDLE, which offers greater liquidity and accessibility. This restructuring of PENDLE is not simply a token change; it redefines participation and investment opportunities across the entire DeFi ecosystem.
However, without a clear understanding of the strategies these structural changes will lead to and the logic behind reward distribution, it's easy to miss opportunities. In particular, the shift from a "non-transferable ve system to a liquid staking model" isn't just news; it's a crucial criterion for major investment decisions.
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