Super Pendle, or in short: sPENDLE. @pendle_fi is replacing vePENDLE with sPENDLE. Instead of locking for years, you stake PENDLE and receive sPENDLE 1:1. Pendle did over $37M in revenue in 2025. That matters because sPENDLE rewards are designed to flow from real revenue, not emissions. Up to 80% of Pendle V2 fees will be used for PENDLE buybacks, then distributed to active sPENDLE holders. You can unstake back to PENDLE after a 14-day withdrawal period, or exit instantly for a 5% fee. Pendle is also moving away from the manual vote-to-earn gauge system and upgrading to an algorithmic emissions model. Emissions are expected to drop by ~30%, while allocation efficiency improves, meaning fewer wasted incentives and more sustainable long-term token economics. How do sPENDLE rewards work? sPENDLE holders are only “inactive” if a Pendle Protocol Proposal is available and they fail to vote. If there is no proposal, all sPENDLE remains active and earns rewards. If you do not vote during an active proposal, you forfeit rewards for 14 days. sPENDLE queued for withdrawal does not earn rewards during the unstaking period. For existing vePENDLE holders, Pendle is offering a one-time loyalty bonus. vePENDLE will be treated as boosted sPENDLE, with a special multiplier of up to 4x based on remaining lock duration at the snapshot. The boost decays linearly over time until the lock ends, then fully expires, leaving sPENDLE as the sole governance token. Jan 29, 00:00 UTC: vePENDLE locks are paused, the snapshot is taken, and the new incentive structure begins. twitter.com/kenodnb/status/201...

pendle

Revenue backed staking finally replaces lockups with flexible, sustainable governance incentives.