DeFi protocol Pendle is abolishing vePENDLE and introducing sPENDLE as a new governance and rewards token, Cointelegraph reported on Monday.
Pendle launched sPENDLE, which it said strengthens liquidity, after concluding that the existing vePENDLE structure limited scalability.
Pendle said vePENDLE had limits to expansion due to long lockup periods, non-transferability and a complex governance structure.
sPENDLE is a fee and governance token. It has a 14-day unstaking period and charges a 5 percent fee for immediate withdrawals. sPENDLE staking starts on the 23rd, and vePENDLE locks stop on the 29th. A new governance structure based on sPENDLE is also set to take effect that day.
Pendle ranks 13th among DeFi platforms with total value locked of $3.5 billion, based on DefiLlama data.
Chi-gyu Hwang
delight@d-today.co.kr