DeFi protocol Pendle revamps governance token, citing low adoption
Pendle will begin to slowly phase out its governance token vePENDLE and replace it with sPENDLE this month, offering a more flexible model it hopes will boost adoption.
Decentralized Finance yield platform Pendle is set to replace its vePENDLE token as its primary governance and reward token, arguing the previous design held back broader adoption.
In an announcement via X on Monday, Pendle unveiled sPENDLE, its new “liquid staking token” that will soon replace vePENDLE as the primary governance token on the protocol.
“We’re excited to introduce sPENDLE, the next evolution of Pendle tokenomics. This upgrade is designed to address critical limitations of the vePENDLE system, while unlocking new opportunities for PENDLE holders and the protocol,” Pendle said.