DeFi Protocol Pendle Overhauls Governance Token After Low Participation

[mendez]

DeFi protocol Pendle is revamping its governance system by phasing out its vePENDLE token in favor of a new liquid staking and governance token called sPENDLE. The move comes after the team identified low adoption driven by long lock-up periods, lack of transferability, and complex voting mechanics.

Despite Pendle growing to nearly $3.5 billion in total value locked, governance participation remained limited. The new sPENDLE token introduces a 14-day unwinding period, enables broader DeFi integrations, and simplifies voting. Pendle also plans to allocate up to 80% of protocol revenue toward governance rewards and token buybacks.

[bonk]

another ve token experiment ending exactly how everyone expected