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.
DeFi protocol Pendle will begin phasing out its vePENDLE governance token this month, replacing it with a new liquid staking token called sPENDLE as part of a broader overhaul aimed at boosting adoption.
The yield-trading platform said the long lock-ups, complexity and lack of interoperability baked into vePENDLE had become “significant barriers” for most users, despite strong growth in the underlying protocol.
In an announcement via X on Monday, Pendle unveiled sPENDLE, a new liquid governance and fee token that will replace vePENDLE as the protocol’s primary governance asset.