spendle

Pendle announced on the X platform that the sPENDLE buyback mechanism will officially launch on February 9, with the first batch of sPENDLE rewards being distributed on February 13. The rewards will be calculated based on time-weighted metrics, accumulating from January 29, 2026, 00:00 UTC, including the previously undistributed portion related to Pendle's fee airdrop.

According to The Block, the DeFi project Pendle has announced the launch of the sPENDLE liquid staking token, officially replacing the original vePENDLE multi-year locking mechanism. The new system shortens the withdrawal period from several years to 14 days, while introducing transferable and composable token features, simplifying the user participation process.Pendle revealed that the original vePENDLE system only attracted about 20% of the token supply to participate, the lowest among similar models. The new mechanism will utilize up to 80% of the protocol revenue for PENDLE buybacks and introduce an algorithmic emission model, which is expected to reduce the overall emissions by about 30%. Existing vePENDLE holders will receive a maximum reward multiplier of 4 times based on the remaining locking period, which will linearly decay over two years.

Pendle announced on Monday that it will replace vePENDLE with a new liquidity-staking token, sPENDLE, as the primary governance token to address significant barriers to broader adoption.Issues with vePENDLE include: long lock-up periods that cannot be redeemed early, lack of cross-platform usability (non-transferable), and overly complex governance (requiring weekly voting participation). Despite generating over $37 million in revenue in 2025, the complex voting mechanism led to rewards being concentrated among a few specialized users.In contrast, sPENDLE will improve with a 14-day withdrawal period (or an instant withdrawal with a 5% fee), usability across multiple DeFi platforms for re-staking and other purposes, and simplified governance (rewards for voting on key proposals only, PPP).The official announcement disclosed that the locking of vePENDLE will be paused on January 29, and the transition will be completed.