Pendle introduces the sPENDLE mechanism to replace vePENDLE and introduce liquidity staking.

According to Pendle's official announcement, vePENDLE will be completely replaced by the sPENDLE mechanism. sPENDLE is a transferable, composable, liquid staking token with a 14-day exit period. Protocol revenue will be used to buy back PENDLE and distribute it to active sPENDLE holders; those not participating in governance will forfeit their current rewards.