Pendle announces a major governance upgrade plan. The new sPENDLE token will be open for staking on January 20th, ultimately becoming the next-generation governance and revenue tool to replace vePENDLE.

This change is highly significant. The biggest advantage of sPENDLE is flexibility — with a 14-day exit period, users are no longer forced to commit to multi-year lock-up periods. This is truly liberating for participants.

Economic incentives have also been adjusted. The protocol will use generated revenue to buy back PENDLE tokens, then distribute these repurchased tokens to eligible sPENDLE holders. This means staking not only involves governance participation but also provides tangible protocol revenue dividends.

This new DeFi governance model reflects the industry's further consideration of user experience — retaining the core of decentralized governance while significantly lowering participation barriers, allowing more people to flexibly participate in ecosystem building.