Pendle recently made significant upgrades to its tokenomics model. The project has adjusted its original vePendle governance model to an sPendle staking system, and the considerations behind this iteration are worth noting.

The main change in the new model is shifting from a complex lock-up + governance game theory to a more straightforward staking reward distribution. What does this bring? On one hand, it reduces the arbitrage opportunities within the model, lowering the participation threshold; on the other hand, it makes the way ordinary stakers earn rewards clearer and more direct, allowing them to earn substantial returns without deep involvement in governance.

In simple terms, the new model replaces "complexity" with "inclusiveness" — sacrificing some strategic space for high-level players, but enabling more community members to benefit from staking. This design approach is becoming increasingly common in DeFi projects.