Pendle Liquidity Staking Upgrade: From Multi-Year Lockups to 14-Day Withdrawals — Can this reform boost participation?

Question

【BitPush】Pendle has been making significant moves recently. The official announcement states that sPENDLE, a liquid staking token, directly replaces the old vePENDLE long-term lock-in model. In simple terms, the previous mechanism requiring locking for several years was too heavy. The new system reduces the unlock period from several years to 14 days and adds features like transferability and composability, making user entry and exit more flexible.

Why was this change made? Data clearly shows the reason—only about 20% of the token supply participated in the old vePENDLE system, making it one of the lowest among similar staking models. This indicates that users were not very receptive to long-term locking mechanisms.

How does the new mechanism work? Pendle has decided to allocate up to 80% of protocol revenue for PENDLE buybacks and has introduced an algorithmic emission model, which can reduce the total emission by approximately 30%. For users who already hold vePENDLE, rewards are given with a maximum 4x multiplier based on remaining lock-in time. This multiplier gradually linearly decays over two years—serving as compensation and a transitional incentive for existing users.

From heavy asset staking to lightweight liquid staking, this approach aligns well with the current DeFi trend emphasizing liquidity and composability. The key question remains: can it truly attract more participants?

4am_degen · Accepted Answer

Can withdraw in just 14 days, this is getting interesting

80% buyback sounds good, just not sure if it will really pump the price

People who locked in for years before get 4 times the reward? Not bad, not bad

I've long been annoyed by that kind of deadlock design

Reasonable, finally listening to players' feedback

FudVaccinator · Answer

Can it be released in 14 days? That's much better than I expected, finally no more being stuck for so long.

DAOdreamer · Answer

Can I withdraw in just 14 days? It should have been done this way long ago. Who can stand to lock in for years?

StableGeniusDegen · Answer

Unlocks in just 14 days, Pendle really took it to heart this time. Long-term locking indeed discourages too many people.

80% buyback sounds good, now let's see if it can really boost the token price later.

Finally, a project dares to cut. The previous 20% participation rate was indeed awkward.

Those holding vePENDLE should have been expecting this long ago. The 4x reward now counts as compensation. Not bad.

Whether this reform can succeed mainly depends on whether sPENDLE's liquidity will truly increase.

PositionPhobia · Answer

It can be completed in just 14 days, finally no more being trapped.

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80% buyback? That's a bit aggressive, more than I expected.

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I've always said that long-term locking is a trap; a 20% participation rate says it all.

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Four times the rewards compensate old users, not too bad, not too shady.

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Speaking of which, being able to transfer means you can play derivatives. Pendle is playing a big game.

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From several years to 14 days, this change is indeed a bit sudden.

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That previous model was really garbage; liquidity was too poor.

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Buyback reduces emissions, and to put it nicely, it's just market support.

ImpermanentPhilosopher · Answer

Can it be released in just 14 days? Now that's truly user-friendly. The previous lock-in for years was really outrageous.

It should have been changed earlier. A 20% participation rate is extremely low, indicating everyone has long been fed up with that system.

80% buyback? That's quite aggressive. I'm optimistic.

Pendle Liquidity Staking Upgrade: From Multi-Year Lockups to 14-Day Withdrawals — Can this reform boost participation?

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