Pendle today announced a major update: vePendle has officially evolved into sPendle, with a complete overhaul of the staking mechanism. The staking function of sPendle is now officially live, and the interaction method has also changed — shifting from the previous ve model involving voting participation to a direct protocol dividend mode. This has a profound impact on ecosystem governance: holders no longer need to participate in voting to earn rewards, which is undoubtedly a positive development for users who missed out on gains due to voting space limitations.

From a mechanism perspective, this upgrade simplifies participation thresholds. The previous ve33 voting system was interesting, but for holders with low voting willingness or limited time, it indeed resulted in loss of earnings. The new protocol dividend mechanism is more straightforward — simply staking sPendle allows participation in ecosystem revenue sharing.

Interestingly, this announcement immediately triggered market reactions. Some holders shared their operational logic: during October and November last year, locking vePendle through the voting mechanism indeed yielded significant returns, but yesterday, during a market decline, they added spot holdings as a precaution. As news of today’s mechanism adjustment spread, this portion of increased spot holdings quickly experienced a rebound. This reflects the market’s positive expectations for this mechanism optimization — a more convenient revenue model is attracting more participants’ attention.