Decentralized Finance platform Pendle is replacing its vePENDLE token with sPENDLE, a new liquid staking token for governance and rewards. This change aims to address limitations and boost adoption. sPENDLE staking goes live on Tuesday, with full governance rollout. Pendle ranks 13th in DeFi platforms with nearly $3.5 billion locked.

vePENDLE’s long lock-up times hindered broader adoption, leading to Pendle’s switch to sPENDLE. The new token allows for instant withdrawals or a 14-day unwinding period. sPENDLE will be integrated with various DeFi platforms for increased usability, unlike its predecessor. Governance simplifications will make earning rewards easier for users.

Pendle’s complex governance structure required weekly engagement, favoring expert users. The new structure simplifies voting for governance rewards, with automatic eligibility in the absence of critical proposals. Pendle will conduct token buybacks using protocol revenue to distribute as governance rewards.

Read more at Cointelegraph: Pendle Introduces New Governance Token To Spur Broader Adoption