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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.
But I have to admit, lowering the threshold definitely attracts more newcomers.
I've never quite understood the vePendle setup; the straightforward approach of sPendle is actually more refreshing.
Staking is just staking, no need for all those tricks, just keep it simple.
Wait, does this universal benefit somehow indirectly dilute the rights of the original locked-in participants?
Finally, a project that remembers ordinary people. You don't need to think hard to make profits through complex arbitrage.
Are you tired of playing with ve models? Staking directly is more comfortable, but I don't know how much the APY will shrink.
Will this scare away the whales? Losing big players makes it feel a bit empty.
Inclusive benefits sound good, but the key is to see how the actual returns turn out later.
With this move, sPendle seems to be appealing to the common people and targeting professional arbitrageurs... Not sure how long it can last.
The new model sounds good, but I'm worried they might come up with some new tricks later on.