Pendle has overhauled $PENDLE tokenomics by replacing 2‑year‑locked vePENDLE with liquid staking sPENDLE (14‑day withdrawal), routing up to 80% of protocol revenue to PENDLE buybacks and sPENDLE distributions contingent on PPP voting or DeFi usage, cutting emissions by ~30% via algorithmic pool allocation, granting existing vePENDLE holders up to 4x virtual sPENDLE boosts that decay over two years, and preserving LP boosts only for current pools while removing them for new ones.