Pendle Vependle Governance Launch event

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Overview

vePENDLE is Pendle's vote-escrow governance token, introduced with the launch of Pendle V2 on 29 November 2022. Modelled on Curve's veCRV design, it requires users to lock PENDLE for a fixed term in exchange for voting power, a share of protocol revenue and boosted LP rewards, with voting used to direct liquidity-mining incentives across Pendle pools. The system spans token-locking contracts, cross-chain messaging and voting controllers. Pendle later moved toward a more liquid governance model, introducing sPENDLE to lower the friction of long lock-ups.

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Frequently asked questions

When was vePENDLE launched?

It was introduced as part of Pendle V2, which launched on 29 November 2022.

What does vePENDLE do?

Locking PENDLE mints vePENDLE, which confers governance voting power, a share of protocol revenue and boosted LP rewards, and is used to vote on how liquidity-mining incentives are distributed across pools.

What replaced or supplemented it?

Pendle later introduced sPENDLE, a more liquid governance token intended to reduce the friction of multi-year locks and broaden participation.