Pendle has announced the launch of sPENDLE, set to open for staking on January 20. This new token will gradually replace vePENDLE as the platform's governance and rewards token. sPENDLE features a 14-day exit period, eliminating the need for long-term locking. Protocol revenues will be used to buy back PENDLE and distribute it to eligible sPENDLE holders. Additionally, Pendle plans to upgrade its manual voting incentive distribution to an algorithmic emission model, aiming to reduce overall emissions by approximately 30% and enhance incentive distribution efficiency.