if you don't want to WASTE your time reading all that waffle Nutman wrote here's a TLDR: Why did @pendle_fi move from vePENDLE → sPENDLE: - vePENDLE locked users for up to 2 years, yet only ~20% of supply participated (boo) - this stayed flat even as protocol fees grew from ~$30k/month to ~$1.6m/month (yay) - voting was also inefficient: 60%+ of pools lost money on a fee vs emissions basis (boo) - the system rewarded a small group of active voters rather than the average PENDLE holder (yay/boo) BUT sPENDLE simplifies the entire model: - stake PENDLE and you receive sPENDLE - ONLY a 2-week exit period instead of a 2-year lock (yay) - no constant gauge optimization required (yay) - participate in governance to activate yield (yay) - protocol revenue is used to buy back PENDLE and distribute it to sPENDLE stakers (double yay) - this concentrates value accrual toward active stakers rather than passive holders (yay) results so far have been tasty: - 30m+ new PENDLE staked - about 60m PENDLE still in vePENDLE - total supply locked increased from ~20% → 35%+ 2.5m+ PENDLE already bought back and redistributed ze conclusion is tokenomics work better when designed around how users actually behave, rather than assuming everyone will actively optimize votes forever (pendle so good) and, up next: algorithmic incentives (oooosh) dc: linn is a tier 1 kol supreme for pendle and much cooler than nutoro(🉐 Crypto Linn)