TLDR: vePENDLE gauges were removed with sPENDLE so Pendle replaced manual emission voting with AIM: Algorithmic Incentive Model gauges were inefficient: - users voted where PENDLE emissions went. - some weak pools got too many incentives. - some strong, high-fee pools got too few. AIM allocates emissions automatically using pool data: - TVL / liquidity - fee generation - new pools get more support early, then incentives taper as they mature. - each pool also has an emission cap, preventing excessive rewards. Pendle lowered its target liquidity to about $5m, enough when combined with co-incentives. impact: - emissions down roughly 77% - tradable liquidity depth maintained - much better fee-to-incentive efficiency - current swap-fee/incentive ratio around 1.5x - AIM now also covers LO incentives, alongside LP incentives. saved emissions can be redirected into newer programs like PT Looping and PT Morpho vaults. dc: linn's posts as pendle kol supreme are much shorter than nutoro's(🉐 Crypto Linn)