Pendle's vePENDLE played an important role in the early development of the project, but now it's time to achieve higher capital efficiency through sPENDLE.

The core benefit of this transition is the full unlocking of flexibility and composability. This design philosophy aligns perfectly with the needs of many DeFi strategy players. sPENDLE not only optimizes the token economic model but also provides ecosystem participants with more diverse strategy combinations, maximizing the liquidity of capital within the DeFi ecosystem. The iteration from vePENDLE to sPENDLE essentially reflects the ongoing evolution of token mechanism design in decentralized finance.