PANews reported on January 20th that, according to an official Pendle announcement, vePENDLE will be completely replaced by the sPENDLE mechanism. sPENDLE is a transferable, composable, liquid staking token with a 14-day exit period. Protocol revenue will be used to buy back PENDLE and distribute it to active sPENDLE holders; those not participating in governance will lose their current rewards. The original manual voting emission mechanism will be upgraded to an algorithmic model, expected to reduce emissions by 30%. A snapshot of existing vePENDLE will be taken on January 29th, and up to 4x virtual sPENDLE will be awarded based on the remaining lock-up time, with a gradual transition over two years.