$PENDLE
As of January 22, 2026, Pendle (PENDLE) is undergoing its most significant structural evolution since its inception. The protocol has just launched a major tokenomics overhaul to transition from its "veToken" legacy into a more liquid, institution-ready yield powerhouse.
1. Market Status (January 2026)
Price: Trading at approximately $1.94 – $1.97.
Market Cap: Roughly $335M – $360M.
TVL (Total Value Locked): Pendle remains a DeFi titan with $3.68B in TVL, ranking as the 13th-largest DeFi platform globally.
Recent Momentum: The token saw a 9% spike on January 20th following the "sPENDLE" announcement, though it has since entered a consolidation phase.
2. The Great Migration: vePENDLE to sPENDLE
On January 20, 2026, Pendle officially launched its liquid staking derivative, sPENDLE, to replace the restrictive vePENDLE model:
No More Multi-Year Locks: The legacy system required locking tokens for up to 2 years. The new sPENDLE model uses a flexible 14-day withdrawal period (or instant redemption for a 5% fee).
Revenue Buybacks: In a major bullish shift, up to 80% of protocol revenue is now used to buy back PENDLE from the open market and distribute it to sPENDLE holders.
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