don't think people realize how consequential this is vePENDLE: - max lock was 2 years - only ~20% of supply ever participated, with ~2% actively voting each week - weekly gauge voting was cumbersome and most of the value flowed to a small group of active voters - protocol fees grew from ~$30k/month to ~$1.6m/month, but the token wasn't capturing that growth efficiently sPENDLE (only live since jan 2026): - stake PENDLE, receive sPENDLE - 2-week exit instead of a 2-year lock - no gauge voting - protocol revenue is used to buy PENDLE on the open market and distribute it to stakers in such a short time pendle has already achieved: - 100m+ PENDLE staked, taking locked supply from ~20% to 35%+ - 2.5m+ PENDLE bought back, worth >$3m - emissions cut ~70-80% since january to ~884k PENDLE/year - annualized inflation now just ~0.5% - buybacks have already absorbed ~1.5% of supply YTD, meaning PENDLE is currently net deflationary 93% of staking wallets have never unstaked. not once so now ethereum:0x808507121b80c02388fad14726482e061b8da827 is: - running net deflationary - with growing protocol revenue - open-market buybacks - collapsing emissions - rising supply lockup and basically no staker churn dunno about you bro but holy moly am I glad to be holding a fuggin huge amount of pendle and get to be a tier 1 kol supreme for them full time