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Wu said that Pendle announced the launch of sPENDLE and will open staking on January 20, gradually replacing vePENDLE as the new governance and yield token: sPENDLE adopts a 14-day exit period, no longer requiring multi-year lockups; protocol revenue will be used to buy back PENDLE and distribute to eligible sPENDLE holders. Meanwhile, Pendle will upgrade the incentive distribution from manual voting to an algorithmic emission model, expected to reduce overall emissions by about 30% and improve the efficiency of incentive distribution.