Pendle 拆掉“围墙”：从「锁住」到「留住」用户

比推Pubblicato 2026-01-22Pubblicato ultima volta 2026-01-22

Introduzione

DeFi协议Pendle宣布废除实行多年的veTokenomics（投票托管经济模型），转向更具流动性的sPENDLE机制。这一改革引发市场积极反应，PENDLE代币价格上涨11%，但也遭到Curve创始人Michael Egorov等业内人士的质疑。 vePENDLE模型此前要求用户长期锁仓以换取治理权和收益，但实际上面临诸多问题：约20%的质押者控制绝大多数投票权，奖励集中在少数专业玩家手中；超过60%的资金池处于亏损状态，依赖少数优质池补贴；锁仓机制削弱了代币的可组合性，限制了用户资金灵活性。 新方案sPENDLE主要改革包括： - 将锁定期改为14天退出机制，急需资金可支付5%费用即时赎回 - 引入算法自动分配奖励，预计降低30%排放量 - 将80%协议收入用于回购PENDLE并分配给质押者 - 为现有vePENDLE持有者提供最高4倍sPENDLE加成补偿 这一转变反映了DeFi领域的新趋势：协议不再通过强制锁仓“绑架”用户，而是通过提升资金效率和实际收益吸引用户留存。类似改革已在PancakeSwap、Balancer和Ethena等协议中推行，标志着行业从“虚假繁荣”向“真实活跃度”的转型。 Pendle的此次改革将于1月29日正式实施，其成效将影响DeFi协议经济模型设计的未来方向。

日前,DeFi 领域的“长跑者”Pendle 官宣重磅更新:废除其推行数年的 veTokenomics(投票托管经济模型),转向流动性更强的 sPENDLE。

这则消息很快在社区引发热议。Curve 创始人 Michael Egorov 随即发文质疑,直言“取消 ve 模型是个错误”。然而另一边则是市场用真金白银投票——PENDLE 价格应声上涨 11%。

作为利率衍生品赛道的绝对霸主,Pendle 此次“自废武功”式的改革,不仅关乎其 35 亿美元 TVL 的增长,更像是一场对 DeFi 过去三年核心叙事的公开审判:那种以“锁定期”换取“忠诚度”的模型,似乎效果已经不大了。

锁定的枷锁:20% 的“少数派”治理

尽管过去两年 Pendle 的收入增长显著,但其核心治理资产 vePENDLE 的表现却始终未能与协议的爆发式增长完全同步。

更残酷的真相是:

  • 奖励的“贫富差距”: 复杂的每周手动投票系统对普通用户极不友好,导致奖励集中在少数专业玩家手中。

  • 效率的虚假繁荣: 虽然 Pendle 的年化费效比表现优异——年化费用约 1,399 万美元,年化收入约 1,383 万美元——但如果拆解到具体资金池,会发现超过 60% 的池子其实是在亏本运营,协议长期依赖少数核心优质池(如 Ethena 等)的利润来补贴低效池。

这种“锁仓即掉线”的不可转移性,让持有者彻底绝缘于 DeFi 最强大的特性:可组合性。

算法与回购:从“手动挡”切换到“自动驾驶”

Pendle 给出的新方案 sPENDLE,实质上是将协议从“权力博弈”转变为“效率工具”。

最显著的变化是流动性的释放:用户不再需要面对数年的锁定,取而代之的是 14 天 的退出期。如果急需资金,支付 5% 的手续费即可瞬间赎回。这种“活期化”的处理,让目前约 1.27 亿美元(占市值 35.51%)的质押资金获得了更高的灵活性。

而在治理底层,Pendle 引入了两大“杀手锏”:

  1. 算法驱动排放: 曾经由人为投票决定的奖励分配,现在交给算法。该模型将根据池子的真实贡献度自动配置,预计能将整体排放降低约 30%。

  2. 实质性的回购: 高达 80% 的协议收入 将直接用于回购 PENDLE 并分配给质押者。目前协议的年化持有人收入已达 1,106 万美元,累计总费用已突破 6,456 万美元,回购机制将使这些收益更直接地作用于代币价值。

变革必然伴随着利益重组。为了安抚那些曾经锁定数年的“老功臣”,Pendle 设置了 1 月 29 日的快照日。

根据计划,现有 vePENDLE 持有者在转换时,最高可获得 4 倍的 sPENDLE 加成。这种加成会根据原有的剩余锁定期线性衰减,确保了那些真正支持协议的老用户在转型初期依然拥有最强的话语权和收益权。这种设计巧妙地缓和了老用户对“长期一致性崩塌”的担忧。

这种改变瞬间让 PENDLE 变得“活”了起来。市场显然更喜欢那种可以随时抽身,但又能分享回购红利的流动性资产,而不是那张遥遥无期的“长期饭票”。

三、 争议:一致性还是流动性?

但是对此做法,很多行业人士并不看好。

“反方”Curve 创始人 Michael Egorov:

“撤销投票托管代币经济模型是一个错误。而一开始就将其设计为“可降级”的,同样是一个错误。从长期来看,Pendle 此举非常糟糕——但更关键的是,当这种操作在机制上‘成为可能’时,它的发生便已不可避免”。

Maple 联合创始人兼首席执行官 Sid Powell 认为,长期锁仓本质上是在“强留资本”,这通常会掩盖协议的真实风险,并导致权力过度集中。Pendle 的做法是“不再通过锁定强制忠诚,而是通过收益吸引停留”。

这种争论的本质是:一个成熟的 DeFi 协议,其护城河到底应该是“锁仓规模”,还是“产品本身的吸引力”?

事实上,Pendle 并非孤例。

在过去这些年的 DeFi 牛熊交替中,一批老牌协议已经率先意识到:靠“锁定期”换取的忠诚度,本质上是在透支协议的未来。

PancakeSwap 是这场变革的先行者之一。早在 2023 年底,它就开始动刀改革那套要求用户锁定 CAKE 长达四年的旧制度。通过引入 veCAKE 的灵活分红(Revenue Share)机制,PancakeSwap 将协议费用的 5% 直接分发给质押者,不再强制要求数年的不动性。到 2025 年底,尽管面临多链竞争,其 TVL 依然稳健回升并保持在 23 亿美元 左右,成功吸引了大量不愿被长期套牢的散户。

Balancer 的轨迹同样极具参考价值,其veBAL模型长期面临困境,近80%的代币处于“非活跃治理状态”,意味着绝大多数持币者只锁定、不投票。2025年,团队在v3升级中彻底调整了激励结构:引入短锁定期选项和自动化费率调节,让治理从“任务”变成可灵活参与的工具。半年内,该协议的治理参与率提升了约40%。

更激进的实验来自稳定币协议Ethena。去年9月,它启动了“费用开关”,将协议收入直接分配给流动性代币sENA的持有者,完全跳过了复杂的投票托管模型。

这些案例指向一个新共识:DeFi协议正在从“强制绑定用户”转向“用实在利益留住用户”。锁定曾是维持数据稳定的捷径,但也让生态陷入虚假繁荣。如今,协议更倾向于通过降低参与门槛、提升资金效率来获得真实活跃度。

Pendle 这场变革的成效,将在1月29日vePENDLE锁定正式结束后迎来检验。但无论结果如何,它已向行业传递出一个清晰信号:未来的DeFi世界中,优秀的产品不该让用户成为“质押囚徒”。

作者:Bootly

Twitter:https://twitter.com/BitpushNewsCN

比推 TG 交流群:https://t.me/BitPushCommunity

比推 TG 订阅: https://t.me/bitpush

原文链接:https://www.bitpush.news/articles/7604977

Domande pertinenti

QPendle 宣布废除什么经济模型，转向了哪种新模型？

APendle 宣布废除其推行数年的 veTokenomics（投票托管经济模型），转向流动性更强的 sPENDLE 模型。

QPendle 废除 veTokenomics 后，市场反应如何？PENDLE 价格有何变化？

A市场反应积极，PENDLE 价格应声上涨了 11%。

QsPENDLE 模型相比 veTokenomics 有哪些主要改进？

AsPENDLE 模型主要改进包括：用户不再需要长期锁定代币，取而代之的是 14 天的退出期（急需资金时可支付 5% 手续费瞬间赎回）；引入算法驱动排放，自动根据资金池的真实贡献度分配奖励；高达 80% 的协议收入用于回购 PENDLE 并分配给质押者。

QPendle 如何安抚原有 vePENDLE 长期锁仓用户？

APendle 设置了 1 月 29 日的快照日，现有 vePENDLE 持有者在转换时最高可获得 4 倍的 sPENDLE 加成，这种加成会根据原有的剩余锁定期线性衰减，确保老用户在转型初期拥有更强的话语权和收益权。

Q除了 Pendle，还有哪些 DeFi 协议也进行了类似的经济模型改革？

APancakeSwap 在 2023 年底改革了要求用户长期锁定 CAKE 的旧制度，引入 veCAKE 的灵活分红机制；Balancer 在 2025 年的 v3 升级中调整了激励结构，引入短锁定期选项和自动化费率调节；Ethena 则启动了“费用开关”，将协议收入直接分配给 sENA 持有者，跳过了复杂的投票托管模型。

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399 Totale visualizzazioniPubblicato il 2024.12.12Aggiornato il 2026.06.02

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Benvenuto nella Community HTX. Qui puoi rimanere informato sugli ultimi sviluppi della piattaforma e accedere ad approfondimenti esperti sul mercato. Le opinioni degli utenti sul prezzo di PENDLE PENDLE sono presentate come di seguito.

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