Pendle Wars concept
Overview
Pendle Wars refers to the ongoing competition to accumulate and control vePENDLE — the vote-escrowed form of Pendle Finance's PENDLE token — in order to direct PENDLE liquidity incentives toward specific yield pools. Modeled on the earlier Curve Wars, it centers on protocols that let users lock PENDLE, or deposit it for a liquid derivative, and pool their governance weight.
The main combatants are vePENDLE aggregators such as Penpie (built by Magpie) and Equilibria, which compete for voting power and pass the resulting boosted yields, protocol fees, and vote-incentive "bribes" back to their depositors.
Relations
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Frequently asked questions
What are the Pendle Wars?
The Pendle Wars are the competition between DeFi protocols to accumulate vePENDLE voting power so they can steer Pendle's PENDLE token incentives toward the yield pools they favor, mirroring the earlier Curve Wars.
What is vePENDLE?
vePENDLE is the vote-escrowed version of PENDLE, obtained by locking PENDLE for a fixed period. It confers governance voting rights over pool incentive allocation, a share of protocol fees, and boosted rewards, which is why control over it is contested.
Which protocols are the main players?
The leading vePENDLE aggregators are Penpie (built by Magpie) and Equilibria, which pool users' PENDLE, issue liquid receipt tokens, and concentrate voting power — similar to how Convex operates in the Curve ecosystem.
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