0xResearch Pendle V2 and Looking At Boros | TN
Jan 23, 2026
They discuss Pendle’s shift from vePENDLE to sPENDLE and the new buyback-and-distribute mechanics. Conversation covers Boros as a fixed-rate instrument, its volumes, OTC matching, and market expansion plans. They preview Pendle V2’s algorithmic emission weighting and strategic incentives. Roadmap items include stable/synthetic dollars, RWA targets, and reducing TVL reliance.
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Scale Made vePENDLE Unsuitable
- TN says Pendle moved from vePENDLE to sPENDLE because scale changed and ve-model lockups started excluding capital allocators.
- sPENDLE streamlines participation, reduces lock requirements, and aligns incentives with long-term protocol direction.
Buybacks Should Fund Stakers, Not Just Burns
- Use protocol revenue to buy back tokens and distribute to stakers to align operator incentives with growth and retain future incentive optionality.
- Avoid burning all buybacks early to preserve governance participation and token utility for future bootstrapping.
Revenue Allocation Follows Prior Fee Switch
- Pendle kept an 80/20 split from the VE fee switch: 80% to users and 20% for protocol and growth expenses.
- Boros revenue currently goes to reinvestment until product-market fit and steady revenue are proven.