Protocol fees and other rewards earned by vePENDLE holders last year
Governance utility derived from managing PENDLE emissions
PENDLE lock-up stats
PENDLE possesses a single large VCM composed of three sub-VCMs. One is exactly equivalent to a regular Yield-Bearing Staking Token, encapsulating the unconditional distribution of SY/YT fees to all vePENDLE holders. Another is the Governance Token (used for governing the emission of PENDLE incentives) augmented by additional associated yield. The third encompasses the acquisition of a rewards boost by the liquidity providers that also possess vePENDLE.
This token function represents the value received in the form of a cashflow by all vePENDLE holders irrespective of their participation in emission steering. This value is delivered to all stakers of PENDLE in the form of the YT/SY fees generated by. This cashflow in contingent only on locking the PENDLE token to obtain vePENDLE.
The portion of fees retained in the treasury instead of disbursement is mutable.
This token function represents tangible and intangible value derived from controlling the incentive emission distribution of PENDLE. The requirement for obtaining governance power is locking the PENDLE token to obtain vePENDLE.
This also entitles the user to receive a cut of (a portion of) the swap fees generated in the pool he voted for.
This token function represents the ability to generate additional yield for a liquidity provider with a vePENDLE position.
A user who provides liquidity in a Pendle pool is entitled to a share of the PENDLE incentives emitted to the pool and also to other rewards, such as protocol rewards, a share of swap fees, etc. He may boost his distribution weight by locking PENDLE into vePENDLE (no voting necessary), whereupon he receives a boost conditioned on the relative amounts of vePENDLE and LP tokens he possesses (see VCIP).