Pendle Price Reclaims Key Resistance After Staking Model Overhaul

• The 24-hour spot volume of Pendle surged by 34% to $63 million, proposing renewed participation instead of thin, low-liquidity gains. 
• sPENDLE introduces a 14-day withdrawal period, having an option for quick redemption at a fee.

The Pendle price is recovering above a prominent resistance level as the protocol launches a new staking model. The price of Pendle was hovering at $2.07 at the time of writing, up 9% in the last 24 hours, as increasing open interest and a prominent tokenomics overhaul keep the $2.35 resistance level back to the aim. 

The token has shifted within a one-week range of $1.86 to $2.31 and 2.9% in the last week. However, it is still 9% higher on a 30-day basis, highlighting the steady recovery after the pullback of the last month. 

Trading activity has risen alongside the price move. The 24-hour spot volume of Pendle surged by 34% to $63 million, proposing renewed participation instead of thin, low-liquidity gains. 

The CoinGlass data puts more context to the shift, and although derivatives trading volume slipped by about 9% to $67 million, open interest increased around 10% to $45 million. The mixture normally advises traders are opening fresh positions rather than leaving old ones, highlighting confidence in the recent price move. 

The rally is followed by the launch of a sweeping update of Pendle to its staking and governance model. Today, the protocol publicised that vePENDLE will be put back by sPENDLE, a liquid staking token created to pull out multi-year lockups. 

Rather than this, sPENDLE introduces a 14-day withdrawal period, having an option for quick redemption at a fee. As per the new framework, protocol revenue will be leveraged for PENDLE buybacks and distributed to entitled sPENDLE holders. 

The manual gauge voting system will also be interchanged by an algorithmic emissions model that Pendle reveals will reduce token emissions by about 30% while refining capital efficiency. 

The current vePENDLE holders are not behind, and they will get an improved sPENDLE balance up to 4x, relying on the rest lock duration, seized through a snapshot set for January 29, when new vePENDLE locks will be halted. 

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