According to Milk Road, all revenue generated by Pendle is now distributed to vePENDLE holders in stablecoins instead of PENDLE tokens. Users acquire vePENDLE by locking their PENDLE tokens for up to two years. This strategic shift reduces sell pressure on the PENDLE token and provides holders with reliable, real cashflow in stablecoins, creating a more attractive yield proposition for traders and investors. This move could impact PENDLE's market dynamics and trading volumes, as stablecoin payouts may incentivize longer-term holding and greater liquidity in the DeFi sector (source: Milk Road @MilkRoadDaily, May 22, 2025).