stPendle

The stPENDLE vault operates on a 7-day epoch-based redemption system. Each epoch starts at a specific time and lasts for exactly 7 days. When you request redemption, you're placed in a first-in-first-out (FIFO) queue for that epoch. The queue processes redemptions in the order they were requested, ensuring fair distribution. You can check your position in the queue and estimated redemption time through our dashboard.

When you deposit PENDLE, it's automatically converted to vePENDLE with a 2-year lock. The yield generated from these vePENDLE positions is distributed proportionally to all stPENDLE holders based on their share of the total stPENDLE supply. Rewards are calculated daily and compounded, meaning you earn yield on your accumulated rewards. Distribution occurs automatically without any additional action required from stakers.

stPENDLE holders maintain full vePENDLE voting rights through proportional representation. Each stPENDLE token represents a claim on a portion of the underlying vePENDLE, allowing you to participate in Pendle DAO governance proposals, parameter changes, and protocol upgrades. Voting power is proportional to your staked amount, ensuring that larger stakeholders have proportionally more influence while maintaining democratic participation.

The stPENDLE protocol implements multiple security layers: comprehensive reentrancy protection using the Checks-Effects-Interactions pattern, role-based access control for different operational functions, emergency pause mechanisms to halt operations during crises, and strict input validation for all parameters. Additionally, all smart contracts undergo regular third-party audits and are deployed with verified source code on blockchain explorers.

Yes, stPENDLE tokens are fully tradable on secondary markets. Since they represent liquid claims on the underlying PENDLE, they can be bought, sold, or swapped on decentralized exchanges just like any other ERC-20 token. This provides liquidity flexibility while still earning yield from the underlying vePENDLE positions. The 1:1 peg with PENDLE is maintained through the redemption mechanism.

The stPENDLE protocol includes emergency response protocols that can be activated by authorized roles. These include pause functionality to halt all operations while preserving user assets, upgradeability patterns for transparent protocol changes with timelock security, and circuit breakers for extreme market conditions. All emergency actions are logged on-chain and communicated transparently to stakeholders.