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Pendle V2 - part3
Pendle V2 (Part 3/3) — 已更新的代币经济学
Pendle V2 Launch (Part 3/3) — 已更新的代币经济学
前言 Preface
Part 1 shared the new design of the Pendle AMM，with significant structural improvements in capital efficiency，LP risk，and fee accrual。
第 1 部分分享了 Pendle AMM 的新设计，在资本效率、LP 风险和费用应计方面进行了重大的结构改进。
Part 2 highlighted the steps taken to ensure the protocol can scale into the future，solved with EIP-5115，improved tooling，and removing gatekeepers。
第 2 部分重点介绍了为确保协议可以扩展到未来而采取的步骤，通过 EIP-5115、改进工具和删除网守来解决。
With these in place，we can begin exploring how to align and incentivize fee creation。We lean heavily into Andre Cronje’s approach with ve(3,3) and recommend reading here：https://andrecronje.medium.com/ve-3-3-ouroboros-part-1-fee-distribution-5dcf131dc82e
有了这些，我们就可以开始探索如何调整和激励费用创造。我们非常倾向于 Andre Cronje 的 ve(3,3) 方法，并建议阅读这里：https://andrecronje.medium.com/ve-3-3-ouroboros-part-1-fee-distribution-5dcf131dc82e
The best bits of his writing will also be shamelessly forked into this piece。
他写作中最好的部分也将无耻地分叉到这篇文章中。
vePENDLE
The goals behind ve(3,3) are clear：Align incentives to generate liquidity and fees。
ve(3,3) 背后的目标很明确：调整激励措施以产生流动性和费用。
Looking at Curve’s original design，you will receive 50% of all fees as a veCRV holder，regardless of where you vote for emissions to go，so you might vote your emissions onto a pool that generates 0 fees for the protocol，but you still reap the reward of fees generated by other more active pools。
查看 Curve 的原始设计，无论您投票支持流向何处，您都将作为 veCRV 持有者获得所有费用的 50%，因此您可以将您的投票到为协议产生 0 费用的池中，但您仍然获得其他更活跃的池产生的费用的奖励。
The solution：vePENDLE lockers to receive swap fees only for pools they voted for。
解决方案：vePENDLE 锁仓者只为他们投票的池收取交易手续费。
This aligns where vePENDLE lockers vote，and ideally have them vote for the pools that generate the highest fees。
这与 vePENDLE 锁仓者的投票位置保持一致，理想情况下，让他们投票支持产生最高费用的池。
The benefits：
优点：
- 它激励了协议的费用 (因此为 ve(3,3) 锁仓者支付更高的费用)
- 排放将促进最高收费池，这将增加这些池的流动性，以允许更好的利率
- 它将排放量与协议激励相结合，允许参与者自我优化系统。
Source：https://andrecronje.medium.com/ve-3-3-ouroboros-part-1-fee-distribution-5dcf131dc82e
As Pendle is an AMM，and fees are generated by trading，profit-oriented lockers will vote emissions on pools with the highest trade volume，this will incentivize more liquidity for that pool，which improves trade quotes，which increases trade volume，and thus earns more fees。
由于 Pendle 是 AMM，费用是由交易产生的，以利润为导向的锁仓者将对交易量最高的矿池进行投票，这将激励该池的更多流动性，从而改善交易报价，从而增加交易量，从而赚取更多费用。
So，the Pendulum swings。
所以，钟摆摆动。
网络所有权和信令 Network Ownership and Signalling
Fees are distributed in stables，uncorrelated to PENDLE。This means that by owning a % of the supply，you are taking a bet on the future fee growth of the protocol。
费用分布在马厩中，与 Pendle 无关。这意味着通过拥有一定比例的供应量，您正在押注协议的未来费用增长。
There’s a trove of sidelined capital sitting amongst existing LPs on protocols such as Convex，with the potential for them to leverage composability and stack yield on Pendle。Beyond additional smart contract risk，such market participants have incentives to LP on Pendle — IL is negligible and they get additional sources of yield。
有大量边缘资本在 Convex 等协议的现有 LP 中，他们有可能利用 Pendle 的可组合性和叠加收益。除了额外的智能合约风险之外，这些市场参与者还有动力在 Pendle 上进行 LP — IL 可以忽略不计，他们获得了额外的收益来源。
Finally，Signalling。
最后，信令。
Different variations have been tried for locking but we believe the original method grants maximum flexibility for both low and high+immediate signaling。
已经尝试了不同的锁定变体，但我们相信原始方法为高低信号+即时信号提供了最大的灵活性。
The minimum time frame for locking vePENDLE is 1 week and the maximum is 2 years。
锁定 vePENDLE 的最短时间为 1 周，最长为2年。
This allows signalling and fee claims to occur at a minimal time and $ cost，while if there is competition for an attractive pool，longer locks can still have an instant multiplier effect。
这允许以最小的时间和成本进行信号和费用索赔，而如果存在对有吸引力的池的竞争，更长的锁仍然可以产生即时乘数效应。
vePENDLE 摘要 vePENDLE Summary：
- vePENDLE 授予锁仓者熟悉的奖励提升和激励机制的好处，而交易手续费只能从他们投票的池中获得。vePENDLE grants lockers familiar benefits of Reward Boosting and Incentive Channelling，while Swap Fees will only be received from pools they voted for。
- 锁定持续时间从 1 周到2年不等，这使锁仓者可以灵活地进行优化。The lock duration ranges from 1 week to 2 years，which gives the locker flexibility on what to optimize for。
- 随着协议的成熟，排放和激励措施的一致性将导致参与者的自我优化。As the protocol matures，the alignment of emissions and incentives will result in self-optimization by participants
*check out our docs for more details
*查看我们的文档了解更多详情
启动 Launch
With that，it’s time！
有了这个，是时候了！
Token locking and pools are now live at https://app.pendle.finance/!
令牌锁定和池现已 https://app.pendle.finance/ 上线！
We are proud to have support from the following protocols：
我们很自豪能得到以下协议的支持：
Pick up stETH，FRAX-USDC，and LOOKS at a discount now！
现在就折扣领取 stETH，FRAX-USDC，和 LOOKS！
Or provide liquidity for extra yield！
或提供流动性以获得额外收益！
Use any major asset to enter and exit thanks to integration with KyberSwap Aggregator API，starting with ETH，WBTC，USDC，USDT，and DAI。
由于与 KyberSwap Aggregator API 的集成，使用任何主要资产进入和退出，从 ETH、WBTC、USDC、USDT 和 DAI 开始。
V1 pools will continue functioning as per normal，while rewards will be sunset and directed to V2 pools。
V1 池将继续正常运行，而奖励将日落并定向到 V2 池。
Single-sided staking will continue for another 2 months as the vePENDLE system is rolled out。
随着 vePENDLE 系统的推出，单面质押将再持续 2 个月。
With the final piece of vePendle in place，Pendle V2 is finally ready！
随着最后一块 vePendle 就位，Pendle V2 终于准备好了！
We look forward to working with other protocols to expand DeFi and drive the adoption of yield trading。
我们期待与其他协议合作，以扩展 DeFi 并推动收益交易的采用。
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