sPENDLE

Overview

sPENDLE is the staked version of PENDLE, deployed on Ethereum at 0x999999999991E178D52Cd95AFd4b00d066664144. Users stake PENDLE to receive sPENDLE at a 1:1 ratio. sPENDLE does not increase in value over time.

sPENDLE held in a user’s wallet is eligible for:

• Voting power within the Pendle ecosystem
• Pro-rata share of reward distributions if they meet the active participation criteria

For details on governance rights and rewards distribution, see the sPENDLE mechanism documentation.

Staking PENDLE

To stake PENDLE and receive sPENDLE

function stake(uint256 amount) external;

Unstaking sPENDLE

There are two ways to unstake sPENDLE back to PENDLE.

Option 1: Cooldown Flow (Fee-Free)

Initiate a cooldown to unlock your PENDLE. After the cooldown period (14 days, readable via cooldownDuration()), finalize to receive your PENDLE.

/// @notice Initiate cooldown, returning the specified amount of sPENDLE
function cooldown(uint256 amount) external;

/// @notice Claim PENDLE after the cooldown period ends
function finalizeCooldown() external returns (uint256 amount);

/// @notice Cancel the cooldown and return sPENDLE to your wallet
function cancelCooldown() external;

Option 2: Instant Unstake (5% Fee)

For immediate access to PENDLE with a fee

function instantUnstake(uint256 amount) external returns (uint256 amountAfterFee, uint256 fee);

The fee rate is readable via instantUnstakeFeeRate(). Currently it is set to 5%.

Comparison

Method	Fee	Wait Time
Cooldown	None	14 days
Instant	5%	None

Events

/// @notice Emitted when a user stakes PENDLE
event Staked(address indexed user, uint256 amount);

/// @notice Emitted when cooldown is initiated
event CooldownInitiated(address indexed user, uint256 amount, uint256 cooldownStart);

/// @notice Emitted when cooldown is canceled
event CooldownCanceled(address indexed user, uint256 amount);

/// @notice Emitted on finalizeCooldown() or instantUnstake()
event Unstaked(address indexed user, uint256 amountAfterFee, uint256 fee);

View Functions

/// @notice Returns the cooldown duration in seconds (14 days = 1209600)
function cooldownDuration() external view returns (uint24);

/// @notice Returns the instant unstake fee rate (base 1e18, e.g., 5e16 = 5%)
function instantUnstakeFeeRate() external view returns (uint64);

/// @notice Returns a user's pending cooldown state
/// @return cooldownStart The timestamp when cooldown was initiated
/// @return amount The amount of sPENDLE in cooldown
function userCooldown(address user) external view returns (uint104 cooldownStart, uint152 amount);

Full Interface

interface IPStakedPendle {
    struct UserCooldown {
        uint104 cooldownStart;
        uint152 amount;
    }

    event Staked(address indexed user, uint256 amount);

    event Unstaked(address indexed user, uint256 amountAfterFee, uint256 fee);

    event CooldownCanceled(address indexed user, uint256 amount);

    event CooldownInitiated(address indexed user, uint256 amount, uint256 cooldownStart);

    function cooldownDuration() external view returns (uint24);

    function instantUnstakeFeeRate() external view returns (uint64);

    function userCooldown(address user) external view returns (uint104 cooldownStart, uint152 amount);

    function stake(uint256 amount) external;

    function cooldown(uint256 amount) external;

    function cancelCooldown() external;

    // fee-free, after cooldown
    function finalizeCooldown() external returns (uint256 amount);

    // instant, but with fee
    function instantUnstake(uint256 amount) external returns (uint256 amountAfterFee, uint256 fee);
}