PIP #25 - Community Voting and Evaluation on Deferring the Execution of PIP #24

Abstract

Following the successful passage of governance proposal PIP #24, both the Pendle team and our legal counsel have provided recommendations and considerations regarding the subsequent implementation steps. Due to differing interpretations between both parties regarding the allocation of the underlying PENDLE tokens and sPENDLE assets unlocked by the retirement of the vePENDLE module, and in consideration of multiple potential operational risks, this proposal (PIP #25) aims to let the community vote on whether to defer the execution of PIP #24 until the ownership and allocation rights of the relevant assets and yields are explicitly clarified.

The relevant legal counsel can be reviewed in the Legal Announcement Document: https://docs.google.com/document/d/1ScXnNKWPiTEVvJ0GRWt8gKW0TGcCm6tbig7ClWDENfc/edit?tab=t.0

Statement from the Pendle Team:

Motivation

With the retirement of the vePENDLE module, how to manage and reconcile the underlying PENDLE assets has become a core issue. During this process, the Pendle team has expressed its position and perspective, while our legal counsel has also pointed out potential risks faced during current execution after evaluating the overall framework.

Since the Pendle team continues to hold a mandatory signing key for Penpie’s multi-signature wallet, unilaterally proceeding with PIP #24 without a mutual consensus could further trigger friction and potentially affect the subsequent distribution of sPENDLE. Therefore, it has been decided to initiate an objective and rational vote to determine whether to defer execution, allowing both parties to seek a more consensus-driven solution during the evaluation period.

Specification

If PIP #25 passes, the DAO will implement the following arrangement:

Deferral of PIP #24 Execution: The implementation of all buybacks, asset transfers, and structural adjustments involved in PIP #24 will be strictly suspended. This suspension will remain in effect until the ownership, allocation rights, and legal compliance of sPENDLE and its associated yields are explicitly determined or agreed upon by both parties.