Subject strictly to structural and liquidity constraints resulting from the deprecation of the vePENDLE framework, a wrapper dissolution smart contract will be deployed to permit Holders of mPENDLE to submit mPENDLE for decommissioning. Users choose to utilise, at their sole option and risk, this facility to decommission mPENDLE would be eligible to algorithmically receive PENDLE tokens at ratio of 1:0.75, after such time where Pendle finally unlocks all tokens in connection with vePENDLE deprecation exercise. Penpie DAO and Penpie contributors/team explicitly disclaim all representations, endorsements, or recommendations regarding the advisability of utilising the wrapper dissolution smart contracts, nor any baseline standard for mPENDLE decommissioning ratio. All decommissioned mPENDLE shall be permanently transferred to a black hole contract address as there is no further use for them.
For clarity on the operational framework: (a) mPENDLE token represents solely a functional utility wrapper within the protocol architecture and does not establish an individual proprietary claim, direct title, or segregated ownership right over any specific underlying assets; and (b) Penpie’s long-term deployment strategy and optimisation of all underlying assets remain subject to the ongoing exclusive discretion of the Penpie DAO governance process.
The wrapper dissolution smart contract will be available for a period of 1 year from the date it is deployed.
DAO designees are authorised by the DAO to finalise all operational and structural arrangements required to implement the above framework, including full executive discretion to deploy alternative administrative, technical, or transitional measures for the purpose of securing the protocol.
Notwithstanding any of the provisions herein, this proposal is published to gauge community sentiment on a strictly non-binding, without-prejudice basis, on the understanding that any final implementation remains strictly subject to execution of definitive legal documentation as well as ongoing discussions with protocol counterparties.