> For the complete documentation index, see [llms.txt](https://docs.penpiexyz.io/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.penpiexyz.io/fee-structure/vependle-revenue.md).

# vePENDLE Revenue

Based on the Pendle mechanism, we  divide the vePENDLE rewards into different sections for governance distribution. \
The current governance distribution structure is as follows:

### Base rewards

The distribution of base rewards is as follows:

* 20% is allocated to the PRT mechanism according to [PIP-15](https://snapshot.box/#/s:penpiexyz.eth/proposal/0xba67b9bfaf0c4c0edf629d88b6712aeb0a600bfdb48c002c514fba8f971589fc)
* 80% is allocated according to [PIP-16](https://snapshot.box/#/s:penpiexyz.eth/proposal/0x59b8ffda6b4ea1aa1d8bd08cc4f34928d8d773eb5f8c1e15d71fb755e96fd52a).

The allocation of rewards follows this order of priority:

1. Priority to meet the monthly PNP incentive needs.
2. Subsidize PRT repayment, which equals to 20% of the month's voter reward.
3. Remaining funds: Used for PTmPENDLE repurchase.

### Voting rewards(Fee Revenue)

The allocation of voting rewards (fee revenue) is now 100% allocated to vlPNP voters, with the PRT portion subsidized by the Base Rewards stream (as outlined in [PIP #19](https://snapshot.box/#/s:penpiexyz.eth/proposal/0x54dcd8653aa924e4de7c1f9a4ef35129d8c17223d2e2df15d124d57e41dd94c6)):

100% is allocated to vlPNP voters and distributed directly in USDT. (This replaces the previous 20%, 40%, and 40% split.)

Note: The 20% share of vote fee revenue previously allocated to PRT is now covered by the Base Revenue allocation.

### Airdrop

PENDLE Airdrop rewards will be converted to PENDLE and distributed directly to the mPENDLE Staking Pool on Arbitrum according to [PIP-18](https://snapshot.box/#/s:penpiexyz.eth/proposal/0x8078dabf0475584f9e3c5d1fd4c12dee7e878d88efca8a0b3046eab6fc5a7014).

### All assets will be stored in the treasury wallet. <https://debank.com/profile/0x18b20d76973eacc76022f0b15fc6857e1d8aa23c>


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