# Welcome to Hope.money

Hope.money pioneers in bridging DeFi, CeFi and TradFi with the HOPE Ecosystem, featuring the distributed stablecoin $HOPE, aims to provide frictionless and transparent next-gen financial infrastructure and services accessible to everyone. This all-in-one ecosystem provides a comprehensive set of use cases for $HOPE, including swap, lending, custody, clearing, and settlement, while incentivizing users to participate in the ecosystem and community governance through $LT. ## Tokens * [$HOPE](/hope-token/hope-basics) - The ecosystem’s fundamental pricing token backed by BTC and ETH reserve. Multi-phase growth plan to evolve into a distributed stablecoin. * [$LT](/lt-light-token/understanding-lt) - The single utility and governance token for entire ecosystem, incentivizing liquidity provision and governance participation. ## Contract Address #### **$HOPE** * Address: [*0xc353Bf07405304AeaB75F4C2Fac7E88D6A68f98e*](https://etherscan.io/address/0xc353Bf07405304AeaB75F4C2Fac7E88D6A68f98e) * Decimals: 18 #### **$stHOPE (staked HOPE)** * Address: [*0xF5C6d9Fc73991F687f158FE30D4A77691a9Fd4d8*](https://etherscan.io/address/0xF5C6d9Fc73991F687f158FE30D4A77691a9Fd4d8) * Decimals: 18 #### **$LT (Light Token)** * Address: [*0x9ed1439D328647BDb148c20316eA024c719a735b*](https://etherscan.io/address/0x9ed1439D328647BDb148c20316eA024c719a735b) * Decimals: 18 ## Reserves * [HOPE Gömböc](/hope-token/hope-gomboc) - A set of distributed reserve pools, initially consisting of BTC and ETH with an initial fixed ratio of 1:10, to back the value of $HOPE. ## Rewards * [Gauge Reward System](/reward-gauges/understanding-gauges) - In the HOPE Ecosystem, the inflation is rewarded to users who provide liquidity. This usage is measured with Gauges, which are smart contracts that you can stake your LP tokens in, whilst the gauge weight voting mechanism determines where the $LT inflation should be directed. ## Governance * [LightDAO](/lightdao-governance/governance-guide) - LightDAO governance decentralizes the HOPE Ecosystem, enabling the community to govern protocols, rewards, and the LightDAO community treasury. ## Protocols * [HopeSwap](/protocols/hopeswap) - Exchange rate market, AMM-based swap between $HOPE, $LT, and other assets. * [HopeLend](https://cryptocurrencies.gitbook.io/lend/) - Interest rate market, Non-custodial lending with multiple liquidity pools. * [HopeConnect](/protocols/hopeconnect) - An innovative DeFi brokerage protocol that allows users to trade derivatives on top CEXs without depositing assets on those platforms. ## HOPE Links Websites: Twitter: Discord: Telegram: HopeSwap: [https://app.hope.money](https://app.hope.money/) HopeLend: Governance (discussion): \ Governance (voting): \ # Understanding HOPE Ecosystem ## What is HOPE Ecosystem? The HOPE Ecosystem Provides a comprehensive set of use cases for $HOPE, including swap, lending, custody, clearing, and settlement, while incentivizing users to participate in the ecosystem and community governance through $LT. ## What is $HOPE Token? $HOPE is a utility distributed stablecoin, designed as a currency vehicle for non-crypto natives to enjoy financial inclusion in a fully transparent and secure environment. $HOPE will be backed by distributed reserves of BTC and ETH. {% content-ref url="/pages/OREiX8WYhGwyu8EbZFOp" %} [$HOPE Token](/hope-token/hope-basics) {% endcontent-ref %} ## What is $LT Token? The HOPE Ecosystem will also launch a utility token $LT (Light Token) to incentivize liquidity provision and governance participation within the HOPE Ecosystem. {% content-ref url="/pages/EQqLlMqoDJqXaDDKOrqZ" %} [$LT (Light Token)](/lt-light-token/understanding-lt) {% endcontent-ref %} ## How can I get $HOPE? $HOPE will first be open to institutions to mint with BTC and ETH peg, and provide the ecosystem with liquidity. A price discovery process is taking place, allowing us to discover the ratio between $HOPE and BTC/ETH reserves. Once the ratio is finalized, the public will be able to get $HOPE via HopeSwap. {% content-ref url="/pages/KyglYJ3MSHjV43ZmV3Da" %} [HopeSwap](/protocols/hopeswap) {% endcontent-ref %} ## How can I get rewards from HOPE Ecosystem? You can earn a base $LT rewards by providing liquidity such as staking $HOPE, or staking your LP tokens to the gauge. Subsequently, you can vote lock your $LT to acquire veLT, which allows you to cast votes on LightDAO, boost your $LT rewards and receive fees generated from the ecosystem. {% content-ref url="/pages/NKA9RczNu85Rb95zXODc" %} [Claiming Rewards](/reward-gauges/claiming-rewards) {% endcontent-ref %} ## Who can participate in the HOPE Ecosystem? Our mission is to offer crypto users, including non-crypto natives, a frictionless decentralised finance (DeFi) user experience by bridging traditional finance and centralized finance. That means anyone anywhere can participate in the HOPE Ecosystem. In fact, we welcome developers across all ecosystems to join us in creating innovative DeFi protocols to change the lives if billions. Users can participate in LightDAO governance. {% content-ref url="/pages/zLJO5GMySqfLsV9RsthI" %} [LightDAO Governance](/lightdao-governance/governance-guide) {% endcontent-ref %} ## Why do we need $HOPE or the HOPE Ecosystem? $HOPE is launching amid a widespread crisis of trust and transparency following the collapse of several centralised institutions. At the same time, DeFi protocols are unwieldy and require intimate knowledge of how the DeFi ecosystem works. This makes the barriers to entry high and so DeFi is mostly only used by crypto natives. If DeFi is to go mainstream, we need a frictionless and easy-to-use ecosystem of groundbreaking DeFi apps, designed to onboard the growing wave of new investors. # $HOPE Basics Next-gen money powering the HOPE Ecosystem $HOPE is the fundamental pricing token of HOPE Ecosystem, designed to become a distributed stablecoin backed by crypto-native reserves. These reserves will be managed through HOPE Gömböc (Reserve Pools), which will bootstrap the pricing of $HOPE and ensure its stability. {% hint style="info" %} [*HOPE Gömböc*](/hope-token/hope-gomboc) *is a set of distributed reserve pools, initially consisting of BTC and ETH with an initial fixed ratio of 1:10.* {% endhint %} ## What is the purpose of $HOPE ? The main purpose of $HOPE is to offer next-generation financial protocols, accessible to anyone with an internet connection by a crypto native setup. ## How to get $HOPE ? $HOPE will first be open to institutions to mint with BTC and ETH peg, and provide the ecosystem with liquidity. A price discovery process is taking place, allowing us to discover the ratio between $HOPE and BTC/ETH reserves. Once the ratio is finalized, the public will be able to get $HOPE via [HopeSwap](/protocols/hopeswap). You can get $HOPE at ## How $HOPE works ? $HOPE is minted and burned by the smart contracts on demand through a specific [pricing mechanism](/hope-token/hope-pricing-mechanism). $HOPE is on a [multi-phase growth plan](/hope-token/development-phases-of-hope) to achieve peg in the next halving cycle, with its market value gradually achieving $1.00 (reaching 100% of face value, the "Peg Event") as the cryptocurrency market recovers. ## What is the utility of $HOPE ? By staking $HOPE, user will receive $stHOPE as proof of staking, and by holding $stHOPE they will accumulate [$LT](/lt-light-token/understanding-lt) rewards as a staking incentive during the rewarding period - longer stake yields higher rewards. You can staking your $HOPE at {% content-ref url="/pages/F8DyjyG8owQUjvvCy9o1" %} [Stake & Earn with $HOPE](/hope-token/stake-and-earn-with-hope) {% endcontent-ref %} # HOPE Gömböc Distributed reserve pools for $HOPE {% hint style="info" %} *HOPE Gömböc is named after the Gömböc shape, a mathematical object that represents stability.* {% endhint %} HOPE Gömböc is a set of distributed reserve pools, initially consisting of BTC and ETH with an initial fixed ratio of 1:10, to back the value of $HOPE. HOPE Gömböc is **distributed** for safekeeping in trusted third-party custodians, such as [Coinbase custody](https://www.coinbase.com/prime/custody) or on-chain decentralized custodian protocols. The composition will be fully disclosed on-chain to ensure complete transparency.

Ensuring HOPE Gömböc value remains pegged to the chosen asset, BTC and ETH in HOPE Gömböc will be gradually converted to distributed, stable-value and liquid assets to avoid impact from coin price fluctuations. HOPE Gömböc will be held on-chain under governance of [LightDAO](/lightdao-governance/governance-guide); it will be made transparent to the entire ecosystem. # $HOPE Pricing Mechanism ## The launch of $HOPE $HOPE will be initially launched at 50% of face value ($0.50) and its market value is expected to gradually reach 100% ($1.00) as the BTC and ETH in HOPE Gömböc appreciates. ## Price Determination of BTC and ETH for $HOPE **The set pegging ratio of BTC and ETH for $HOPE** $HOPE is currently backed by reserves of BTC and ETH reserves at a set pegging ratio which is found by a price discovering process: $$ 10,000 ;$HOPE = 0.10801805\ BTC + 1.08018050;ETH $$ Discovering data chart: Discovering period : `13/3/2023 12:00 UTC - 14/4/2023 12:00 UTC`

**The reserve price of $HOPE:** The reserve price of $HOPE now fluctuates alongside BTC and ETH prices while maintaining the established ratio. {% hint style="info" %} *The reserve price of $HOPE is not affected by arbitrage activities and may be different from the market price of $HOPE in HopeSwap.* {% endhint %} Index price page: **Methodology for each Token(BTC/ETH):** The specific amount of BTC and ETH will be held in reserve pools for each $HOPE token is determined by the price discovery mechanism, which is ongoing and can be explored on our website. Currently, the initial fixed ratio between BTC and ETH is 1:10, but it can be subject to adjustment through LightDAO governance in the future. The initial value of $HOPE is `$0.50` $$ $HOPE = $0.50 = x\* Price(BTC) + 10x\* Price(ETH) $$ To ensure fair price discovery, we collect the OHLC data (Open, High, Low, and Close) every minute from three exchanges (Binance, OKX, and Coinbase). These values are averaged for each minute and exchange over the entire discovering period. The token price for each minute is then calculated as the average of the OHLC values for the three exchanges. The [Time-Weighted Average Price](https://en.wikipedia.org/wiki/Time-weighted_average_price) (TWAP) is the average of all token prices over the entire discovering period. For each token BTC/ETH: $$ Ex ∈{Binance,Okx,Coinbase} $$ For every time $$t$$, where O = Open, H = High, L = Low, C = Close, P = Price at time $$t$$: $$ P\_t^{Ex}=(O\_t+H\_t+L\_t+C\_t)/4 $$ $$ P\_t=(P\_t^{Binance}+P\_t^{Okx}+P\_t^{Coinbase})/3 $$ Time weighted average price (TWAP) for each token. $$N$$ is the number of 1-minute intervals across the entire price determination window period: $$ TWAP= ∑*{n=1}^N(P*{t,n=1}+P\_{t,n=2}+⋯P\_{t,N})/N $$ ## Peg Event Implementation The Peg Event for $HOPE will occur gradually as the value of BTC and ETH in HOPE Gömböc increases, with Dedicated Market Makers using a self-correcting pricing mechanism to maintain the peg at `$1.00` and providing liquidity of $HOPE across exchanges, with the ability to mint and burn $HOPE as needed. Find out more in [Development Phases of $HOPE](/hope-token/development-phases-of-hope). # Development Phases of $HOPE ## Phase 1 : Bootstrapping Token $HOPE will be initially launched at `$0.50`, and it will be listed on [HopeSwap](/protocols/hopeswap) once HOPE Gömböc is in place. The dedicated market makers ensure that $HOPE has sufficient liquidity through the BTC/ETH-backed tracking mechanism. **How does the BTC/ETH-backed tracking mechanism work?**

**Expansion** * When there’s an increased demand for $HOPE in the market, $HOPE will trade at a premium to the tracking price. * Market makers will sell $HOPE at high price in the market and also be incentivized to more minting activities, resulting in an increase in the supply of $HOPE. * The expansion of $HOPE in circulation will bring the tracking price back in place. **Contraction** * When there’s a decreased demand for $HOPE in the market, $HOPE will trade at a discount to the tracking price. * Market makers will buy $HOPE at low price in the market and also be incentivized to more burning activities, resulting in a decrease in the supply of $HOPE. * The contraction of $HOPE in circulation will bring the tracking price back in place. ## Phase 2 : Interim Pricing Token **Self-Correcting Pricing Mechanism** Once $HOPE reaches peg (the Peg Event), HOPE Gömböc will start to include stablecoins. As the Peg Event takes place, dedicated market makers will be able to subscribe and redeem $HOPE 1:1 from the protocol using stablecoins. In situations where the total value of HOPE Gömböc is less than total market cap of $HOPE’s face value, the dedicated market makers will subscribe/redeem $HOPE with a basket of BTC/ETH to bring the market price of $HOPE back to equilibrium, i.e. `$1.00`. This self-correcting market mechanism is similar to the one described in Phase I. **How does the pegging mechanism work?**

**Expansion** * When there is an increase in demand, $HOPE will be trading at a premium to `$1.00`. * The higher price will then incentivize more minting activities and result in an increase in the supply of $HOPE, which will bring the pricing back to `$1.00`. * Reserve assets - BTC / ETH / USDT(C) – are added to HOPE Gömböc during minting activity, ensuring sufficient intrinsic value backing $HOPE’s dollar peg. **Contraction** * When there is a decrease in demand, $HOPE will be trading at a discount to `$1.00`. * The lower price will then incentivize more burning activities and result in a decrease in the supply of $HOPE, which will bring the pricing back to `$1.00`. * Reserve assets - BTC/ETH/USDT(C) – are removed from HOPE Gömböc * During burning activity, retaining sufficient intrinsic value backing $HOPE’s dollar peg. ## Phase 3 : Eco-Native Stablecoin Subject to the LightDAO’s approval, $HOPE will be officially declared as the ecosystem’s native stablecoin as HOPE Gömböc reaches a certain multiple of the total face value of $HOPE. BTC and ETH in HOPE Gömböc will be gradually converted to distributed, stable-value and liquid assets to avoid impact from coin price fluctuations. Subject to LightDAO’s approval, $HOPE insurance fund (consisting of excess reserves and parts of the DAO’s treasury) will be set up as a war chest to protect the peg and defend $HOPE’s value. # Stake & Earn with $HOPE ## Staking $HOPE By staking $HOPE, you will receive $stHOPE. Subsequently, by holding $stHOPE, $LT rewards will be accrued. Rewards will be accrued depending on the amount of $stHOPE held, further boosted by the amount of [veLT](/lt-light-token/locking-lt-velt) you have. The more $stHOPE and veLT held, the more $LT will be rewarded. $LT rewards accrued daily based on formula below: $$ $I\_u = \int \frac{r^{\prime}(t) b\_u(t)}{S(t)}dt $$ For more information about $LT rewards mechanism, please refer to [$LT Inflation](/lt-light-token/lt-tokenomics#inflation). You can staking your $HOPE at ## What is $stHOPE ? $stHOPE is a liquid, tokenized representation of staked $HOPE in the in the ecosystem. It allows stakers to gain liquidity over their staked $HOPE. This enables the locked value in staked $HOPE to be utilized in protocols including HopeSwap, HopeLend, HopeConnect, HopeEcho etc. $stHOPE is the proof of ownership of the underlying staked $HOPE, and thus directly represents the entitlement to the staking reward. Financial protocols that incorporate $stHOPE can leverage the rewards mechanism to incentivize adoption. Similar to $HOPE, $stHOPE is tradable on HopeSwap and can be used in combination with other assets to provide liquidity to money markets, generating trading fees and $LT rewards. ## Unstake $HOPE Stakers can unstake their $HOPE at The unstaking process takes **28** days to complete. During this period, the unstaked $HOPE cannot be traded, and no staking rewards are accrued. The 28-day unstaking process assists in the long-term stability of $HOPE reserves. The unstaking period discourages volatility by locking staked $HOPE in the system for at least 28 days. In exchange, stakers receive staking rewards, further improving the reserve stability. # Understanding $LT $LT aims to be the single utility token for all protocols within the HOPE Ecosystem, with a [total supply](/lt-light-token/lt-tokenomics) of 1 trillion tokens, creating a unified ecosystem and generating non-dilutive value accrual to $LT. Rewarding our community, users, and partners with $LT, providing them with transparent governance power. ## Locking $LT holders can receive veLT by [vote locking](/lt-light-token/locking-lt-velt#what-is-vote-locking) their $LT. By doing so, they not only gain voting power but also enjoy benefits such as sharing Gov Fees and the potential to boost their $LT rewards. ## Voting veLT holders can participate in governance by casting votes. They can vote for [gauge weights](/reward-gauges/understanding-gauges), which determine the allocation of daily $LT inflation and are closely related to their base rewards. They can also vote for various DAO proposals that will be presented in the future. ## Boosting Liquidity providers who hold veLT can potentially boost their $LT rewards by up to 2.5x compared to those without veLT, by [taking action to activate the boost](/lt-light-token/boosting-usdlt-rewards#applying-your-boost). ## Earning To incentivize veLT holders participation in the governance process, they can earn Gov Fees based on the [Fee Distribution](/lt-light-token/earning-gov-fees#fee-distribution) mechanisms in place, which allows veLT holders to receive a share of the fees generated by the HOPE Ecosystem. ## Reward Matrix The table below can help you understand the incentives and rewards for token holders.

# $LT Basics ## What is $LT $LT (Light Token) is the single utility token of the HOPE Ecosystem that aims to power all protocols within the ecosystem. It incorporates time-weighted voting and value accrual mechanisms for both governance and incentivization. ## What is the purpose of $LT? The main purpose of $LT is to incentivize liquidity providers throughout the HOPE Ecosystem in hopes of attracting as many users as possible to participate in the governance of the HOPE Ecosystem. ## How to get $LT? Liquidity providers can receive $LT by participating in liquidity mining, which starts with [staking $HOPE](/hope-token/stake-and-earn-with-hope) and extends to future next-generation financial protocols, such as HopeSwap and HopeLend, among others. In addition to participating in liquidity mining, $LT can also be obtained directly from HopeSwap. ## What is the utility of $LT? $LT is the single utility token in the HOPE Ecosystem with multiple functions. It serves as the incentive token for participants and the governance token for LightDAO, the buidler of the ecosystem. You can find out what to do with $LT by clicking below: {% content-ref url="/pages/IA6fjGJgW0fXSp1pUppg" %} [Understanding $LT](/lt-light-token/understanding-lt) {% endcontent-ref %} ## What is the underlying value of $LT? $LT Value ≈ Call Option on BTC/ETH + The partial DCF of the DAO's revenue + Additional Upside of the Ecosystem. The appreciation in value of the HOPE Gömböc will accumulate to $LT holders once the market value of $HOPE reaches face value (i.e. achieving peg). As a result, the $LT tokens can be considered similar to call options on BTC and ETH reserved in the HOPE Gömböc with an infinite maturity. Therefore, we can estimate the current market value of $LT by calculating the call option's premium using the Black-Scholes model. The formula is as below: $$ C = S \cdot N(d\_1) - K \cdot e^{-rt} \cdot N(d\_2) $$ where $$d\_1 = \frac{\ln\left(\frac{S}{K}\right) + \left(r + \frac{\sigma^2}{2}\right)t}{\sigma \sqrt{t}}$$, and $$d\_2 = d\_1 - \sigma \sqrt{t}$$.

Term	Definition
C	call option premium
r	risk-free interest rate
t	time to maturity
\sigma	volatility of the asset (BTC and ETH)
N	CDF of the normal distribution
S	spot price, the price of BTC and ETH when $HOPE launch
K	strike price, the price of BTC and ETH when $HOPE reaches peg

This approach captures only the "beta return" part, while the "alpha return" part remains unpriced and is expected to be derived from the thriving ecosystem. In summary, the underlying value of $LT is approximately equal to the call option premium of BTC and ETH plus the additional upside of the ecosystem. ## What is $LT vote locking {% hint style="info" %} [*veLT*](/lt-light-token/locking-lt-velt#what-is-velt) *stands for vote-escrowed $LT, it is simply $LT locked for a period of time. The longer you lock $LT for, the more veLT you receive.* {% endhint %} $LT holders can receive veLT by [vote locking](/lt-light-token/locking-lt-velt#what-is-vote-locking) their $LT. Vote locking $LT allows you to vote in governance, boost your $LT rewards and receive fees generated from the ecosystem. # $LT Tokenomics Supply & distribution of $LT $LT will be officially launched in mid-April. As the single utility token of the HOPE Ecosystem, the main purposes of $LT are to incentivize participation, facilitate governance, and create value for the ecosystem and its stakeholders. ## Supply The total supply of $LT is infinitely close to 1 trillion tokens (`1,000,000,000,000 $LT`), with an initial supply of 400 billion tokens (`400,000,000,000 $LT`), which is 40% of the total supply. **The total supply of 1 trillion $LT is distributed as such** * **60%** (`600,000,000,000 $LT`) to community and ecosystem participants and contributors * **40%** (`400,000,000,000 $LT`) initial supply to treasury reserve, HOPE Foundation, and stakeholders **The initial supply of 400 billion $LT (40%) is distributed as such** * **5%** (`50,000,000,000 $LT`) to the genesis treasury reserve * **5%** (`50,000,000,000 $LT`) to HOPE Foundation (grants) * **30%** (`300,000,000,000 $LT`) to stakeholders (team and investors) with 4 years vesting ## Inflation Apart from the initial supply, the remaining 60% of $LT follows a piecewise linear inflation. The inflation rate is reduced by $$2^{1/4}$$ each year. Each time the inflation reduces, a new mining epoch starts. All of these tokens are gradually vested (with every block). The initial inflation rate which supports the above inflation is 23.87%. All of the inflation is distributed to liquidity providers of HOPE Ecosystem, according to measurements taken by the [Gauge System](/reward-gauges/understanding-gauges#the-goemboec-system). The inflation amount formula is as follows: $$ $I\_u = \int \frac{r^{\prime}(t) ; b\_u(t)}{S(t)}dt $$

Term	Definition
$I_u	The amount of $LT reward for user u
r'(t)	The applicable inflation rate at time t
b_u(t)	User's balance in gauge (measured in LP tokens) at time t
S(t)	The total liquidity supplied in gauge at time t

The inflation rate formula is as follows: $$ r' = w\_g ; w\_t ; r $$

Term	Definition
r'	Inflation rate applicable for a certain Gauge
w_g	Gauge weight
w_t	Gauge type weight
r	The inflation rate that changes every epoch (1 year)

## Emission The following chart shows the release schedule of $LT for the next 10 years:

The initial circulating supply is 50 billion in which is distributed to the treasury reserve and another 50 billion to the HOPE Foundation. During the first year, the approximate inflow into circulating supply is 261.59 million $LT per day. # Locking $LT (veLT) For people who are familiar with DeFi, vote escrow ("ve”) concept is not new, as it has been successfully implemented in other projects like [Curve Finance](https://curve.fi/). The HOPE Ecosystem has also adopted this concept to enhance governance and incentivize participation. ## What is vote locking? $LT holders can vote lock their $LT into the HOPE Ecosystem to receive veLT. The longer and more you lock, the more veLT you receive. It incorporates [time-weighted voting](/reward-gauges/velt-and-checkpoint-mechanism#time-weighted-voting-and-value-accrual-mechanisms) and value accrual mechanisms. Vote locking allows you to vote in governance, boost your $LT rewards and receive fees generated from the ecosystem. ## What is veLT? veLT is a special ERC-20 token that stands for vote-escrowed $LT. It represents $LT that is locked for voting and is not transferable or tradable. The longer and more you lock your $LT for, the more voting power you have (and the bigger boost you can reach). The number of veLT you will receive depends on how long and how much you lock your $LT for. The minimum locking time is two weeks, and the maximum locking time is four years. * Each `40,000 $LT` locked for `1 year` is equivalent to `1 veLT`. * Alternatively, for every `10,000 $LT` locked for `4 years`, you will receive `1 veLT`. **Your veLT weight will gradually decreases as your escrowed tokens approach their lock expiry.** For more information, you can check details of [time-weighted voting](/reward-gauges/velt-and-checkpoint-mechanism#time-weighted-voting) mechanism. ## **What is the vote locking boost?** When vote locking $LT, you will also earn a boost on your provided liquidity of up to 2.5x. The goal is to incentivize users to participate in governance by rewarding them with a bigger share of the daily $LT inflation. ## How can I apply my boost? After creating or adding to your lock, you need to click the apply boost button to update your boost on each of the protocols you're providing liquidity in. Your boost can also be updated by staking or unstaking LP tokens, or claiming $LT from a liquidity gauge. Click below for a guide on how to lock and boost your $LT rewards: {% content-ref url="/pages/V2QwoXvVfPc5YhgpdaRu" %} [Boosting $LT Rewards](/lt-light-token/boosting-usdlt-rewards) {% endcontent-ref %} ## How often does my boost records voting power changes? Your voting weight would decrease over time, however, the decrease in boost and voting power would only be realized at certain [checkpoints](/reward-gauges/velt-and-checkpoint-mechanism#checkpoint). For example, if you start at 1000 veLT and your voting power decreases to 800 veLT, your boost will still apply your original voting power of 1000 veLT until you trigger a checkpoint. ## What if I provide liquidity in multiple protocols? Your voting power applies to all measures but may produce different boost rates based on how much liquidity you are providing and how much total liquidity the pool has. ## What if more people vote lock? Your boost rate will remain constant until you trigger a checkpoint yourself, regardless of whether other liquidity providers vote lock more $LT. It should be noted that your reward amount may change since it is affected by multiple factors including the total veLT among all participants. # Boosting $LT Rewards This guide assumes you have already provided liquidity and that you are currently staking your LP tokens into the [gauge](/reward-gauges/understanding-gauges). In this scenario, you may utilize veLT to boost your $LT rewards by up to 2.5x on the liquidity you are providing. ## Locking your $LT To vote lock your $LT, visit the following page: [https://app.hope.money/#/dao/locker ]() Enter the amount you want to lock and select your expiry. Remember locking is not reversible. The amount of veLT received will depend on how much and how long you vote for. You can extend a lock and add $LT to it at any point but you cannot have $LT with different expiry dates. After creating your lock, you will need to apply your boost. ## Applying your boost Head over to the farming page & the pools page {% hint style="info" %} *Your latest boost will not be applied until you interact with the gauge such as claiming rewards, staking or unstaking LP tokens.* {% endhint %} If you lock $LT before staking the LP token, you will see your new boost after staking without any further action needed. If you lock $LT after performing the other steps, your new boost will not update automatically. In this case, you can apply your boost by claiming rewards from each of the gauge you are staking LP tokens in. After doing so, your latest boost should be showing. To learn more about how gauges and veLT work, check [veLT & Checkpoint Mechanism](/reward-gauges/velt-and-checkpoint-mechanism). ## Formula The boost mechanism will calculate your **earning weight** by taking the smaller amount of two values. The first value is related to the amount of liquidity you are providing and the weight of the total liquidity supply in the specific gauge, which you can refer to the formula below. The second value is simple, it's the amount of liquidity you are providing. $$ min((Liquidity\*40% + TotalLiquidity \* \frac{VotingBalance}{VotingTotal}\*60%),; Liquidity) $$ ## FAQ {% content-ref url="/pages/GZiVRw6Hr6kJ5A7nQj3M" %} [Locking $LT (veLT)](/lt-light-token/locking-lt-velt) {% endcontent-ref %} # Earning Gov Fees 50% of all fees generated by HOPE Ecosystem, defined as Gov Fees, are distributed to veLT holders to incentivize their participation in the governance process. ## Fee Distribution Gov fees will be collected periodically, converted to $stHOPE through a "[burning process](/lt-light-token/earning-gov-fees#burning-process)", and then distributed to veLT holders. The distribution is calculated based on the amount of veLT they hold and their voting participation using veLT during each voting epoch. For each distribution: 1. 50% of gov fees are distributed to all veLT holders proportionately. 2. 50% of gov fees are distributed to the veLT holders who vote for liquidity gauges, based on the voting results for each voting epoch involved between two distributions. ## Burning process When the burning process is triggered, a smart contract collects trading fees from all the pool contracts. Those fees come in the form of different stable coins or tokens. The fee tokens are swapped to $HOPE, which are then converted to $stHOPE before they can be claimed. Finally, the burner creates a checkpoint which updates all the claimable balance of each veLT holder. Burning is an expensive process, as it involves many complex transactions, but anyone can trigger the process whenever they wish if they are willing to pay for it. ## Claiming your fees Users who hold veLT can claim fees as often as possible, but fees will only be converted into $stHOPE once a week. Fees may only be claimed for the week that has already passed, because the burner does not know how much everyone is entitled to before the end of the voting epoch. Fees will be available on a weekly basis within 24 hours after 00:00 Thursday UTC, as long as someone (usually the HOPE team) has initiated the burning process prior to that. To claim your fees, please visit portfolio page: [https://app.hope.money/#/portfolio ]() There is a delay before you can first claim your $HOPE after locking $LT. It takes 8 days from the Thursday after which you lock before you can claim. # Understanding Gauges ## **The gauge system** In the HOPE Ecosystem, inflation is directed towards users who provide liquidity. This usage is measured using gauges. The liquidity gauge measures the amount of liquidity a user is providing. Each liquidity pool has its own gauge where you can stake your LP tokens. It is a requirement to stake your LP tokens to the gauge in order to earn $LT rewards. {% hint style="info" %} *After adding liquidity, you won't get base or boosted $LT rewards unless you stake your LP tokens to the gauge.* {% endhint %} ## The weight system Each gauge also has a weight and a type. Those weights represent how much of the daily $LT inflation will be received by the liquidity gauge. ## The gauge weight voting The weight system allows the LightDAO to determine where the $LT inflation should be directed. You can vote for the gauge weight here: Every week, the LightDAO votes on the allocation of $LT emissions for the following week. Every participant can have a say in how the liquidity mining incentives are distributed. The new emissions are applied every Thursday based on the results of the vote. If you have veLT, you can allocate your voting power towards the liquidity gauge (or pool) that you think should receive the most $LT. If you are not familiar with veLT, click below to discover more: {% content-ref url="/pages/GZiVRw6Hr6kJ5A7nQj3M" %} [Locking $LT (veLT)](/lt-light-token/locking-lt-velt) {% endcontent-ref %} # Gauge Weights ## What are gauge weights? Simply put, a gauge weight translates into how much of the daily $LT inflation it receives. Each gauge has a weight depends on votings. Those weights represent how much of the daily $LT inflation will be received by the liquidity gauge. For example, on the below chart, the weight of the $stHOPE gauge is currently around 70%. This means that all liquidity providers in the $stHOPE gauge share 70% of the daily $LT.

You can find each liquidity gauge relative weight on this page: ## Why are gauge weights so important? Because those weights decide where the $LT inflation goes, it allows the LightDAO to control where most of the liquidity should go and balance liquidity. It's a powerful tool for voters that must be used responsibly. {% hint style="info" %} *The gauge weight is updated once a week on Thursday.* {% endhint %} ## Who can vote for gauge weights? Anybody who has [locked $LT](/lt-light-token/understanding-lt) can vote to direct its voting power towards one or multiple gauges. ## How can I vote? Visit this link: Select the gauge you would like to put your voting weight towards, enter an amount in percentage (100% is the maximum) and confirm your transaction. ## **How often can I move my voting weight?** You can change your voting weight for the same gauge once every 10 days. {% hint style="info" %} *If you do not wish to modify your vote in subsequent voting epochs, your vote will remain the same and be counted consistently each week. You don't need to initiate transactions every week to vote.* {% endhint %} # veLT & Checkpoint Mechanism ## veLT HOPE ecosystem's voting power is determined by both the amount of $LT held and the duration of their holding. Here we introduce **veLT** which implemented vote-escrow ("ve”) concept. veLT stands for "vote-escrowed $LT". Users can lock their $LT to get veLT, as well as gain voting power. veLT is not transferable or tradable. Holders of veLT can participate in governance activities such as voting for Gauge weights, creating DAO proposals, and voting on proposals. ## Time-weighted voting When users vote lock their $LT, tokens are locked in a **vote-escrow** contract for a selectable lock time (up to 4 years). When lock amount is $$a$$, lock time is $$t\_{i}$$, $$t\_{i}\

Weight-Time graphic

Users may lock $LT tokens and also extend the time with increased lock function or increased amount. Withdrawal can remove tokens from the escrow contract when the lock has expired. ## Checkpoint Mechanism The user's voting power decreases linearly until lock time expires. To optimize the process, the system abstains from periodic check-ins. Instead, the system records and checks the user's movements, such as stake, unstake, or change lock time. This results in the total voting power changing with each check-in, with feedback from each user. However, the system limits the end of user locks to times rounded to whole weeks. {% hint style="info" %} *Every time when you stake/unstake/claim from liquidity gauges, your veLT amount are recorded **as checkpoints** in the gauge contract.* {% endhint %} If you have veLT and your boosted rewards have not started although you staked your LP tokens to gauge, claim your accumulated rewards from the gauge contract and provide checkpoint, your boosted rewards will be activated. # Claiming Rewards By contributing to the HOPE Ecosystem and participating in DAO governance, you can earn generous rewards. You can earn a base $LT rewards by providing liquidity such as staking $HOPE, or staking your LP tokens to the gauge. After that, you can vote lock your $LT to acquire veLT, which allows you to vote in governance, boost your $LT rewards and receive fees generated from the ecosystem. By holding veLT and using it to vote for gauge weights, you can not only increase your base earnings but also get a boost multiplier on top of that. Additionally, you can receive a share of the gov fees. To claim your rewards and fees, please visit portfolio page: ## Reference To learn more about incentives and rewards within the HOPE Ecosystem, please refer to the following sections: {% content-ref url="/pages/F8DyjyG8owQUjvvCy9o1" %} [Stake & Earn with $HOPE](/hope-token/stake-and-earn-with-hope) {% endcontent-ref %} {% content-ref url="/pages/V2QwoXvVfPc5YhgpdaRu" %} [Boosting $LT Rewards](/lt-light-token/boosting-usdlt-rewards) {% endcontent-ref %} {% content-ref url="/pages/iiorVgvLG19PhIaJPrO4" %} [Earning Gov Fees](/lt-light-token/earning-gov-fees) {% endcontent-ref %} ## Reward Matrix The table below can help you understand the incentives and rewards for token holders.

# Governance Guide ## LightDAO Governance LightDAO Governance decentralizes the Hope Ecosystem Protocol, enabling the community to govern the Protocol and the LightDAO Community Treasury. Learn more about the LightDAO Community Treasury in [$LT Tokenomics](/lt-light-token/lt-tokenomics). The HOPE ecosystem is governed by community members who hold veLT. These users are allowed to make improvement to existing protocols and suggest new initiatives by submitting and voting on proposals. You can visit LightDAO at this address: \ ## Voting Escrow Users lock $LT in the voting escrow to attain veLT ("Voting Power") to create proposals (for which there is a minimum veLT amount) and vote on proposals. veLT is equal to amount locked \* duration of lock, users can lock their $LT for a minimum of two weeks and a maximum of four years. As time progresses, a user's veLT decreases since the duration is decreasing. Users can increase the amount locked and extend their lock to increase their veLT. ## **Governance Proposals** The steps for a successful governance proposal are: 1. Create a [Temperature Check ](/lightdao-governance/proposals#0-temperature-check-on-goverance-forum-off-chain)discourse post to explore proposal ideas and engage in discussions with the community on the forum. 2. Post a draft proposals in [HOPE Snapshot](/lightdao-governance/proposals#1-hope-snapshot-off-chian) to gather feedback from community and make changes before moving on to the official proposal stage. 3. Submit the proposal to the protocol for a governance vote through LightDAO [Governance Portal](/lightdao-governance/proposals#2-governance-portal-on-chain). For a detailed overview of the proposal, see the [Proposals](/lightdao-governance/proposals). ## Governance Rules This forum is dedicated to discussions on LightDAO governance. Relevant topics include: * Governance Proposals * Proposal Discussions * Site Feedback This is **not** the place for: * $LT, $HOPE price discussion * Generic LightDAO or Hope Ecosystem discussion * LightDAO or Hope Ecosystem support requests * Off-topic conversations If you need help with the technical aspects of submitting your proposal to the Ethereum blockchain, you can ask a member of the HOPE team for assistance. # Proposals ## Type of proposals * **Affecting Governance Consensus** These are the relatively critical proposals which require comparatively more time for voting. They are usually related to governance. The execution of these proposals is done by a long time lock executor. * **Affecting Protocol Parameters** This proposal is executed by the short time lock executor. Only certain parameters of the protocol get affected by this type of proposal. Since these proposals require less voting time, they are ideal in case quick action is needed. ## **Proposal Rules** Proposals that do not adhere to the following rules will be removed by moderators. 1. Proposals must be relevant to the LightDAO or Hope Ecosystem protocol or the governance process. 2. Duplicate/spam proposals are not allowed. 3. Proposals must be technically feasible within the existing Light DAO protocol infrastructure. 4. Proposals may not include false or misleading facts or figures. 5. Proposals that do not adhere to the following rules will be removed by moderators. ## Governance Proposal Process #### **0) Temperature Check on Governance Forum (off-chain)** Users discuss potential proposals and create proposals on the LightDAO Governance Forum, hosted at \. New members must register for an account to interact with posts. The purpose of the Temperature Check is to gauge if there is sufficient interest to make changes to the status quo and to determine the details of what this change should entail. #### 1) **HOPE Snapshot (off-chian)** Post a draft proposals in HOPE Snapshot (\) to gather feedback from community and make changes before moving on to the official proposal stage. {% hint style="info" %} *Proposals must be posted on the official HOPE Snapshot before posting on-chain.* {% endhint %} #### 2) **Governance Portal (on-chain)** Users with a minimum of **8.25** veLT can create proposals that are approved in HOPE Snapshot and submitted for a governance vote through the LightDAO Governance Portal：\ When the proposal has been launched on-chain, users vote via the Governance Portal for 14 days. If the proposal is successfully approved, it will be implemented within 2 days after the voting period ends. After the voting period ends, if the amount of votes in favor of the proposal exceeds the Governance Quorum (the minimum amount of votes cast in order for the proposal to be valid) and the Governance Supermajority (the percentage of votes cast that must be in favor of passing), the proposal passes. Otherwise, the proposal does not pass. If user no longer holds the minimum required veLT during the proposal period, the proposal will be rejected. Proposal Creation Delay (time between multiple proposals from a single account): 1 Week. # Voting ## How to participate in governance? To participate in governance, users need to lock their $LT into veLT.Community members vote with their veLT. One veLT equals one vote. You can get more details about veLT in the documentation below： {% content-ref url="/pages/GZiVRw6Hr6kJ5A7nQj3M" %} [Locking $LT (veLT)](/lt-light-token/locking-lt-velt) {% endcontent-ref %} ## Voting on HOPE Snapshot HOPE Snapshot is an off-chain governance forum where users can express their preferences and vote on proposals. The purpose of HOPE Snapshot is to determine which proposals will be put on the chain and ultimately implemented. You can visit HOPE Snapshot at this address: \ ## Voting on Governance Portal The governance portal is a formal on-chain voting protocol, users can simply visit the proposal of your choice, click your vote option and confirm your transaction. You can find LightDAO proposals at this address: \ \ # HopeSwap Exchange rate market HopeSwap is an Automated Market-Maker(AMM) protocol that based on a dual AMM able to support both volatile (UniV2) and stable (Curve-like) assets. The protocol enables a decentralized on-chain exchange for various assets involved in the LightDAO ecosystem. HopeSwap: [https://app.hope.money](https://app.hope.money/) Users can participate in HopeSwap as traders, liquidity providers, or both. ### Trader Traders can exchange their tokens for other tokens through HopeSwap using the price determined by the liquidity pool ratio. ### Liquidity Provider Liquidity providers adds equal value of two assets to their corresponding HopeSwap pair pool, increasing the liquidity for the corresponding pair market while maintaining the pool price. In this process, liquidity providers are rewarded by newly minted LP tokens. LP tokens represent the liquidity provider’s share in the pool and provide the benefit of earning trading fees, which are accumulated into the pool on every swap transaction. Liquidity providers can burn their LP tokens to withdraw their share from the pool. On the other hand, HopeSwap liquidity provider can mine LT tokens by putting their LP tokens into Gauge of HopeSwap pool. # HopeConnect HopeConnect is a decentralized asset custody, clearing, and settlement protocol and an essential component of the HOPE Ecosystem. By linking with upper-layer CeFi and TradFi applications through HopeConnect (such as credit card payments, centralized derivative trading, and traditional stock trading), institutional and individual users can collateralize their assets in the vault of the HopeConnect protocol and use the related services through credit from the upper-layer centralized applications. Users can enjoy CEX-level liquidity and trading experience on a decentralized and anonymous protocol with no counterparty risk. HopeConnect acts as a bridge connecting DeFi with CeFi and TradFi, gradually addressing the needs of DeFi users who want to participate in traditional finance. HopeConnect is currently in development and is slated for launch in Q3 2023. # HopeCard HopeCard is the first CeFi application built upon the HopeConnect protocol, and its use case is global payment through credit card transactions. Users can obtain credit for HopeCard by collateralizing Hope/stHope with HopeConnect, granting them spending credits with the credit card. HopeCard credit card supports real-world spending, enabling users to easily use the distributed stablecoin HOPE for daily payments and expenses. HopeCard is scheduled to launch in the third quarter of 2023. Please stay tuned and look forward to it. # Nebula Nebula is a CeFi derivatives trading platform supported by the HopeConnect protocol. Users can obtain trading credits on the Nebula application by collateralizing HOPE/stHOPE with HopeConnect, enabling them to engage in derivatives trading, such as CeFi options and futures on Nebula. Nebula's liquidity is aggregated from major centralized exchanges such as Binance, Coinbase, and Deribit. Users can enjoy CEX-level liquidity without worrying about the risks of using a centralized exchange. Nebula is scheduled to launch in the third quarter of 2023. Please stay tuned and look forward to it. # Audits Below are the links to all audit reports and formal verification for HOPE. | Auditor | Date | Report | | :--------: | :-------: | :-----------------------------------------------------------------------------------------------------------------------------------------: | | PeckShield | 25/4/2023 | [Audit-Report-HOPE](https://github.com/Light-Ecosystem/light-dao/blob/main/audit/PeckShield-Audit-Report-HOPE-v1.2.pdf) | | Slowmist | 1/3/2023 | [LightDAO Phase2](https://github.com/Light-Ecosystem/light-dao/blob/main/audit/SlowMist%20Audit%20Report%20-%20LightDAO%20Phase2_en-us.pdf) | | Slowmist | 16/2/2023 | [LightDAO Phase1](https://github.com/Light-Ecosystem/light-dao/blob/main/audit/SlowMist%20Audit%20Report%20-%20LightDAO%20Phase1_en-us.pdf) | # Glossary ### $HOPE $HOPE is a utility distributed stablecoin, designed as a currency vehicle for non-crypto natives to enjoy financial inclusion in a fully transparent and secure environment. $HOPE will be backed by distributed reserves of BTC and ETH. ### $stHOPE $stHOPE is a liquid, tokenized representation of staked $HOPE in the in the ecosystem. ### $LT $LT (Light Token) is the single utility token of the HOPE ecosystem that aims to power all protocols within the ecosystem. ### veLT veLT is a special ERC-20 token that stands for vote-escrowed $LT. It represents $LT that is locked for voting and is not transferable or tradable. ### Gömböc HOPE Gömböc is a set of distributed reserve pools for $HOPE. ### The Peg Event As the cryptocurrency market recovers, the market value of $HOPE will gradually achieve $1.0, reaching 100% of face value. ### DeFi Decentralized finance (commonly referred to as DeFi) is an experimental form of finance that does not rely on financial intermediaries such as brokerages, exchanges, or banks, and instead utilizes blockchains, most commonly the Ethereum blockchain. # FAQ If you have any questions, please contact us for support from the link below:\ Discord:


What is "Other Rewards" when claiming rewards?	/pages/cSIU3wwC8p68j0UZZqSz
HopeSwap Approve USDT Error	/pages/MJWAJqo6EGaKW47Fuo0S

# What is "Other Rewards" when claiming rewards?

When yield farming, there will be two types of $LT rewards if the token pair involves $stHOPE. ### Mining Rewards This reward is earned by providing liquidity and staking LP tokens to the liquidity gauge. It's your main reward for participating in yield farming. ### Other Rewards If the liquidity asset you are providing can generate yields, such as $stHOPE can earn $LT, then this part of the reward will be counted towards "Other Rewards" instead of "Mining Rewards". When you provide $stHOPE liquidity: * Before depositing $stHOPE into the liquidity pool, the staking reward for HOPE goes to your address because you hold $stHOPE. * After depositing $stHOPE into the liquidity pool and staking LP tokens to start mining, the staking reward for HOPE goes to the gauge. This is because you have transferred $stHOPE to the gauge and the gauge is now the holder of $stHOPE. This can explains the source of "other rewards". ## How will the "other rewards" be distributed to LPs? During the first week, the "Other Rewards" amount is 0, as the $LT from HOPE staking has not yet been claimed. This part of the reward will be automatically claimed every Thursday. Once claimed, the $LT rewards accumulated in the pool will be added to the Gauge and distributed over the following week to addresses in proportion to their LP token holdings. # HopeSwap Approve USDT Error ## HopeSwap Approve USDT Error When users operate on HopeSwap, the following exceptions may occur when they need to approve USDT.

## Error Cause The problems mainly occur in the situation of insufficient authorization of USDT, so it is best to use the method of full authorization in the use of authorization. The USDT approval operation mandates that the initial authorization amount should be set to 0. Any non-zero authorization that continues will result in an error being reported by the contract. ## Solutions **(1) Revoke your USDT Approve in HopeSwap (Recommended)** 1. Enter the [USDT Write Contract](https://etherscan.io/address/0xdac17f958d2ee523a2206206994597c13d831ec7#writeContract). 2. Connect your Wallet.

3. Choose the "approve" method. 4. "*spender" fill in HopeSwap Router address:* `0x219Bd2d1449F3813c01204EE455D11B41D5051e9`\ "\_value" fill in 0

**(2) Using up the remaining amount of USDT** 1. Enter the [USDT browser](https://etherscan.io/address/0xdac17f958d2ee523a2206206994597c13d831ec7#readContract). 2. Choose the "allowance" method.

3. "\_onwer" fill in your own address;\ "\_spender" fill in HopeSwap Router address: `0x219Bd2d1449F3813c01204EE455D11B41D5051e9`

{% hint style="info" %} Example: The queried 18357027, and the actual remaining amount is 18.357027 USDT since the data has six decimal places. {% endhint %} 4. Use up the rest balance of the last authorized and re-authorize USDT in HopeSwap. **(3) Use a new wallet address in HopeSwap.** ## How to avoid this problem You are suggested to use the "***Default Value***" when setting the approval amount for USDT to avoid future approval failures.