> For the complete documentation index, see [llms.txt](https://hyperstable.gitbook.io/docs/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://hyperstable.gitbook.io/docs/protocol/gauge.md).

# Gauge

A Gauge is a smart contract that takes in LP tokens and rewards the depositors with [PEG](/docs/usdpeg/token.md) tokens and other additional [Incentives](/docs/protocol/incentivize.md).\
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Gauges are a governance mechanism that allow [vePEG ](/docs/usdpeg/token.md)holders to allocate PEG Emissions via voting. Gauges make it possible for the community to self-direct the growth of the Hyperstable ecosystem by giving each vePEG token holder the power to direct [Liquidity Provision](/docs/protocol/farm.md) to certain pools.