> 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/usdpeg/token.md).

# Token

Hyperstable uses two tokens to manage its utility and governance:

[`$PEG`](/docs/usdpeg/token.md)

 (ERC-20), is distributed to liquidity providers through emissions and; 

[`$vePEG`](/docs/usdpeg/token.md)

which is used for Governance, to vote on Emissions and receive [Incentives](/docs/protocol/incentivize.md). vePEG also gets protected from dilution via [Rebases](/docs/usdpeg/rebase.md). vePEG is represented as a (transferrable) NFT.

**Vote Escrow**

The 've' in vePEG stands for : Vote Escrow, which is a mechanism used in decentralized governance to ensure fairness and transparency in decision-making. Any PEG holder can vote escrow their tokens and receive $vePEG in exchange. With Hyperstable, we call this [Locking](/docs/protocol/lock.md). <br>