> For the complete documentation index, see [llms.txt](https://docs.lendsprotocol.com/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.lendsprotocol.com/earn-with-lends/usdlends-token.md). # $LENDS Token LENDS is the project's ecosystem token. It is separate from leUSD, which is the protocol's stable asset, and sleUSD, which represents staked leUSD. You do not need LENDS to deposit collateral, borrow or repay leUSD, use the PSM, or stake leUSD. ## Token Supply and Unlock Schedule The total LENDS token supply is **1 billion LENDS**. The team and treasury allocations each represent 10% of the total supply and vest over two years. Seasonal distributions represent a combined 34% of the total supply across 13 consecutive four-week seasons. All three schedules begin on July 17, 2026.
AllocationAmountStartEndDurationDaily unlock
Season 1 (4%)40MJul 17, 2026Aug 14, 202628 days1.429M
Season 2 (4%)40MAug 14, 2026Sep 11, 202628 days1.429M
Season 3 (3.5%)35MSep 11, 2026Oct 9, 202628 days1.250M
Season 4 (3.5%)35MOct 9, 2026Nov 6, 202628 days1.250M
Season 5 (3%)30MNov 6, 2026Dec 4, 202628 days1.071M
Season 6 (3%)30MDec 4, 2026Jan 1, 202728 days1.071M
Season 7 (2.5%)25MJan 1, 2027Jan 29, 202728 days892.9K
Season 8 (2.5%)25MJan 29, 2027Feb 26, 202728 days892.9K
Season 9 (2%)20MFeb 26, 2027Mar 26, 202728 days714.3K
Season 10 (2%)20MMar 26, 2027Apr 23, 202728 days714.3K
Season 11 (1.5%)15MApr 23, 2027May 21, 202728 days535.7K
Season 12 (1.5%)15MMay 21, 2027Jun 18, 202728 days535.7K
Season 13 (1%)10MJun 18, 2027Jul 16, 202728 days357.1K
Team (10%)100MJul 17, 2026Jul 17, 20282 years136.8K
Treasury (10%)100MJul 17, 2026Jul 17, 20282 years136.8K
LP440MUnlockedUnlocked--
## Trading Fee Buys and sells through the official LENDS/WETH liquidity pool are designed to include a total 5% fee.
Share of tradeAllocationPurpose
2.5%Growth and operationsMarketing, exchange listings, integrations, user incentives, and other project expenses
1.5%leUSD and PSM supportConverted to USDG, then used to convert USDG into leUSD through the PSM to deepen PSM liquidity and strengthen the LENDS ecosystem
1.0%LENDS liquidityAutomatically added to the liquidity pool to deepen LENDS trading liquidity
## Revenue-Funded Buybacks Part of eligible protocol revenue is intended to buy LENDS from the market. This connects demand for the token to actual use of the borrowing, liquidation, staking, and reserve system. ## Future Utility ### Revenue-sharing staking LENDS holders are expected to be able to stake LENDS and receive a direct share of part of protocol revenue. The rate, lockup, reward asset, eligibility rules, and risk model will be documented when the staking system is finalized. This is different from sleUSD staking: * **sleUSD** is available to users who stake leUSD and earn from the current revenue waterfall. * **LENDS staking** is a future token-holder utility and should not be assumed to exist at token launch unless explicitly announced. ### Governance As the project expands, LENDS token will turn into a broader participation token, allowing holders to be directly involved in key decisions driving the protocol forward. Governance may include risk parameters, market onboarding, revenue allocation, treasury actions, and integrations. ### Revenue from licensed deployments The LENDS contracts are open-source while commercial reuse of the stock-borrowing system is protected by a business-source license. If other projects license or use the system on other chains, part of that licensing or deployment revenue is going to benefit LENDS holders. ## What Gives LENDS Utility The intended value loop is: 1. More borrowing and protocol usage can generate more realized revenue. 2. Solvency, bad debt, insurance, and sleUSD obligations are handled first. 3. Part of eligible protocol revenue can fund LENDS buybacks. 4. The token's trading fee funds growth, LENDS liquidity, and the leUSD/PSM support path. 5. Future staking, governance, and licensing revenue add direct participation rights after they launch. --- # Agent Instructions This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. Learn more at gitbook.com. ## Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter, and the optional `goal` query parameter: ``` GET https://docs.lendsprotocol.com/earn-with-lends/usdlends-token.md?ask=&goal= ``` `ask` is the immediate question: it should be specific, self-contained, and written in natural language. `goal` is optional and describes the broader end goal you are ultimately trying to accomplish on behalf of the user. GitBook uses it to tailor the answer towards what is most useful for that goal. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.