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

# Welcome to HopeLend

A decentralized non-custodial lending protocol

HopeLend is a decentralized non-custodial liquidity protocol that enables depositors and borrowers to participate. As the second protocol launched by the [HOPE Ecosystem](https://docs.hope.money/), it offers users the chance to earn native yields. Additionally, it serves as the foundation for upcoming protocols like [HopeConnect](https://docs.hope.money/protocols/hopeconnect).

<figure><img src="https://1086948543-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FyxnhvEm3aIYnS5G0EWEi%2Fuploads%2FXzIRKeG96V1C7yIsE6lh%2F%E5%BD%A9%E8%89%B2%E6%8F%92%E5%9B%BE_%E7%94%BB%E6%9D%BF%201%20%E5%89%AF%E6%9C%AC%206.png?alt=media&amp;token=1c9d40ca-9cd5-401d-9e50-d4853f21cc55" alt=""><figcaption></figcaption></figure>

## **Tokenization**

[**hTokens**](/lend/getting-started/understanding-hopelend.md#htokens-hopelend-token) (HopeLend Tokens) are yield-generating tokens that are minted and burned upon deposit and withdrawal, mapping 1:1 to the assets that the user supplied.

[**dTokens**](/lend/getting-started/understanding-hopelend.md#dtokens-debt-token) (Debt Tokens) are interest-accruing tokens minted and burned upon borrowing and repaying, representing the debt owed by the token holder.

## **Participants**

[**Depositor**](/lend/activities-in-hopelend/supplying-and-earning.md) - Users who provide liquidity by supplying assets to HopeLend and receive hTokens. HopeLend aggregates the assets and lends them to borrowers, with accrued interest distributed to all depositors proportionally.

[**Borrower**](/lend/activities-in-hopelend/borrowing.md) - Users who obtain liquidity by borrowing from HopeLend. Borrowers create loan positions by providing over-collateralized deposits and receive dTokens. Borrowers can gain liquidity and still retain exposure to the value of their assets through borrowing.

## Incentives

Depositors and borrowers will have the chance to earn[ ](/lend/incentives/lt-rewards-1.md)[$LT Rewards](/lend/incentives/lt-rewards.md) through interacting with HopeLend. Based on the [Gauge Mechanism](https://docs.hope.money/reward-gauges/understanding-gauges) of the HOPE Ecosystem, HopeLend's built-in system will accrue and distribute rewards for accounts that use the protocol.

veLT holders will get revenue sharing through governance participation.

Liquidators will also get incentives (the liquidation bonus) by liquidating loans when needed.

## Links

Website: <https://hope.money>

HopeLend app: <https://app.hope.money/#/lend/dashboard>


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