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

# PEP

PEP is the governance and utility token of the PepperDEX exchange and PepperDAO. PEP can also be staked to earn rewards.  Outside of protocol revenue share (which is paid in USDC), trading rewards are paid in the form of “oPEP” tokens.  oPEP is a token that gives the right, but not the obligation, to convert their oPEP to PEP by purchasing PEP at a 50% discount to the current market price.