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

# Introduction

The protocol consists of **ELUSD** and **sELUSD**.

<table data-header-hidden><thead><tr><th width="181.37017822265625">ITEM</th><th>ELUSD</th><th>sELUSD</th></tr></thead><tbody><tr><td><strong>Standard</strong></td><td>ERC-20</td><td>ERC-20</td></tr><tr><td><strong>Role</strong></td><td>Synthetic dollar</td><td>Yield-bearing token</td></tr><tr><td><strong>Function</strong></td><td><p>1:1 mint/redeem; </p><p>unit for payments/settlement</p></td><td><p>Staking share token </p><p>(captures yield)</p></td></tr><tr><td><strong>Value</strong></td><td>1 ELUSD ≈ 1 USDT</td><td>Accreting exchange rate (index)</td></tr><tr><td><strong>Primary Uses</strong></td><td>Hold, transfer, swap, redeem</td><td>Staking yield (target 15% APY)</td></tr><tr><td><strong>Waiting / Cooldown</strong></td><td><p>Redemption wait: </p><p>up to 2 business days (policy)</p></td><td><p>No cooldown; </p><p>instant unstaking</p></td></tr></tbody></table>