> For the complete documentation index, see [llms.txt](https://lsteak-protocol.gitbook.io/lsteak-protocol-docs/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://lsteak-protocol.gitbook.io/lsteak-protocol-docs/lsteak-whitepaper-v2.2/overview.md).

# Overview

{% hint style="info" %}
If you want the short version, start with [LSteak Explainer](/lsteak-protocol-docs/overview/lsteak-explainer.md) and [LSteak FAQ](/lsteak-protocol-docs/overview/lsteak-faq.md).
{% endhint %}

The single-page version is here: [Whitepaper (single page)](/lsteak-protocol-docs/lsteak-whitepaper-v2.2/whitepaper-single-page.md).

### TL;DR

* No emissions. No rebasing.
* New LSTEAK mints only when new backing enters.
* Yield comes from productive assets, not token printing.
* The protocol tracks BPT (Backing Per Token), not market price.
* Market price floats. The protocol does not defend a peg.

### Key terms (quick)

* **Backing**: Assets held by the Yield Engine (bonds + hedge).
* **Effective supply**: The supply used in backing math (excludes protocol-owned non-circulating balances and any non-redeemable accounting-only representations).
* **BPT**: Backing ÷ effective supply.
* **POL**: Protocol-Owned Liquidity.
* **xl-LSTEAK**: Optional long-term accumulation layer.
* **RR**: Redemption ratio for xl-LSTEAK (LSTEAK per xl-LSTEAK).
* **LSaaS**: Siloed partner deployments.

### Chapters

* [1. Executive Summary](/lsteak-protocol-docs/lsteak-whitepaper-v2.2/1.-executive-summary.md)
* [2. The Problem With Modern Liquid Staking](/lsteak-protocol-docs/lsteak-whitepaper-v2.2/2.-the-problem-with-modern-liquid-staking.md)
* [3. LSteak’s Core Design Premise](/lsteak-protocol-docs/lsteak-whitepaper-v2.2/3.-lsteaks-core-design-premise.md)
* [4. Backing, Effective Supply, and BPT](/lsteak-protocol-docs/lsteak-whitepaper-v2.2/4.-backing-effective-supply-and-bpt.md)
* [5. Price Bands, Routing, and Controlled Arbitrage](/lsteak-protocol-docs/lsteak-whitepaper-v2.2/5.-price-bands-routing-and-controlled-arbitrage.md)
* [6. Yield Sources and Allocation Logic](/lsteak-protocol-docs/lsteak-whitepaper-v2.2/6.-yield-sources-and-allocation-logic.md)
* [7. xl-LSTEAK: Deterministic Exit and Value Accumulation](/lsteak-protocol-docs/lsteak-whitepaper-v2.2/7.-xl-lsteak-deterministic-exit-and-value-accumulation.md)
* [8. LSaaS: Liquid Staking as a Service](/lsteak-protocol-docs/lsteak-whitepaper-v2.2/8.-lsaas-liquid-staking-as-a-service.md)
* [9. Safety, Governance, and Emergency Controls](/lsteak-protocol-docs/lsteak-whitepaper-v2.2/9.-safety-governance-and-emergency-controls.md)
* [10. Verification, Audits, and Transparency](/lsteak-protocol-docs/lsteak-whitepaper-v2.2/10.-verification-audits-and-transparency.md)