ΛΗΘΗ · the river that forgets
Private money,
carried unseen.
lUSD is a fractional-algorithmic stablecoin you hold and send privately — shield it, and the amount & both parties vanish from the ledger. The coin placed beneath the tongue, paid across the river. Public when you choose; hidden when you don't.
The crossing · the ledger
RITE lUSD-001SUBJECT · PRIVATE STABLECOINMARKED · UNSEEN
USDC · collateral
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LETHE · share
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lUSD · public
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lUSD · unseen
██████revealseal
The reckoning · protocol
lUSD peg
$—
collateral ratio
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in reserve
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lUSD struck
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carried unseen
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Rite III · the note & the sealNEW
The Note · pay anyone, no address
Send private dollars as a link.
Lock shielded lUSD behind a secret. Whoever opens the link claims it into their own shielded balance. No recipient is ever named, on the ledger it is one nullifier and one commitment, same as any private send. Text it. DM it. Print it as a QR.
The Seal · selective disclosure
Prove it to one person. Hide it from everyone else.
Generate a view key for your wallet. Whoever holds it can read your shielded balance and history on a sealed statement page. It can never spend. Give it to an accountant, a partner, a regulator — and to nobody else.
The dark pool · stocks, unseenNEW
positions open
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notional inside
██████
volume crossed
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fees → the pyre
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Take exposure to tokenized stocks with shielded lUSD. Long or short, 1x, priced off the live exchange tape. Ticker, size, side and P&L stay inside the shield — the ledger sees one nullifier and one commitment, same as any private send. 30 bps each way to The Pyre. Trades only clear while the tape is live.
Bonds & The Forge · deposit USDC, take $LETHE at a discount, lock it, earn−30%80% APY
bond price · $LETHE
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market price
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capacity left today
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bonded so far
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forge price · $LETHE
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locked in the forge
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Deposit USDC and take $LETHE at 20% below market, vesting linearly over 5 days. The USDC goes straight into the reserve and mints nothing, so every bond makes lUSD more collateralized. Daily capacity is capped, first come first served. Minimum 50 USDC.
🔥 THE FORGE. Lock your bond instead. Take $LETHE at 30% below market, locked 48 hours, and the locked LETHE earns 80% APY in $LETHE the whole time, paid from the Vigil's fixed pool. Nothing printed. Bond, lock, earn, unlock.
🔥 THE FORGE. Lock your bond instead. Take $LETHE at 30% below market, locked 48 hours, and the locked LETHE earns 80% APY in $LETHE the whole time, paid from the Vigil's fixed pool. Nothing printed. Bond, lock, earn, unlock.
Referrals · earn from every crossingNEW
how it works
Refer someone. Earn 20% of every toll they pay. Forever.
Anyone who claims your Note, or arrives through your referral link, is your referral. From then on 20% of every toll they ever pay — shield, send, unshield, redeem — is credited to you in lUSD. Not once. Every time. The Pyre takes the other 80%.
people you referred—
earned from their tolls—
top referrers
Addresses are redacted. Referrals are counted, never named.
The vigil · temporary staking30 DAYS
APY · paid in $LETHE
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lUSD keeping vigil
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reward pool left
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ends in
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watchers
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Temporary by design. Stake lUSD for 30 days and earn a fixed APY paid in $LETHE from a pre-funded treasury pool. Nothing is printed, no lUSD is created, and when the pool or the clock runs out the vigil ends. This is how you avoid the Anchor problem: a yield that has an end date cannot become the thing holding up the peg.
The pyre · buyback & burnNEW
$LETHE burned
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bought back
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toll gathered · next burn
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burn epochs
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Every crossing pays the ferryman: 30 bps on shield, send and unshield, 50 bps on redeem. Tolls gather in USDC and each epoch the protocol buys $LETHE at market and burns it. The burn is public. The payer never is.
The unseen ledger · recent
The rites of passage · roadmap
RITE I
The ledger & $LETHE
Real privacy primitives (commitments, nullifiers, encrypted notes) with the peg & ledger kept off-chain. $LETHE launches as the community/gov token.
RITE III
The Note & the Seal
Pay-by-link private transfers and read-only view keys for selective disclosure. Shipped.
RITE II
On-chain lUSD (Arc)
Solidity contracts on Arc: deposit collateral → mint/redeem lUSD, a signed 24/7 oracle, an lUSD pool. A transparent stablecoin on Arc.
RITE III
Peg automation
Algorithmic collateral-ratio control + keeper bots holding the $1 peg via arbitrage.
RITE IV
ZK privacy
Trustless shielded transfers via on-chain zero-knowledge proofs (Light Protocol). The coin truly disappears.
RITE V
Audit & mainnet
Professional audits, liquidity, and mainnet launch. Nothing touches real money before it's audited.
How the crossing works
I
Strike lUSD
Deposit USDC collateral and burn a small LETHE share (fractional-algorithmic) to strike $1-pegged lUSD. Redeem any time to reverse it.
II
Carry it unseen
Move lUSD into the shielded pool — it becomes a note encrypted only to you. Your balance reads ████ on-chain.
III
Pay across the river
Send shielded lUSD and the amount & both parties stay hidden — the ledger keeps only a nullifier and a new commitment. Private digital cash.
Questions at the crossing
What is lUSD?
A dollar you can carry unseen. lUSD is a fractional-algorithmic stablecoin on Arc: every unit is struck from USDC collateral plus a burned share of $LETHE, and the protocol shifts that ratio to hold the peg at $1.
How does the peg hold?
Below $1 the collateral ratio rises, so more USDC backs each new lUSD and redemption pays out more hard collateral. Above $1 the ratio falls and more of each mint is the algorithmic share. Redemption is always open, so arbitrage pulls the price back toward the peg. It is defended, not guaranteed.
What does “shield” actually do?
It moves public lUSD into the shielded pool and writes a note encrypted only to you (x25519), a commitment into the Merkle tree, and nothing else. Your balance reads ████ to everyone but you.
What can an observer see when I send unseen?
A nullifier spent and a new commitment added. No amount, no sender, no recipient. The recipient decrypts their note with their key; nobody else can.
Can I get back to public lUSD?
Yes. Unshield returns a private note to your public balance at any time, and Redeem burns public lUSD for your USDC collateral plus the $LETHE share. Private when you choose, public when you choose.
What is $LETHE for?
$LETHE is the share token of the protocol. A small amount is burned on every mint and minted back on every redeem, so demand for lUSD flows into $LETHE. It is also the governance token for the rites ahead.
How do referrals work?
When someone claims your Note or connects through your referral link (lethearc.xyz/?ref=your-address) for the first time, they are bound to you. 20% of every toll they pay from then on is credited to your public lUSD balance, forever. The remaining 80% still goes to The Pyre. One referrer per wallet, set once, never changed.
What is a Note?
A pay link. You lock shielded lUSD behind a random secret and share the link. Whoever opens it connects a wallet and the lUSD lands in their shielded balance. The secret is only in the link fragment; the server stores a hash of it, and the ledger shows one nullifier and one commitment, indistinguishable from a private send. One claim per note.
What is the Seal?
A view key: an HMAC over your address with a server salt, encoded with your address so the statement page can verify it. It reads your shielded balance and history. It has no spending power. This is the selective-disclosure model privacy coins use for audits: you choose who sees, and only they see.
Is my USDC actually deposited?
Yes. Minting starts with a real USDC transfer on Arc to the treasury. The server reads the transaction receipt, checks the Transfer log is from your wallet to the treasury, and only then credits your ledger. Every deposited dollar sits in the treasury address you can see on the explorer. Nothing on this site is paper any more.
How do I get USDC back out?
Redeem lUSD for USDC on the ledger, then Withdraw. Withdrawals go into a queue the treasury pays out by hand from a cold wallet, usually within 24 hours, and the payout tx hash is written next to your request. There is deliberately no hot key on the server.
What is the Dark Pool?
Private exposure to tokenized stocks. You commit shielded lUSD to a long or short on HOOD, TSLA, NVDA, SPY and others, 1x, no leverage, priced off the live exchange tape. When you close, P&L settles back into your shielded balance. Nobody can see what you hold, how much, or which way. Positions are capped per wallet and pool-wide, shorts stop out at 95% loss, and trades only clear while the tape is fresh. The protocol is the counterparty; fees go to The Pyre.
What is The Forge?
A locked bond. Deposit USDC into the bond pool and take $LETHE at 30% below market, but it is locked for 48 hours instead of vesting over 5. While locked, the LETHE earns 80% APY, paid in $LETHE from the same fixed pool that pays the Vigil. At unlock you claim principal plus yield in one click. The USDC goes to the reserve and mints nothing, so the Forge deepens the collateral behind every lUSD. Closes with the Vigil on Oct 11.
What are Bonds?
The fastest way to grow the reserve. You deposit USDC and receive $LETHE at 20% below market, vesting linearly over 5 days, claimable as it vests and withdrawable to your wallet from the treasury. Your USDC goes into the lUSD reserve and mints nothing, so bonds push the collateral ratio up, not down. Capacity is capped per day and the program closes with the Vigil on Oct 11.
What is The Vigil, and why is it temporary?
A 30-day staking window: stake lUSD, earn a fixed APY, paid in $LETHE from a pool the treasury set aside in advance. It has a hard end date and a hard pool size. Anchor's 20% was permanent and subsidised, so it became the only reason to hold UST and the peg died with it. A yield that ends can't do that.
What is The Pyre?
A ferry toll. Every shield, private send and unshield pays 30 bps, every redeem pays 50 bps. The toll gathers in USDC and each epoch the protocol buys $LETHE at market and burns it, publishing a burn receipt. Usage of private money becomes permanent scarcity in the share token. The burn is public. The payer never is.
Which chain and which wallet?
Arc (chainId 4663). Connect any EVM wallet such as MetaMask or Rabby; the site switches the network for you. USDC is the collateral asset.
Is this safe?
Algorithmic stablecoins carry real risk: a peg is a mechanism, not a promise, and history has UST and Terra in it. Shielded notes are encrypted to your keys alone, so losing your keys loses the notes. Size accordingly.
⚠ Disclosure · read me
lUSD is a fractional-algorithmic stablecoin. The peg is defended by the collateral ratio and open redemption, not guaranteed; algorithmic stablecoins carry real risk (see UST/Terra). Shielded notes are encrypted to your keys alone. Nothing here is financial advice.