Gave up repairing potholes (4,4)

I believe the answer is:

lost hope

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'gave up' is the definition.
Although both the answer and definition are past participle verbs, I don't see how they can define each other.

'repairing potholes' is the wordplay.
'repairing' is an anagram indicator (I've seen 'repair' mean this).
'potholes' is an anagram of 'LOST HOPE'.

Can you help me to learn more?

I've seen this clue in the Sydney Morning Herald.

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