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Two-sided liquidity

Deposit both tokens and earn from every swap and loan in the market. Junior LPs take a larger share of that income and the first loss.

Updated Nov 9, 2026

Liquidity providers own the market. Deposit both of its tokens and you get srLP, the market's senior LP share.

Each srLP is a slice of everything the market holds: the tokens in its vault and the loans its borrowers owe. There is no price range to manage.

Where the income comes from

Your srLP earns from everything the market does.

Traders pay a fee on every swap. Borrowers and leveraged traders pay interest on what they borrow, and so do the hedged vaults behind single-sided liquidity. All of it becomes one pool of LP income.

Paid byEarned by
Senior, per $100
$2.78 a year
Junior, per $100
$75.00 a year
A sample year for a market with $1,000 of liquidity, $100 of it junior; the junior income share defaults to 50%.

The protocol keeps 20% of swap fees by default. On interest it adds its own markup on top, which borrowers pay, so it takes nothing from LPs there.

A market's operator can keep up to half of the interest; the app launches markets with none. The rest is LP income, split between two tranches.

The junior tranche takes the market's losses first. In return it gets a larger cut of the income than its share of the capital: half of all LP income by default, which the market's operator can set between 10% and 90% after a notice period. In the sample the junior tranche holds 100ofthe100 of the 1,000, so at the default share each junior dollar earns nine times what a senior dollar does.

srLP gives up that income for protection: a loss reaches srLP only after all junior capital is gone.

You can move part of your srLP into the junior tranche as jrLP at any time; leaving takes seven to ten days' notice. Senior and junior tranches explains the trade.

Compounded or claimable

The market's fee profile sets how much of your swap fee income compounds, going back into the reserves and raising what each srLP is worth, and how much stays claimable in your yield account until you harvest it. Part of the dynamic surcharges on swaps can be kept to fund the curve's next recentering.

Interest is claimable, and only once borrowers pay it: unpaid interest is not yield yet. The market books interest in an income book as it accrues, so the interest that accrued while you held stays yours even if you withdraw before borrowers pay it.

Adding liquidity

Open the market

Find it under Liquidity and open its page. The liquidity module shows the reserves, the current price and the yield the market has been paying.

Deposit both tokens

Add liquidity takes both tokens at the current reserve ratio; enter one amount and the other follows. The form shows the srLP you will receive and the amount that leaves your wallet, including any token transfer fee.

Confirm

One transaction mints your srLP. The first deposit in a market permanently locks a minimum amount of liquidity, as in most AMMs.

Harvesting yield

Claimable yield accrues to a yield account per market and token. Portfolio lists what is claimable; Claim pays it to your recipient's token account. You can set a different recipient, and you can name a harvest authority allowed to trigger the claim without being able to redirect it.

Withdrawing never forfeits unclaimed yield: the program records what you earned before it changes your balance.

Withdrawing

Withdraw burns srLP for its share of both tokens:

ai=⌊s (Ri−Ji)S⌋a_i = \left\lfloor \frac{s\,(R_i - J_i)}{S} \right\rfloor

for a burn of ss shares out of a supply of SS, against the reserve RiR_i on each side less its unpaid interest JiJ_i. That interest still pays you through the income books when borrowers pay. Three checks apply, and any of them can make a withdrawal wait:

  1. Cash. Only cash can leave the vault. If most of a token is lent out, your share of that side may be unavailable until borrowers repay or positions are liquidated.
  2. Market health. A withdrawal cannot push the market below its borrow health floor.
  3. Your slippage bound. You set minimum amounts for each side.

There is no withdrawal fee in V2.

What can go wrong

  • Impermanent loss. As in any AMM, a large price move leaves you with more of the token that fell. Fees and interest offset it over time; they do not remove it. Single-sided liquidity hedges it for one token.
  • Bad debt. If a liquidation recovers less than the debt, the loss falls on the junior tranche first. Only the part that exceeds all junior capital is shared across the market's srLP. The risk page explains the junior-first loss waterfall.
  • Concentration. A market launched with a concentrated curve holds most of its depth near the centre. If the price leaves the bands, the tail still trades, but with less depth and more impact.

Providing liquidity to a new market

If no market exists for your pair, Launch a market is the form; the creator's deposit is the first liquidity and sets the opening price, and a thousandth of its shares becomes the market's permanent junior seed.