> For the complete documentation index, see [llms.txt](https://docs.useicaria.xyz/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.useicaria.xyz/using-icaria/liquidity-providers.md). # For liquidity providers A practical guide to funding vaults: depositing, earning, monitoring and leaving. To provide liquidity here is to fund one or more [anchor vaults](/protocol/anchor-vaults.md) and take the spread on whatever they fill. The activity looks far more like underwriting a market-making book than farming: revenue comes from real flow, and the risks are inventory risks, laid out completely in [Liquidity provision](/protocol/liquidity-provision.md). Read that first, then use this page for the practical sequence. ## Onboarding An `LP` attestation is required to participate, issued at launch to professional clients through the same flow that handles trading eligibility. Since the vaults you fund hold Stock Tokens, the [issuer-risk disclosure](/risk/issuer.md) is part of onboarding. ## Choosing markets Each vault is its own decision, and the [trade explorer](/using-icaria/trade-explorer.md) publishes what you need to underwrite one: * realised spread revenue and volume broken down by regime, running from the listing date, * the inventory mix as it stands, and how far its skew sits from the band, * the market's tier parameters and its caps, * a halt history, with reasons attached. Turnover runs higher and spreads tighter in Tier A, while Tier C pays wider spreads on thinner flow that gaps more often. No pooled product exists to make that choice on your behalf, deliberately. ## Depositing Bring USDG, the market's token, or both. The vault values what arrives at the guarded mid and mints shares against it. Nothing is locked and nothing is charged on entry. Each vault carries a TVL cap through the guarded launch, displayed on its page, and a vault at its cap takes nothing more until the timelock raises it. ## While deposited Each fill lifts value per share, and your position page shows that alongside your slice of the current inventory. Worth watching: * **Skew.** A vault pinned at the band edge quotes one-sided and earns less, and skew that never reverts means the flow in that market runs persistently one way. * **Regime mix.** Closed-regime fills carry the gap risk you are being paid to hold, and the explorer reports what share of your vault's fills happened at the weekend. * **Halts.** Nothing accrues while a vault is halted, and your right to withdraw is unaffected throughout. ## Exiting Burning shares returns a proportional, in-kind mix of whatever USDG and tokens the vault holds at that moment, in any vault state, with no exceptions. Two consequences to plan around: * You may leave with more token and less USDG than you arrived with, or the reverse, depending on the mix at the time. Swapping the token leg back is an ordinary trade at ordinary cost. * Exiting during `CLOSED` hands you inventory you cannot flatten cheaply until the underlying reopens. Leaving is always possible; choosing when to leave still rewards thought. ## Taxes and accounting Price movement and spread revenue accrue into share value together, and an in-kind withdrawal is a disposal event under most regimes. Full per-position history exports from the explorer as CSV, and interpreting it is between you and your adviser. None of this documentation is tax advice. --- # Agent Instructions This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. Learn more at gitbook.com. ## Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter, and the optional `goal` query parameter: ``` GET https://docs.useicaria.xyz/using-icaria/liquidity-providers.md?ask=&goal= ``` `ask` is the immediate question: it should be specific, self-contained, and written in natural language. `goal` is optional and describes the broader end goal you are ultimately trying to accomplish on behalf of the user. GitBook uses it to tailor the answer towards what is most useful for that goal. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.