Like the token?
Understand the LP.

A share of the pool, held in your wallet.

Adding liquidity gives you lpTOKEN: transferable shares in a vault holding a full-range position in one Uniswap v4 pool. Your shares represent a proportional claim on both assets, earned fees and idle balances. You can deposit the pair or use an available single-asset route; the resulting position still holds exposure to both the token and its paired asset.

You do not select or rebalance a narrow trading range. The vault manages one fixed full-range position, while the amounts of each asset change as the pool price moves. Your wallet holds the lpTOKEN shares, which can be redeemed for the underlying assets.

Pool trades earn fees for your LP.

Trades routed through the bound pool generate fees for its active liquidity. The vault's share depends on its liquidity relative to other positions. Fees earned by the vault's full-range position remain in its net asset value (NAV), backing every lpTOKEN share.

Pool fees

The fee rate belongs to each pool; it is not always 1%. Only volume routed through that pool contributes to its LP fees.

Compounding

Anyone can compound matched fee balances after the 10-minute cooldown. Unmatched or capped balances stay in the vault, remain part of NAV and are redeemable.

Optional staking

Holding lpTOKEN is enough to share in the vault's LP fees. Staking campaigns offer separate rewards for eligible shares; you do not need to stake to earn pool fees.

Quoted yields

Fee APY estimates annualize recent fee growth. Campaign APR describes separate staking rewards. Neither is a prediction of your total return.

The full-range vault retains its LP earnings with no performance fee. Public minting and redemption each charge a 0.30% share fee. Platform-launched markets also have a separate launch-position fee flow; see the complete fee breakdown.

When can LPing beat holding?

LPing combines exposure to the token and its paired asset with pool fees. That mix can outperform holding only the token, especially when enough trading fees accumulate. In a strong rally, holding the token can do better as the LP gradually sells it into the paired asset. Fees can also be too small to offset a fall in the underlying assets.

Compare both positions over the same dates and in the same currency. The difference between their returns is not all fee income: the LP holds a different mix of assets. Impermanent loss compares the LP with holding its original two-asset deposit unchanged, rather than with holding only the token.

Redeem your shares for the underlying assets.

Choose Withdraw on the market page to redeem lpTOKEN. The vault returns your proportional share of its two assets, including accrued LP fees and idle balances, after the 0.30% redemption share fee.

• Two-asset backing. The amounts depend on the vault's current balances. A single-asset withdrawal route, where available, adds a swap and can incur swap fees and slippage.
• Staked shares. Unstake your lpTOKEN before redeeming it. Staking rewards are a separate claim from your LP position.
• Value versus proceeds. Displayed LP NAV and open PnL are before future redemption fees. Review the transaction quote for the assets you will receive; gas is paid separately.

How to read the home replay.

The replay compares token holding with LP value over matching periods. CASHCAT uses a historical simulation; the other examples use indexed vault NAV per share. These selected examples illustrate different outcomes, not how often LP outperforms.

• A shared baseline. Both lines start at 0%, calculated as value ÷ starting value − 1, in the displayed quote asset. Dates are UTC. Hover or focus the chart and use the arrow keys to read a point. Drag to compare the change in each position over a selected interval; this does not create a new LP position on the selected date.
• CASHCAT simulation. The model uses CASHCAT / WETH hourly closes and volume from its existing v3 pool to estimate a hypothetical full-range LP. Both lines are rebased to July 12; the continuous model begins on July 8. It assumes a 1% pool fee and an initial vault size of 20% of the existing pool. Fee share uses a price-adjusted TVL proxy, includes the hypothetical vault's dilution, and immediately compounds balanced fees. Historical active liquidity, individual ranges and unmatched fee balances are not reconstructed. These are model results, not live lpCASHCAT returns.
• Indexed vault history. Each period starts at the first usable observation containing both a positive token price and vault NAV. The chart samples their shared observations, preserving the start and end. NAV includes pool assets and earned fees; it is not the market trading price of lpTOKEN. Replays are saved historical snapshots, while the market list below loads current data.
• Fee bubbles. Replay bubbles group estimated fee income over the newly revealed interval, as a percentage of starting LP value. CASHCAT bubbles use the simulation's accrued fees since July 12. For indexed vaults, earned token amounts come from changes in pending shareholder fees plus recorded fee collections, independently of NAV price movements. We value them at each observation's closing pool price and allocate them using the average opening and closing share supply. Within-interval prices and share-supply changes make this an estimate. Fees retain market exposure, so summing the bubbles does not reproduce the final LP return. Dollar amounts in the separate how-it-works illustration are illustrative.
• HIMS and MU stock tokens. These are the listed Robinhood stock tokens, not direct holdings of Hims & Hers or Micron shares. Each comparison uses the stock token's indexed price and its LP vault NAV in USDG.
• Returns and costs. LP returns include changes in both assets and earned fees. A fee-earning position can still lose value, and a rising token can outperform its LP. Displayed NAV returns exclude the 0.30% mint and 0.30% redeem fees, gas, slippage and staking rewards. Historical results are not a forecast.

Examples and comparison periods

• CASHCAT / WETH. Simulation · Jul 12, 2026 – Oct 19, 2026. View market →
• HIMS / USDG. Indexed vault history · Aug 31, 2026 – Oct 21, 2026. View market →
• MU / USDG. Indexed vault history · Aug 31, 2026 – Oct 21, 2026. View market →
• HOOKR / ETH. Indexed vault history · Sep 1, 2026 – Oct 21, 2026. View market →
• Basecat / USDC. Indexed vault history · Aug 24, 2026 – Oct 21, 2026. View market →

Two ways to create an lpTOKEN vault.

Launch a new token and pool, or create a vault for a supported existing Uniswap v4 pool.

Token holders swap directly against the bound v4 pool. lpTOKEN holders instead mint or redeem a pro-rata claim on the vault's exact two-asset backing; lpTOKEN is not a second token-pair market and introduces no separate price to arbitrage.

Two positions. Two fee paths.

Platform markets follow both stages. External markets such as CASHCAT begin at Path 2: without a protocol one-sided launch position, there is no launch split or launch-NAV inflow. The positions share one Uniswap pool while keeping their fee accounting separate.

Permissionless launch distribution

Anyone can distribute launch fees.

Uniswap protocol fee

A separate governance-controlled fee can be deducted by Uniswap before LP fee growth.

Platform launches include permanent liquidity.

A platform launch sends its bootstrap shares to the dead address. Those shares are unredeemable, so the launch-fee NAV they hold accumulates permanently instead of being claimable by anyone — including us.

For platform launches, permanent NAV grows with cumulative launch-position fees. New launches seed 0.001 ETH on Ethereum, Base, and Robinhood, or 2.5 USDC on Arc. Compounding adds matched assets to the full-range position; unmatched assets remain in the vault.

The floor does not guarantee a minimum price, and only the dead-share portion of NAV is permanent. External-token vaults do not receive the additional launch-position fee flow described here.