[{"data":1,"prerenderedAt":326},["ShallowReactive",2],{"api/learn-center-post-en-GB-what-are-liquidity-pools":3,"en-gb/learn/web3/what-are-liquidity-pools-en-GB-seo":57,"footer-en-GB":62,"navigation-en-GB-learn-center":235,"api/learn-categories-en-GB":286},{"seo":4,"locale":28,"breadcrumbs":29,"excerpt":37,"featuredImage":38,"components":39,"title":5,"formattedPublishedAt":50,"geofencings":51,"category":52,"pagination":54,"campaignExternalId":8},{"title":5,"metaTitle":6,"metaDescription":7,"keywords":8,"metaRobots":8,"structuredData":9,"metaImage":10,"metaSocial":18,"canonicalURL":8,"localizations":19},"What are liquidity pools?","What are liquidity pools? - Bitstamp Learn Center","What are liquidity pools? How are they used in DeFi? Read our guide to liquidity pools and start trading on Bitstamp by Robinhood – the original crypto exchange.",null,{},{"url":11,"mime":12,"ext":13,"width":14,"height":15,"name":16,"alt":17},"bitstampImageUrl/What_are_liquidity_poolspng_eaf8de5162_d76d00a6fb.png","image/png",".png",1920,1080,"What_are_liquidity_poolspng_eaf8de5162.png","",[],[20,23,26],{"pathname":21,"locale":22},"/learn/web3/what-are-liquidity-pools/","en",{"pathname":24,"locale":25},"/es/learn/web3/what-are-liquidity-pools/","es",{"pathname":27,"locale":28},"/en-gb/learn/web3/what-are-liquidity-pools/","en-GB",[30,34],{"id":31,"text":32,"url":31,"asUrl":33},"/learn/web3/","Web3",true,{"id":35,"text":5,"url":27,"asUrl":36},"what-are-liquidity-pools",false,"\u003Cp>Liquidity pools are collections of cryptocurrencies used to facilitate trades between different assets on decentralized exchanges.\u003C/p>\n",{"url":11,"mime":12,"ext":13,"width":14,"height":15,"name":16,"alt":17},[40],{"component":41,"props":42,"content":43,"secondaryContent":47,"ctas":48,"secondaryCtas":49,"ctasNoMarginTop":36},"section.full-text",{"centered":36,"withoutSectionContainer":36},{"text":44,"width":45,"align":46},"\u003Cp>Liquidity pools are collections of cryptocurrencies used to facilitate trades between different assets on decentralized exchanges.\u003C/p>\n\u003Cp>\u003Cstrong>Centralized exchanges\u003C/strong> like Bitstamp by Robinhood, match buyers and sellers (traders), who transfer assets based on an agreed-upon price. This model is called an \u003Cstrong>order book\u003C/strong>, because all orders and their prices are recorded one-by-one on a list.\u003C/p>\n\u003Cp>Blockchain technology’s use of \u003Ca href=\"/en-gb/learn/crypto-101/what-are-smart-contracts/\">smart contracts\u003C/a> introduced another model for swapping between assets, called automated market makers (AMMs). \u003Cstrong>Liquidity pools\u003C/strong> are a crucial part of this process. Breaking down the term: \u003Cem>liquidity\u003C/em> refers to assets available to trade on the market, and \u003Cem>pools\u003C/em> are collections of crypto coins/tokens that are grouped together.\u003C/p>\n\u003Cp>Many \u003Cstrong>\u003Ca href=\"/en-gb/learn/web3/what-is-a-decentralized-exchange-dex/\">decentralized exchanges\u003C/a>\u003C/strong> use liquidity pools as collective sources of assets with which traders can interact. This functionality is one of the main drivers of the expansive \u003Ca href=\"/en-gb/learn/web3/what-is-decentralized-finance-defi/\">decentralized finance (\u003Cstrong>DeFi\u003C/strong>)\u003C/a> ecosystem.\u003C/p>\n\u003Ch2>How do liquidity pools work?\u003C/h2>\n\u003Cp>Although there are many complexities to liquidity pools, its basic function is relatively simple. Let’s use an example of a pool that contains \u003Ca href=\"/en-gb/learn/cryptocurrency-guide/what-is-ethereum-eth/\">ETH\u003C/a> and \u003Ca href=\"/en-gb/learn/cryptocurrency-guide/what-is-usd-coin-usdc/\">USDC\u003C/a>.\u003C/p>\n\u003Cp>\u003Cstrong>Liquidity providers\u003C/strong> (\u003Cstrong>LPs\u003C/strong>) lock an amount of ETH and USDC in a dedicated smart contract that holds the assets (the \u003Cstrong>pool\u003C/strong>). Other users who want to swap between ETH and USDC dip into the liquidity pool as a source of assets. For instance, one might deposit some ETH into the pool and receive an equivalent value of USDC (or vice versa).\u003C/p>\n\u003Cp>The swappers pay a small fee for using the pool, and this fee is distributed among the LPs to incentivize them for the service they provide. Generally, LPs are issued another cryptocurrency called \u003Cstrong>LP tokens\u003C/strong> that give them the right to collect a percentage of all fees that is proportional to the amount of liquidity they provide to the pool. In other words, the more assets LPs lock up, the more LP tokens they receive, and the higher proportion of fees they collect.\u003C/p>\n\u003Cp>Although this basic mechanism powers all liquidity pool-based swaps, there are many variations. Some platforms, for instance, offer the ability for liquidity providers to stake their LP tokens and generate additional rewards. This is one form of a popular practice in DeFi called \u003Cstrong>\u003Ca href=\"/en-gb/learn/web3/what-is-yield-farming/\">yield farming\u003C/a>\u003C/strong>.\u003C/p>\n\u003Ch3>Automated market maker\u003C/h3>\n\u003Cp>The platforms that use liquidity pools to power digital asset swaps are called \u003Cstrong>automated market makers (AMMs).\u003C/strong> AMMs are smart contract-based protocols that dictate how LPs, liquidity pools, LP tokens, and other related functions work together.\u003C/p>\n\u003Cp>One important function of an AMM is ensuring that asset valuations remain accurate, so users making swaps are not losing (or gaining) value compared to market prices of their crypto. One way they do this is stabilizing asset prices according to their fluctuations within a liquidity pool. In the above example of an ETH/USDC pool, this means that as ETH is deposited and USDC is withdrawn, the total quoted price of ETH decreases and USDC increase, thus leaving a constant total value in the pool. The math behind this rule is called the \u003Cstrong>Constant Product Formula.\u003C/strong>\u003C/p>\n\u003Cp>In order to maintain price stability, AMMs also rely on 1) \u003Cstrong>arbitrage traders\u003C/strong> who trade across markets to take advantage of differences in prices, and 2) \u003Cstrong>\u003Ca href=\"/en-gb/learn/blockchain/what-are-oracles/\">oracles\u003C/a>\u003C/strong>, which are tools that communicate real-world information to blockchain-based systems.\u003C/p>\n\u003Ch2>Decentralized exchanges that use liquidity pools\u003C/h2>\n\u003Cp>Some of the most popular AMM-based DEXs that use liquidity pools are:\u003C/p>\n\u003Cul>\n\u003Cli>\u003Cp>\u003Cstrong>Bancor\u003C/strong> – DEX protocol that invented the AMM model in 2017. It uniquely matches user deposits by contributing its native BNT token in every liquidity pool, allowing users to make single-sided deposits (i.e. provide liquidity using one token rather than two).\u003C/p>\n\u003C/li>\n\u003Cli>\u003Cp>\u003Cstrong>\u003Ca href=\"/en-gb/learn/cryptocurrency-guide/what-is-uniswap-uni/\">Uniswap\u003C/a>\u003C/strong> – popularized the AMM model and is deployed on Ethereum, the \u003Ca href=\"/en-gb/learn/cryptocurrency-guide/what-is-polygon-matic/\">Polygon\u003C/a> sidechain, and layer 2 solutions like Optimism and Arbitrum.\u003C/p>\n\u003C/li>\n\u003Cli>\u003Cp>\u003Cstrong>Curve\u003C/strong> – focuses on hosting pools of stablecoins with the aim to help investors participate in providing liquidity without having to contribute more volatile assets.\u003C/p>\n\u003C/li>\n\u003C/ul>\n\u003Ch2>What are the benefits and risks of using liquidity pools?\u003C/h2>\n\u003Cp>AMM-based liquidity pools use automated, blockchain-powered technology where users can swap digital assets without relying on centralized entities. Rather, using liquidity pools relies on trusting publicly available code.\u003C/p>\n\u003Cp>However, because liquidity pools are subject to strict rules coded into smart contracts, they also may be subject to exploits by hackers if that code has vulnerabilities.\u003C/p>\n\u003Cp>Another risk of using liquidity pools is \u003Cstrong>impermanent loss\u003C/strong>, which can happen when the two assets deposited in a pool lose value due to market conditions, or the swaps themselves. The loss is called “impermanent” when the assets remain in the pool, but these become permanent, \u003Cem>realized\u003C/em> losses if/when the user removes their funds from the pool.\u003C/p>\n\u003Ch2>Liquidity pools essentials\u003C/h2>\n\u003Cul>\n\u003Cli>\u003Cp>Liquidity pools are collections of different cryptocurrencies that are used by traders wishing to swap between assets.\u003C/p>\n\u003C/li>\n\u003Cli>\u003Cp>Liquidity pools rely on the interaction between liquidity providers (LPs) who lock their crypto in smart contracts and users (including arbitrage traders) who swap their crypto using the locked funds for a fee paid back to LPs.\u003C/p>\n\u003C/li>\n\u003Cli>\u003Cp>The automated market maker (AMM) model that uses liquidity pools was introduced by the Bancor decentralized exchange and popularized by Uniswap.\u003C/p>\n\u003C/li>\n\u003C/ul>\n","full","left",{"text":17},[],[],"July 29th, 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Kingdom",{},{},{"title":195,"content":17,"items":196},"Contact",[197,202,206,210,214,218,223,228],{"noFollow":36,"isExternal":36,"name":198,"value":199,"isEmail":36,"isPhoneNumber":36,"isText":36,"showOnDesktop":33,"showOnMobile":33,"attachment":200,"geofencings":201},"Customer 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20 3868 9628","+442038689628",{},{},{"noFollow":36,"isExternal":36,"name":224,"value":225,"isEmail":36,"isPhoneNumber":33,"isText":36,"showOnDesktop":33,"showOnMobile":33,"attachment":226,"geofencings":227},"+1 800 712 5702","+18007125702",{},{},{"noFollow":36,"isExternal":36,"name":229,"value":230,"isEmail":36,"isPhoneNumber":33,"isText":36,"showOnDesktop":33,"showOnMobile":33,"attachment":231,"geofencings":232},"+352 20 88 10 96","+35220881096",{},{},"\u003Cp>Please read the general \u003Ca href=\"/legal/risk-warning/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">Risk Warning\u003C/a>, and \u003Ca href=\"/legal/uk-investment-risk-warning/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">Risk Summary\u003C/a> for UK residents before investing in crypto-assets. \u003C/p>\n\u003Cp>Crypto-assets services are provided by the following Bitstamp legal entities depending on client residency: (1) Bitstamp Europe S.A., which is authorized by the Commission de Surveillance du Secteur Financier (CSSF) in Luxembourg as a payment institution (licence number Z00000012) and crypto-asset service provider (licence number N00000003); Registered address: 40, avenue Monterey, L-2163 Luxembourg, Grand Duchy of Luxembourg; Registration number: B196856; (2) Bitstamp UK Ltd., which is registered with the Financial Conduct Authority (FCA) in the UK for the provision of certain cryptoassets activities under the Money Laundering Regulations (Firm Reference Number 978690); Registered address: 5 New Street Square, EC4A 3TW London, United Kingdom; Registration number: 14174243; (3) Bitstamp Ltd.with its registered address at 5 New Street Square, EC4A 3TW London, United Kingdom and registration number: 8157033; (4) Bitstamp Global Ltd., which is registered as a Virtual Asset Service Provider in the British Virgin Islands and is supervised by the British Virgin Islands Financial Services Commission (FSC); Registered address: Floor 4, Banco Popular Building, Road Town, Tortola VG1110, British Virgin Islands; Registered number: 2086429; and (5) Bitstamp Asia Pte Ltd, which is authorized by the Monetary Authority of Singapore (MAS) as a major payment institution (licence number PS20200667); Registered address: 63 Chulia Street, OCBC Centre East, #15-01, Singapore 049514; Registered number: 202016687K;\u003C/p>\n\u003Cp>Virtual currency services to US residents are provided by Bitstamp USA, Inc., which is licensed to engage in virtual currency business activity by the New York State Department of Financial Services. Licensed as a Money Transmitter by the New York State Department of Financial Services. Review a \u003Ca href=\"/legal/usa-inc/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">list of its licenses and other registrations\u003C/a> (NMLS number \u003Ca href=\"https://www.nmlsconsumeraccess.org/EntityDetails.aspx/COMPANY/1905429\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">1905429\u003C/a>) for more information; Registered address: 85 Willow Road, Menlo Park, CA 94025, United States of America; Registered number: 5481543.\u003C/p>\n\u003Cp>Investment services with regards to trading in crypto derivatives are provided by Bitstamp Financial Services Ltd., which is authorized and supervised by the Slovenian Securities Market Agency (ATVP) as a MiFiD investment firm. Trading crypto derivatives carries significant risks and may result in substantial losses. Please trade responsibly and ensure you understand the associated risks. You can find more about the risks \u003Ca href=\"/legal/financial-services/general-terms-and-conditions/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">here\u003C/a>. To help you understand the risks involved we have put together a series of \u003Ca href=\"/derivatives/key-information-documents/\" target=\"_blank\" rel=\"noopener noreferrer\">Key Information Documents (KIDs)\u003C/a> highlighting the risks and rewards related to each derivatives contract. Crypto derivatives trading is not available to customers in the US, Canada, Japan and some other countries. Bitstamp Financial Services Ltd. does not provide crypto-asset services.\u003C/p>\n\u003Cp>To find out more about which Bitstamp entity you receive services from, please check the Profile/My information in your Bitstamp account. You can read more about our legal terms, policies and disclosures \u003Ca href=\"/legal/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">here\u003C/a>.\u003C/p>\n","\u003Cp>All rights reserved © 2026 Bitstamp by Robinhood. \u003Ca href=\"https://www.nmlsconsumeraccess.org/EntityDetails.aspx/COMPANY/1905429\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">NMLS #1905429\u003C/a>\u003C/p>\n",{"items":236,"ready":33,"platformButtonText":282,"backButtonText":283,"logInButtonText":284,"signUpButtonText":285},[237,242,248,251,255,260,265,268,273,278],{"headerName":238,"sidemenuName":119,"url":239,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":240,"submenu":241,"tag":17},"Institutions","/en-gb/institutional-trading/",{},[],{"headerName":243,"sidemenuName":243,"url":244,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":245,"submenu":246,"tag":247},"Derivatives","/perpetual-futures/",{},[],"NEW",{"headerName":134,"sidemenuName":134,"url":135,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":249,"submenu":250,"tag":17},{},[],{"headerName":252,"sidemenuName":252,"url":107,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":253,"submenu":254,"tag":17},"Mobile App",{},[],{"headerName":256,"sidemenuName":256,"url":257,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":258,"submenu":259,"tag":17},"Markets","/markets/",{},[],{"headerName":261,"sidemenuName":261,"url":262,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":263,"submenu":264,"tag":17},"Earn Stake","/en-gb/crypto-staking/",{},[],{"headerName":111,"sidemenuName":111,"url":112,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":266,"submenu":267,"tag":17},{},[],{"headerName":269,"sidemenuName":269,"url":270,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":271,"submenu":272,"tag":17},"Blog","https://blog.bitstamp.net/",{},[],{"headerName":274,"sidemenuName":274,"url":275,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":276,"submenu":277,"tag":17},"Learn","/learn/",{},[],{"headerName":279,"sidemenuName":279,"url":107,"noFollow":36,"showInHeader":36,"showInSidemenu":33,"geofencings":280,"submenu":281,"tag":17},"Get Bitstamp by Robinhood app",{},[],"Go to platform","Back","Log in","Get started",[287,291,295,299,303,307,311,315,319,323],{"title":288,"url":289,"geofencings":290},"Blockchain technology","/en-gb/learn/blockchain/",{},{"title":292,"url":293,"geofencings":294},"Company profiles","/en-gb/learn/company-profiles/",{},{"title":296,"url":297,"geofencings":298},"Crypto 101","/en-gb/learn/crypto-101/",{},{"title":300,"url":301,"geofencings":302},"Crypto definitions","/en-gb/learn/crypto-definitions/",{},{"title":304,"url":305,"geofencings":306},"Crypto trading","/en-gb/learn/crypto-trading/",{},{"title":308,"url":309,"geofencings":310},"Cryptocurrency guide","/en-gb/learn/cryptocurrency-guide/",{},{"title":312,"url":313,"geofencings":314},"People profiles","/en-gb/learn/people-profiles/",{},{"title":316,"url":317,"geofencings":318},"Security","/en-gb/learn/security/",{},{"title":320,"url":321,"geofencings":322},"Tutorials","/en-gb/learn/bitstamp-tutorials/",{},{"title":32,"url":324,"geofencings":325},"/en-gb/learn/web3/",{},1775562983237]