Providing liquidity

Positions

Liquidity on reel is held in a Position account, ["position", pool, owner, nonce], one per owner and nonce, so a wallet can hold several in one pool. PositionOpen creates an empty one. Every reel pool is full range: a position earns on every swap, whatever the price.

A position records its shares, its fee-growth checkpoints, what it is owed, any lock, and what it has collected over its life.

Add liquidity

LiquidityAdd(max_base, max_quote, min_shares) adds in proportion to the reserves: the shares are min(max_base × S / rb, max_quote × S / rq), and the deposit is rounded up per side, so you never pay less than your shares are worth. min_shares protects you if the price moves before the transaction lands.

An add is refused:

• during an Anti-Snipe guard, unless it is the launch position (GuardAddRefused);
• during a Buy/Sell Block sell lock, for the same reason;
• on a Zap Relay target pool, unless it comes from a feeder (ZapTargetOnly);
• on an agent-gated pool, without an Agent (and a score, if the pool asks for one);
• above the pool's deposit cap (DepositCapExceeded), if the pool has a cap set.

Fees owed are settled before the shares change, and the LP stream's release window restarts, so an add right before a payout only earns what streams after it.

Collect fees

FeesCollect pays what the position is owed, in both tokens, without touching its shares. A locked position can always collect. On a launch under a launch lock, the beneficiary collects the launch positions' fees.

Remove liquidity

LiquidityRemove(shares, min_base, min_quote) pays floor(shares × reserve / S) of each side, after settling fees. It is refused while:

• the position is locked (PositionLocked);
• it is a launch position and the launch's principal lock hasn't ended (PrincipalLocked): the guard, the dev-buy lock and the liquidity lock;
• it is a launch position under a launch lock (LaunchLocked).

Removing is never gated by the agent gate or a deposit cap. The virtual quote a launch opened with stays in the pool: it can't be withdrawn by anyone.

Split, hand over, lock, close

• PositionSplit moves some shares into a new position of yours; the new one inherits the lock.
• PositionTransfer names a new owner and PositionAccept completes it. Sending the zero key cancels a pending handover.
• PositionLock locks until a time, or for good (PERMANENT). It only extends.
• PositionClose returns the account's rent once its shares and fees owed are zero.

Launch positions belong to the launch, not a wallet: they can't be split or handed over on their own. The launch changes hands as a whole (LaunchTransfer).

What an LP earns, and risks

An LP earns the base fee on every swap, plus whatever the pool's blocks send to LPs: Snipe tax, dynamic fees, LP Rewards, Storm Fee, advisory surcharges, and its share of recapture and released King of the Pool pots.