Pools, shares and withdrawals
How your deposit is held, what you own, and every way to get it back out.
One position, shares of it
A pool holds one position, and everyone who has deposited owns a share of it. You are issued ERC-6909 shares when you deposit and you burn them when you leave.
This is not an implementation detail, it is the reason the automation is affordable. Compounding one position costs one transaction no matter how many people are in it. Compounding a thousand separate positions costs a thousand, which is more than the fees are worth — so per-user positions cannot be auto-compounded at any sensible price, and pooled ones can.
Burn shares and you receive that proportion of both tokens in the position, at any time, with no lock-up and no exit fee.
Compounding
Fees earned by the position are put back into the position, which increases what every share is worth. There is nothing to claim and no reward token to sell.
Compounding is triggered inside a swap, so it happens as a side effect of trading rather than on a schedule somebody has to pay for. It is skipped when the fees waiting are worth less than the gas needed to collect them — below half a percent of the position, they are left where they are and the next compound sweeps them up. They are not lost.
Anyone can trigger a compound at any time. It is a permissionless call: no key, no allowlist, and no special access. If you want fees folded in before you do something else, you can do it yourself.
Withdrawing
Two modes, and the difference is what you walk away holding.
| Mode | What you get | What to know |
|---|---|---|
| Both tokens | Your proportional slice of each side of the position. | No swap, so no swap cost and no price impact. |
| All ETH | Your slice, with the token side sold inside the same transaction. | Simpler to hold, but it sells at the pool price and moves it. Larger exits move it more. |
Withdrawing part of a position hands your share of any uncompounded fees to whoever stays. Compounding first is one transaction and anyone can do it. Nothing here can tell you how much is waiting — the amount is not published on chain in a form this system can read — so the withdraw screen offers the compound every time rather than guessing.
Limits and edges
A share balance worn down to almost nothing can become too small for either withdrawal path to price, and there is no path that redeems it. The amounts involved are worth a fraction of a cent, but the floor is real and there is no way around it.
The governor can stop new deposits into a pool. No key can stop a withdrawal, and no key can move the position out from under the shares.
The contract is a proxy: the address is permanent and the code behind it can be replaced by a single governor key in one transaction, with no timelock and no way to renounce it. That key is the one thing standing between the guarantees above and different guarantees. It is stated here rather than buried because it is the most important thing on this page.
Registering a pool is permissionless — anyone can add one, and appearing in the registry is not a recommendation. Do your own work on the token before depositing against it.