> For the complete documentation index, see [llms.txt](https://docs.wavex.fi/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.wavex.fi/docs/wlp-wavex-liquidity-pool.md).

# WLP (waveX Liquidity Pool)

## What is WLP?

* **WLP** stands for **waveX Liquidity Pool**, represented by a special LP (liquidity provider) token.
* When users deposit assets such as **ASTR**, **WETH**, or **USDC.e** into waveX, they receive **WLP** tokens in return.
* Holding WLP means you are supplying liquidity to waveX’s perpetual trading system and can earn a portion of the protocol’s fees as a reward.

#### Note

* **WLP vs. WELP**
  * **WLP** represents the deposit token that LPs receive when they provide liquidity in assets such as wBTC, wETH, USDC.e, or ASTR.
  * **WELP** represents the deposit token that LPs receive when they deposit **EL tokens**.
  * In other words, waveX operates two separate vaults. When users deposit into the EL-only vault, they receive **WELP tokens** in return.
* **WLP/WELP vs. fsWLP/fsWELP**
  * By design, when users purchase WLP or WELP, the tokens are automatically staked. In return, they receive **fsWLP** or **fsWELP**, which serve as the staked versions of the original tokens. These staked tokens are used as the basis for earning points and other rewards.
  * When users sell fsWLP or fsWELP, those tokens are burned. At the same time, the corresponding WLP/WELP are unstaked and then burned as well, with the chosen underlying asset (e.g., EL, wBTC, etc.) being withdrawn to the user.

## Depositing and Withdrawing WLP/WELP

#### **Deposit**

* Go to the “Earn” section on waveX.
* Enter the asset and amount you wish to deposit.
* After confirming the transaction, you will receive an equivalent amount of **WLP/WELP** based on the value of the assets deposited.

#### **Withdrawal**

* To withdraw, you simply burn your WLP/WELP tokens.
* You can choose which assets (e.g., ASTR, WETH, or USDC.e) or EL you want to receive from the pool.
* Partial or full withdrawals are possible at any time, giving you flexibility in managing your positions.