Q: What is a Fixed-range Concentrated Liquidity pool?
A Fixed-range Concentrated Liquidity (FCL) pool lets you provide liquidity within a specific price range instead of across the entire market.
This means your capital works more efficiently: you earn higher fees when trading happens inside your chosen range.
The tighter your range, the more volumes you will facilitate while price is inside your range and the more fees you will earn. The downside is that the tighter your range, the more likely price will move outside and you will be left holding the underperforming asset and not generating yield while price is out.
Finding the range that works for you depends on your time horizon and what your prospective view on the two tokens prices is. Taking the example of a BTC/USDC FCL position, a helpful way to think about it is to ask at which price you would be happy to be holding 100% BTC, and at which price you would be happy to be 100% in USDC.
Let’s say current price is $90,000 and you looked at the charts and believe it’s unlikely BTC will drop below $70,000, or go above $150,000 this cycle, which is the time horizon over which you plan to hold this position. Those would be the two limits of your range, it means you are happy to keep buying BTC with USDC till it drops to $70k and then have 100% of your position in BTC, or keep selling BTC for USDC till it reaches $150k and then have 100% of your position in USDC. Meantime, you are collecting fees on the trading volumes generated by your position, making money on volatility as long as the price stays in your range.
You can access CL Pools at [coming soon].
For more details, see the FCL strategy docs: https://docs.rujira.network/strategies#concentrated-liquidity-strategy
Q: How can I open a position?
Go to the Strategies page, filter by FCL, choose a pair for which you want to provide liquidity, enter how much you want to provide and your range, and sign the transaction.
Q: What is impermanent loss?
Impermanent loss is the reduction in value that happens when the prices of the two tokens you provide move apart, leaving you with less total value than simply holding them separately.
With fixed-range concentrated liquidity, your funds are active only within the price range you set. As the market moves within your range, the strategy sells the outperforming token to buy the underperforming token, making the value of your position lower than if you had simply held the two tokens separately.
If the price moves outside your range, your position becomes fully one-sided, and the loss becomes larger if the price never returns. This means impermanent loss is amplified for FCL positions compared to a standard XYK LP, but the yield is also much higher as long as the position remains in range.
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