Liquidity Pool
A crowdsourced collection of tokens or digital assets locked in a smart contract that provide liquidity for decentralized exchanges.
[Liquidity pools](/ja/terms/liquidity-pools) have enabled the explosion of long-tail assets in the crypto ecosystem, as any token pair can have a market as long as there is a pool for it. However, they are subject to unique risks, including 'Rug Pulls' (where developers remove the liquidity they provided) and 'Flash Loan Attacks', which can manipulate the pool's price ratio to drain assets. To mitigate these, many projects 'lock' their liquidity in dedicated locker contracts for a set period, providing a verifiable proof of commitment to the market's stability.
graph LR
Center["Liquidity Pool"]:::main
Rel_liquidity_pool["liquidity-pool"]:::related -.-> Center
click Rel_liquidity_pool "/terms/liquidity-pool"
Rel_liquidity_pools["liquidity-pools"]:::related -.-> Center
click Rel_liquidity_pools "/terms/liquidity-pools"
Rel_collateralized_debt_position_cdp["collateralized-debt-position-cdp"]:::related -.-> Center
click Rel_collateralized_debt_position_cdp "/terms/collateralized-debt-position-cdp"
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🧒 5歳でもわかるように説明
Imagine a big bowl where everyone can throw in an equal amount of Apples and Oranges. If you want to buy an Apple, you don't have to wait for a specific person to sell one to you; you just throw an Orange into the bowl and take an Apple out. The people who put their fruit in the bowl (the [liquidity](/ja/terms/liquidity) providers) get a tiny piece of every trade that happens in the bowl as a reward for helping out.
🤓 Expert Deep Dive
[Liquidity pools](/ja/terms/liquidity-pools) typically operate using the 'Constant Product' formula (x * y = k). When an LP deposits assets, the protocol issues 'LP Tokens'—cryptographic receipts representing the LP's fractional ownership of the pool's total reserves. These tokens can often be 'staked' in yield farms to earn additional rewards (Liquidity [Mining](/ja/terms/liquidity-mining)). The greatest risk for LPs is 'Impermanent Loss' (IL), which occurs when the price ratio of the pooled assets changes significantly after the deposit, potentially making it more profitable to have simply held the assets individually. Advanced pool designs, such as 'Concentrated Liquidity' (Uniswap v3), allow LPs to provide liquidity within custom price ranges, significantly increasing capital efficiency but also increasing the complexity of IL management. To prevent 'Price Impact' or 'Slippage' from destabilizing the pool, large trades are often routed across multiple pools through aggregators.