As a Liquidity Provider (LP), you deposit stablecoins into Ratio’s pools and earn a share of FX swap fee revenue. Ratio supports both institutional LPs and stablecoin issuers as liquidity sources.Documentation Index
Fetch the complete documentation index at: https://docs.ratiofx.com/llms.txt
Use this file to discover all available pages before exploring further.
How it works
Deposit stablecoins
Deposit stablecoins into Ratio’s liquidity pools via the LP interface or API. Your depositing wallet must be whitelisted before your first deposit can be accepted.
Receive kTokens
You receive kTokens — receipt tokens (e.g., kUSD, kIDR) representing your proportional share of the pool. kTokens are rebasing ERC-20 tokens.
Earn swap fees
Your kToken balance automatically increases as the pool earns fees from FX swaps. The protocol increases the exchange rate between kTokens and the underlying stablecoin. You do not need to claim, harvest, or restake.
kTokens
When you deposit a stablecoin, you receive the corresponding kToken:| Deposit | Receive | Pool |
|---|---|---|
| USDT | kUSD | USD pool |
| IDRX | kIDR | IDR pool |
| tnSGD | kSGD | SGD pool |
| MYRC | kMYR | MYR pool |
LP classes
Ratio supports two LP classes to accommodate different risk preferences.- Class A — FX Only
- Class B — FX + Yield
Deposits are allocated to pools that support FX execution only. Class A LPs earn swap fees but are not exposed to yield strategy risk.This is the default class for stablecoin issuers who want full capital preservation.
LP class is configured during onboarding and can be changed by contacting your account manager.
Fee revenue
You earn revenue from every swap that touches your pool. When a user swaps USDT for IDRX, both the USDT pool and the IDRX pool earn a portion of the swap fee. Revenue is distributed proportionally to each LP’s share of the pool. Higher-volume pools generate more fee revenue for their LPs.Withdrawal process
LP withdrawals are subject to a cooldown period to protect pool stability. The cooldown begins when you signal your intent to withdraw and lasts a configurable duration set per pool. After the cooldown expires, withdrawals are processed in order (FIFO).Requirements
| Requirement | Value |
|---|---|
| Minimum deposit | $50,000 equivalent |
| KYB verification | Required (LP onboarding track) |
| Wallet whitelisting | Kaia address must be registered before first deposit |
Getting started
To become an LP, contact the Ratio team to begin the LP onboarding process. Onboarding covers:- Compliance verification (KYB)
- LP class selection (Class A or Class B)
- Wallet whitelisting
- Deposit routing configuration