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On VOIZ, LPs are the market. You are not picking Yes or No. You deposit collateral into the market’s OutcomeAmm so the community can trade through you. You hold a mix of outcome tokens (the book). Protocol / creator / referrer fees are cash out of the trade. The LP cut (default 0.8%) stays in the pool as extra complete sets. Your P&L is inventory marked at AMM (or 0/1) prices versus cost — not deposit × odds × win/lose. Worked numbers (100 collateral, 70/30, buy 40): LP calculator. Not financial advice. Size only what you can lose.

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What you actually mint

credits (or seedWei on first LP) is one collateral number. The AMM pulls it, splits a complete set, keeps a slice of each slot as inventory, and mints ERC-20 pool shares to you.
Invalid is part of the complete set and sits in the AMM. It is not tradable and always prices at 0. On a skewed book, later LP binds on the heaviest reserve. Lighter slots send leftover outcome tokens back to the funder.

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What you earn

Cost on add is max(amountsAdded) (addedFunds). Indexer remove proceeds are the named basket at 1e18 prices, or 0/1 if resolved. Send-back tokens are a share position, not this LP lot.
A book that resolves quickly can show almost no trading and a large inventory term. The halt at resolve protects remaining inventory from 0/1 arb.

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Risks

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Trading stops when the market resolves — otherwise LPs get arbitraged

After payouts are set, every named share is worth exactly 1 or 0 collateral. If swaps kept running:
  • Winner still priced below 1 — buy it from the AMM, redeem at 1.
  • Loser still priced above 0 — sell worthless shares into the AMM, take collateral out.
buy / sell therefore revert Resolved once Conditional Tokens has a payout denominator. Fee income from traders stops with them. Fee income for the protocol only exists between seed and resolve. A market that resolves quickly can pay almost no volume relative to the inventory you posted — but leaving the AMM open would be worse: the inventory itself would be picked off.

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Inventory while the market is open

Across-outcome LP is how you market-make the whole book without picking Yes or No. It is not delta-neutral. As implied probability moves, you hold more of the outcome the market is dumping. You are the other side of every trader.

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Even join vs live odds

Later addLiquidity joins current reserve proportions. It does not re-apply your original seed odds.

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Idle Invalid

The complete-set mint always prints Invalid. It never trades. Unwinding a full set later means you need the named outcomes back (from removeFunding, from trading, or from leftover send-backs).

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Operational

Approvals, factory version, and AMM clone all have to match. Tiny credits revert (mintAmount == 0 or dust). Contracts, oracles, and resolution can fail. This is not financial advice. Size only what you can lose.

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How to exit

  1. client.user(owner).lpPositions({ market }) — find the pool-share lot.
  2. Open: market.removeFunding({ shares, owner }) — basket of every slot, then merge complete sets if you want collateral.
  3. Resolved: market.redeemLp({ shares, owner }) — burn shares, redeem the basket to collateral (same redeem fee).
  4. Send-back / leftover named tokens: market.redeem as share positions.
redeemLp only works after resolve. While open there is no 1:1 payout on a single outcome.

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In the SDK

See Provide liquidity for the later-LP call shape.