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LP Tokens

LP Tokens

What is an LP Token?

LP tokens are often distributed by DeFi protocols upon depositing into them and represent a claim to underlying asset(s).

LP tokens, like Basic tokens, conform to the ERC20 standard and are composed of other LP tokens, Basic tokens, or Native tokens. Some of these include:

  • Pool tokens (e.g. Curve LP like the 3CRV (DAI/USDT/USDC) pool )
  • Vault (Yield aggregator) tokens (e.g. Yearn yvTokens like the yvWBTC vault),
  • Lending tokens (e.g. Aave aTokens like aDAI or Compound cTokens like cDAI),
  • Liquid staking derivatives (LSDs) (e.g. Lido stETH)
  • Yield tokens (e.g. Convex cvxCRV)

The Portals API facilitates swapping among these types of tokens seamlessly without exiting or unwrapping them into Basic or Native tokens first via Portals

NOTE: Any token that is not categorized as a Native or Basic by the Portals API is considered an LP token. LP tokens have a unique Platform associated with them.

Properties of an LP Token

The object shown below is an example of a response for an LP token returned by the the Portals API.

key"ethereum:0x117a0bab81f25e60900787d98061ccfae023560c"A unique key identifying this token
name"Curve.fi FRAX/USDC Convex Deposit"The formatted name of the token
decimals18The number of decimal places the token uses
symbol"cvxcrvFRAX"The symbol of the token
images["https://assets.coingecko.com/coins/images/15585/large/convex.png", "..."]An array of images representing this token and it's underlying tokens
price1.0011709453684463The current USD price of the token
liquidity681822400.2612257The current USD market cap of the token
metrics{"apy": 2.09039, "volumeUsd1d":..., "volumeUsd7d":...}APY and volume metrics for the token
tokens["0x3175df0976dfa876431c2e9ee6bc45b65d3473cc"]An array of underlying tokens belonging to this token. See below for more details
platform"convex"The platform the token belongs to
address"0x117a0bab81f25e60900787d98061ccfae023560c"The address of the token
poolAddress"0x117a0bab81f25e60900787d98061ccfae023560c"The address of the pool that is associated with the token
addresses{"ethereum": "0x117a0bab81f25e60900787d98061ccfae023560c"}An object containing the addresses of the token on other networks
network"ethereum"The network this token exists on
updatedAt"2022-10-21T10:39:30.243Z"The date and time of the last update for this token

Additional considerations

  • The liquidity prop refers to the USD value of the pool's reserves (i.e the price of the underlying token * the quantity of the underlying token in the pool).
  • The images prop includes the platform's image at index 0 and it's underling tokens beginning at index 1
  • A poolAddress prop may be returned in cases where the address prop is different from the pool's address (e.g. some Curve pools). If a poolAddress does not exist, this prop is undefined.
  • The metrics object may be empty if APY and/or volume data is not available for the token.