LP with Native BTC
The Uniswap v3 experience you know, with real Bitcoin on one side of the pair instead of WBTC. Concentrated liquidity, user-set ranges, multiple fee tiers — on the actual asset.
What's new for EVM LPers
Concentrated liquidity has been an EVM-native product since Uniswap v3 shipped. The BTC leg of every v3 BTC pair has always been WBTC — because UTXO chains had no way to host the position. Rujira AMM runs on THORChain, which settles BTC natively, so the concentrated-liquidity UX you already know can finally be applied to real Bitcoin.
- BTC leg is native BTC — not WBTC, not a bridge IOU.
- Familiar v3-style primitives — user-set ranges, multiple fee tiers, fee accrual while in range.
- Non-custodial — position is tied to your address, not a company\'s ledger.
Step-by-step: open a concentrated LP on native BTC
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Open Rujira AMM
Rujira AMM is the concentrated-liquidity product on THORChain. It supports native BTC as one side of the pair — not WBTC. If you have LPed on Uniswap v3, the shape of the interface will be familiar.
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Pick the pair
Choose a BTC pair — BTC/ETH, BTC/USDC, BTC/RUNE, or any other supported combination. Depth and realised fees differ by pair; check 24h volume and fee tier before committing.
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Set your price range
Concentrated liquidity means your capital earns fees only while the pair trades inside the range you pick. Wide range: more passive, lower fee rate per dollar. Narrow range: higher fee rate while in range, zero when out. Same mental model as Uniswap v3; pick by volatility.
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Pick a fee tier
Rujira AMM offers multiple fee tiers per pair. Low tiers (e.g. 0.05%) fit tight-spread pairs; higher tiers (0.30%, 1%) fit volatile pairs. The UI surfaces which tier has the most volume — usually the right default.
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Deposit both legs of the pair
For BTC/USDC, the BTC leg is sent natively to the inbound address; the USDC leg is sent from an ERC-20 wallet to the app-layer contract. Both legs settle on their own chains; Rujira tracks the position against your nominated address.
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Monitor and collect fees
Watch the position: current range, realised fees, impermanent-loss exposure. Fees accrue continuously while price is in range and can be claimed without closing the position.
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Adjust or close when needed
If price drifts out of range, rebalance into a new range or close the position. Closing withdraws both tokens plus accumulated fees back to your wallets on their respective chains.
Risks to understand before you LP
Same IL exposure as any LP position. Concentrated ranges concentrate IL too — a width you can live with at the volatility extremes is the right width.
When price leaves the range, the position earns no fees and sits entirely in one asset. Rebalance into a new range, or wait for price to return.
Non-custodial does not mean risk-free. Rujira AMM runs on deployed contracts; a bug or exploit could affect LP balances. Size positions accordingly.
Other native-BTC DeFi moves
EVM-user concentrated-LP questions
How is this different from a WBTC Uniswap v3 position?
Operationally very similar — concentrated liquidity, user-set price ranges, multiple fee tiers, fees accrue continuously while in range. The difference is the BTC leg of the pair. On Uniswap v3 the "BTC" is WBTC, an ERC-20 receipt for custodied Bitcoin. On Rujira AMM the BTC is native — your position is denominated against real Bitcoin on the Bitcoin chain. Same LP mechanic; cleaner asset.
Is IL worse on concentrated ranges?
Not worse, but more concentrated. Impermanent loss is a function of how far the pair price moves relative to where you opened. Narrow ranges amplify both the fee density (good) and the drift-out-of-range problem (bad). The tradeoff is identical to Uniswap v3; the rule of thumb is the same: pick a width you can live with at the extremes of expected volatility.
How do I track the position?
The Rujira interface shows your position against your nominated address, including current range, accrued fees, and in-range status. There is no ERC-20 LP-token representation; the position lives as a record in the app-layer contract state, tied to your address. This is structurally different from an ERC-20 LP position and matters if you are used to composing LP tokens into further EVM protocols.
Can I move the LP position into another protocol?
No. Rujira AMM positions are not represented as transferable ERC-20s today; the position lives as a record tied to your address. If your strategy relies on LP tokens as composable collateral, that is a structural difference worth knowing before opening the position.
What is the right first pair to start with?
BTC/USDC is the usual first position: you already have a view on BTC volatility, USDC makes the P&L readable, and volume on the pair is deep enough to support most retail-size ranges. BTC/ETH is the next obvious one if you want cross-crypto exposure without WBTC. BTC/RUNE pays in the platform token; higher variance, more upside if RUNE performs.
Is there an auto-rebalance option?
Not in the core Rujira AMM interface. If price drifts out of range, rebalancing is a manual operation — close the position, re-open at a new range. Third-party or community tooling around Rujira AMM may evolve into this territory; for now, plan for manual position management.