> For the complete documentation index, see [llms.txt](https://docs.thena.fi/thena/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.thena.fi/thena/liquidity-provision.md).

# Liquidity Provision

THENA's modular liquidity layer makes assets available for spot swaps through pools with different pricing and reward arrangements. Your position's value and rewards depend on its assets, range, reward mode and market activity.

### Manual concentrated liquidity

Choose a price range and manage the position yourself. There are two reward modes:

| Mode                | Main reward                                                                   | What to review                                              |
| ------------------- | ----------------------------------------------------------------------------- | ----------------------------------------------------------- |
| Manual CL Earn THE  | THE emissions for an eligible position participating in the pool's gauge      | Gauge eligibility, active range and reward estimate         |
| Manual CL Earn Fees | 87.5% of trading fees generated by your positions; 12.5% goes to the treasury | Trading activity in your range, accrued fees and collection |

Review the selected mode before depositing. Do not assume one position earns both rewards under the same conditions.

### Managed liquidity

An automated liquidity manager uses a strategy to manage ranges. Each vault has its own deposit requirements, reward treatment, fees and risks. Read the available strategy details before depositing.

### Compare the right metrics

Pool TVL measures the value deposited in the pool. Active liquidity describes liquidity available around the current price. Neither alone tells you how much a trade will move the price or what an individual position will earn.

veTHE is voting power from locked THE. It is separate from spot pool liquidity and LP rewards.

Start with [current pools](https://thena.fi/pools). Identify the exact pool and reward mode before using its metrics to compare opportunities.