# XLP Vault (/docs/risex/xlpvault/about)

import { Callout } from 'fumadocs-ui/components/callout';

RISEx employs an internal market maker. Capital for this market maker is provided through a community vault, the XLP Vault (Exchange Liquidity Protocol).

XLP serves two key functions:

* **Provide liquidity** to RISEx's orderbooks: XLP is actively quoting across all markets on RISEx and is the primary market maker for the exchange.
* **Liquidation backstop**: 5% of the vault is allocated to takeover unhealthy positions on the exchange, this is penultimate stage in the liquidation flow.

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## Current Status

<Callout type="info">
  The XLP vault is live and operating as the primary market maker for RISEx. Public deposits and withdrawals are not yet available. Access will open at a later date.
</Callout>

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## Withdrawals

To give the keeper time to unwind perp positions safely, each strategy enforces a per-epoch cap on outflows.

### How it works

* Each strategy can release at most **20% of its assets per day** to withdrawals.
* The 20% is shared across all withdrawers, **first-come first-served**. If one large LP withdraws 15% of the strategy in an epoch, only 5% remains for everyone else until the next report.

### Where withdrawals come from, in order

1. **Idle USDC** sitting in the vault (no cap).
2. The **MM strategy**, up to its remaining epoch allowance.
3. The **XLP strategy**, up to its remaining epoch allowance.