> ## Documentation Index
> Fetch the complete documentation index at: https://knot-38d8bd0e.mintlify.site/llms.txt
> Use this file to discover all available pages before exploring further.

# Liquidity lifecycle

> Independent, non-blocking, and JIT-resistant.

Each provider holds an **independent** pending request. There is no global lock, so one provider's
pending deposit can never stall swaps, withdrawals, or anyone else's deposit.

<Steps>
  <Step title="Queue">
    Assets are taken and held inactive. No shares are minted yet.
  </Step>

  <Step title="Mature">
    After the maturity window, the deposit becomes activatable. Fresh capital cannot back a quote
    before this point, which is what closes just-in-time liquidity.
  </Step>

  <Step title="Activate">
    Shares mint at the **current** reserve ratio, so pending capital cannot capture gains that
    accrued before it entered. Any excess becomes refundable. Activation starts a second maturity
    window on the new shares.
  </Step>

  <Step title="Unlock or cancel">
    Newly activated shares cannot transfer or withdraw until the second window ends. A request
    that has not activated can still be cancelled at any time.
  </Step>

  <Step title="Claim">
    Only the provider can activate, cancel or claim. Cancelled assets and activation excess are
    refundable to that provider alone.
  </Step>
</Steps>

<Note>
  Cancelling an inactive request has no maturity requirement, deliberately. The exit lock applies
  only after shares activate and begin affecting the shared quote. It does not trap a deposit that
  never entered the active reserve book.
</Note>


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