# What Is $ILP?

To mint `$ILP`, users will be able to deposit `$USDT`, `$ETH`, `$WBTC` and `$IBET`, which is then used as the house fund for winners and losses. Once minted, `$ILP` is automatically staked and can be burnt to redeem back to their underlying currency at any time. 

By increasing liquidity for our games, `$ILP` enables larger bet sizes and more users to participate. 

> ## <mark style="color:purple;">Holders of</mark> <mark style="color:purple;"></mark><mark style="color:purple;">`$ILP`</mark> <mark style="color:purple;">**become the house**</mark> <mark style="color:purple;"></mark><mark style="color:purple;">and receive the house percentage.</mark>&#x20;

However, since liquidity providers assume the risk and rewards, their position value can fluctuate depending on the pool size.

For instance, if the `$ILP` pool size is $900,000 and a user A deposits $100,000, bringing the total to $1,000,000, their position value will be $90,000 for a loss of $10,000 if the pool size drops back $900,000 after their deposit (i.e. bettors have won more than lost).&#x20;

However, if the pool size increases to $1,100,000, their position value will be $110,000 for an unrealized profit of $10,000.

Fees for deposit and withdrawals range from 0.1% to 1% and are reduced based on the VIP level of the user. The more `$sIBET`, `$bIBET`, or `$esIBET` a user has, the higher their VIP level.

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