A locked pool earns all term. Nobody can reach it.
Locked liquidity is how a launch shows it cannot pull the floor out — the one credible signal available to it. It should stay locked. But a lock does not freeze one thing, it freezes three, and only the first was ever the point.
Frozen · intendedThis is the promise. Take it away and there is nothing credible left to say.
Frozen · side effectSwap fees compound back into the locked position, so they are locked with it.
Frozen · no reasonThey cannot price the position, cannot sell it, cannot leave, and cannot let anyone else in.
Change the receipt, not the lock.
A conventional locker takes custody of the LP and records one address and one date. Fokiz takes the same custody for the same term and issues an ERC-20 instead. Every line below that describes the lock is identical.
The first three rows are the ones people check on a chart. They do not change, which is the whole design constraint.
There is no path that moves it early — not for the depositor, not for Fokiz, not for someone holding the whole supply of the position.
An ERC-20. Send it, sell it, or hold it to the date and burn it for the LP and everything the pool earned along the way.
Four owners, one unmoved pool.
Once the claim is a token it has two sides. Someone who locked liquidity at launch can leave without breaking anything they promised, and someone who was not there at launch can buy exposure to that pool's fees from them. Neither of them had that option before.
The questions a skeptic asks first.
Where does the yield come from?
Traders. Every swap against the pool pays a fee to the liquidity that filled it, and that liquidity is what the position is a claim on. It is revenue from volume — not an emission, not a subsidy, not paid out of a treasury.
Which also means it is only as large as the volume. A pool nobody trades pays nothing, for as long as nobody trades it.
If the liquidity is locked, how can I possibly exit?
You don't move the liquidity. You move the claim on it, and somebody else takes your seat. The pool is not consulted and the unlock date does not change.
That exit is a sale, and a sale needs a buyer. Fokiz makes the position transferable; it does not promise anyone is bidding, and it does not promise the bid is near what the position is worth. What it removes is the part where you have no option at all.
What is the position actually worth?
Its underlying is the locked LP: a share of both token balances in the pool, including every fee that has compounded into them since the lock. All of that is onchain and can be computed at any block.
What it trades at is a separate question. Time to unlock, the pool's volume, and how badly the seller wants out all price into it. Expect a discount to underlying, and expect it to be wider the longer the term has left.
Isn't an LP token already transferable?
Yes — right up until it is locked, which is the moment it stopped being interesting. A locker takes custody of the LP and hands back a receipt that is usually not a token at all, just an entry naming one wallet and one date.
Fokiz is that locker, with one change: the receipt is an ERC-20. The custody, the term, and the guarantee to everyone watching the chart are identical.
Does this weaken the lock? Can the liquidity come out early?
No. The unlock timestamp is set when the lock is created and there is no function that moves it — no owner, no admin unlock, no upgrade path, no emergency withdraw. Anyone can read the date off the contract and check it against the pool.
Transferring the position transfers who gets paid at the end. It does not transfer when, and there is no path where holding the whole supply lets you take the liquidity out a block early.
So I still carry the pool's risk?
All of it. The position is a claim on liquidity in an AMM, so it moves with both sides of the pair and it is exposed to divergence between them. Fees are compensation for that exposure, not a hedge against it.
A pool position can be worth less than simply having held the two tokens, fees included. That is true of every LP position and it is true here.
What if nobody wants to buy it?
Then you hold it to the unlock date and burn it for the underlying, which is exactly where you would have been without Fokiz. That is the floor on the whole design: the worst case is the status quo.
No lockup means no forced lockup. It does not mean a guaranteed bid.