> For the complete documentation index, see [llms.txt](https://docs.ammplify.xyz/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.ammplify.xyz/technical-specs/liquidity-perks/jit-yields.md).

# JIT Yields

These yields are earned from protocols **actively borrowing** liquidity (see [Liquidity Lending](/technical-specs/liquidity-lending.md#multiplexing)). JIT Yields are the type of yield most similar to what liquidity providers usually farm and stacking multiple JIT Yields is an easy way to farm multiple protocols.

Currently, there are two types of JIT Yield layers:

* **Floating Lend:** This is the standard liquidity lend. Just like a borrow/lending market on tokens, this lets protocols borrow liquidity at a rate based on demand. But unlike regular borrow/lending markets, borrows for liquidity also need to pay the earnings rate of the base protocol they're borrowing from. 
* **Reward Lend:** This is a floating lend but instead of paying the standard fee rate, the protocol pays its own rate, usually a combination of real yield and an incentive yield.

Regardless of the type of lend,  when liquidity is borrowed and returned, it is returned according to any curve equations in the base protocol. This makes JIT Yields generally extremely safe. 

At this moment, **we only allow users to opt into 1 Reward Lend** at a time. This is due to gas constraints and as gas continues to cheapen we can allow more combinations.

### Format

All JIT Yield Layers show four important stats:

* **Lend Yield**: The yield it provides **when active**. A real yield and an incentive yield.
* **Utilization**: How often it is active.
* **Reserve Yield:** The yield always given to positions that opt-in because these layers might have restrictions.
* **Capacity:** How much can be deposited into this layer. 

Note that because the borrow isn't happening all the time, the total yield is the **lend yield times utilization plus the reserve yield.**

#### Lend Yield

When a protocol borrows your liquidity away from say Uniswap, they have to pay Uniswap would have paid your liquidity plus an extra fee. We call this the base yield and the premium. The main lending layer, **floating lend** charges one consistent rate for everyone.

However some protocols might offer token incentives instead of premium, or instead of the base yield and premium, or even instead of a portion of the base yield. If the incentives are high enough, this might be worth opting into. When making that decision, it is good to look at the **utilization**. 

#### Utilization

The utilization is how often the protocol for this layer has borrowed liquidity in your range. A high utilization means you'll be borrowed often which means you won't farm other protocols and the base protocol as much. This might be great if the incentive is high, but if you want to diversify your rewards, it is good to use lower utilizations.

You can find your base protocol's utilization rate in the pool details for comparison. As a rule of them, your position is most predictable if your total utilization (including your base utilization) doesn't sum to more than 100%.

**Reserve Yield**

Some protocols offer passive yield to depositors regardless if they actively borrow your liquidity or not. This might be so you'll opt into them even though their lend yield is low or their utilization is somewhat high or they're **mutually exclusive** with other layers.

**Mutually exclusive** means you won't be able to opt into certain other layers if you choose this one. Protocols opt into this when they want to guarantee a certain amount of liquidity is always available for them to borrow. Protocols might have one high-paying exclusive layer and one regular non-exclusive layer. The exclusive layer is often limited by **capacity**.

#### Capacity

This is how much liquidity is allowed to opt into the layer. High-paying layers or layers with reserve yields only want to reserve a limited amount of liquidity. **Capacity** indicates how much space there is still available to positions in this layer.