# Deposit

## Depositing

LPs can deposit USDC at any time into the Vault. USDC enters the vault immediately, but converts to OLP at the next daily settlement (within 0–24 hours), after which it begins earning. After settlement, OLP appears as 'pending redeem' — click Redeem to move OLP to your wallet. Deposits are cancelable at any time before settlement.

Prospective users may deposit through direct interaction with the protocol's smart contracts or through an existing user interface. The existing UI displays:

* The current conversion ratio between USDC and OLP
* The option to select an amount of USDC to deposit
* **You will receive (estimated):** The number of OLP tokens your USDC will convert to at the next daily settlement. The exact amount is determined at settlement time.

<figure><img src="https://1263702948-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FCEDPLHGTrrpP1i2dbe3d%2Fuploads%2FIXSW9Nytde22ovjQnDby%2FScreenshot%202025-05-15%20at%2011.56.08.png?alt=media&#x26;token=43d2187b-865c-41a2-9513-d9326c2f9edc" alt="" width="375"><figcaption></figcaption></figure>

## Locking (Deprecated)

{% hint style="danger" %}
The locking feature with deposit discounts has been deprecated. New locked deposits are no longer available. Users who locked deposits before this change are grandfathered and can still unlock their existing locked deposits as described in the Withdraw page.
{% endhint %}