# ALP Tokens By providing liquidity to the aiPX Protocol, liquidity providers receive ALP tokens, which passively earn AIPX tokens. Liquidity providers receive ALP tokens by providing a tranche's underlying asset such as ETH. \ \ ALP tokens also have a USD value associated with them. This means that if the price of the Senior ALP token is $1, then by depositing $1,000 USDC you would receive 1,000 Senior ALP tokens. When redeeming ALP tokens for an underlying asset, in this example, you would be able to withdraw $1,000 of ETH, even if you had deposited USDC. There are three ALP tokens: * Senior ALP token * Mezzanine ALP token * Junior ALP token Each tier represents the lowest risk/return (Senior) to the highest risk/return (Junior) for liquidity providers. At any time, ALP tokens may be converted into any of a tranche's underlying assets. A comprehensive overview of the functionality of ALP tokens and tranches can be found in the Risk Management for LPs section. {% content-ref url="/pages/CW7MmMEhkDtERpqcImjT" %} [Risk Management for LPs](/aipx-documentation/risk-management-for-lps.md) {% endcontent-ref %} --- # Agent Instructions: Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter: ``` GET https://aipx.gitbook.io/aipx-documentation/tokenomics/alp-tokens.md?ask= ``` The question should be specific, self-contained, and written in natural language. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.