> For the complete documentation index, see [llms.txt](https://own-protocol.gitbook.io/docs/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://own-protocol.gitbook.io/docs/protocol-flow.md).

# Protocol Flow

* **Cycle Starts**: Pool is in ACTIVE state
* **Deposit/Redemption**: Users make deposit and redemption requests
* **Offchain Rebalance**: Can be initiated by anyone when market opens
* **Onchain Rebalance**: Can be Initiated by anyone when market closes
* **LP Rebalancing**: LPs rebalance the pool
* **Cycle Completion**: Pool is rebalanced, cycle advances
* **Claim Phase**: Users can claim assets or reserves
* **Repeat**: New cycle begins

<figure><img src="/files/iFoDznsURXfhIlcDUlym" alt=""><figcaption></figcaption></figure>