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

# Positions

As each LP Token on GnoSwap is unique based on its price range and liquidity, **LP Tokens are minted as NFTs,** called **Positions,** due to their uninterchangeable nature. To ensure that the underlying tokens and fees due are always derivable, position contracts store the following values:

* **User:** The owner's account address.
* **Lower & upper bound:** The price range in ticks.
* **Liquidity:** The geometric mean of underlying tokens.
* **Collected fees:** Accrued fees per liquidity unit.

Within a single pool, the liquidity of positions with overlapping pricing ranges are merged within the same tick, which results in a liquidity distribution that looks like the following graph:

<figure><img src="/files/XBSXLWUAAd09A9ItyLwe" alt=""><figcaption></figcaption></figure>

As a result, LP tokens are not fungible and represent a unique position in the pool, allowing for finer control over liquidity provisioning and better capital efficiency.