> For the complete documentation index, see [llms.txt](https://docs.qiro.fi/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.qiro.fi/products/qiro-marketplace/pool-lifecycle.md).

# Pool Lifecycle

1. **CapitalFormation**
   * The pool begins in this state.
   * If enough capital is raised → transition to **Pending**.
   * If the goal is not met → transition to **Revoked** (pool fails).
2. **Pending**
   * Waits for the borrower to draw down the loan.
   * On loan drawdown → move to **Active**.
3. **Active**
   * Loan is now issued.
   * As borrower begins repayment:
     * If only a portion is repaid → transition to **PartialRedeem**.
     * If fully repaid at once → transition directly to **Redeem**.
4. **PartialRedeem**
   * A portion of the repayment has been made.
   * Investors can redeem partially.
   * When full repayment is completed → move to **Redeem**.
5. **Redeem**
   * Loan is fully repaid.
   * Full redemption is now available for investors.
   * Once redemptions are finalized → transition to **Ended**.
6. **Ended**
   * Pool has concluded operations.
   * No further transitions.
7. **Revoked**

   * Terminal state if capital formation fails.
   * No borrowing or investor actions proceed.\
     \ <img src="/files/JjjiQk1E2MZcXouvgmF8" alt="" data-size="original">

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