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Impermanent Loss

August 22, 2026 · Aditya Gupta

Crypto & Blockchain

Impermanent loss is the loss suffered by liquidity providers in AMM pools when the prices of pooled tokens diverge — making the LP position worth less than simply holding the tokens. The 'impermanent' name refers to losses becoming permanent only when LP exits; price reversion eliminates the loss. Calculation example: deposit equal ETH and USDC; if ETH price doubles, LP ends with less ETH and more USDC than holding equally, missing some upside. Stablecoin pools (USDC/USDT) have minimal impermanent loss; volatile pairs have significant exposure. LPs need fee income to outweigh impermanent loss — fast-moving markets often produce negative net returns.

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