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この読み物は現在、英語で提供されています。画面の操作部分には、選択した言語を使用しています。
英語の原文を読む →Providing liquidity changes your basket
Compare a liquidity position with simply holding its starting assets.
Earning a fee does not freeze the mix of assets you put in.
- Starting assets
- Changed asset mix
- Fees earned
- Compare with holding
Your asset mix can move
As traders exchange the assets in an AMM pool, its balances change. A liquidity provider's outcome can differ from holding the original tokens. Impermanent loss describes that comparison; the word 'impermanent' does not guarantee that a price will return or the difference will disappear.
Read the position's conditions
Concentrated liquidity introduces a chosen price range. A position outside that range stops earning swap fees and can consist of only one of its two assets. If price returns to its range, liquidity becomes active again. Compare the final asset quantities as well as fees.
Keep two imaginary notebooks
Draw a 'hold' column and a 'provide liquidity' column. No pool deposit is needed.
- Give both columns the same fictional starting assets.
- For the liquidity column, add fields for fees, final token quantities and transaction costs.
- Write why a large fee number by itself cannot establish which column finishes ahead.
You need a comparison across the same period and assets.
A fee rate is not a complete account of a liquidity position.
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