Permanent Impermanent Loss is one of the most important (and poorly understood) concepts in DeFi. Understand what it is and how to protect yourself.
What Is It?
Permanent Impermanent Loss occurs when you provide liquidity and the price of tokens changes in relation to the moment of deposit.
Practical Example
Initial Situation:
- Deposited: 1 ETH ($2,000) + 2,000 USDC
- Total: $4,000
- Pool: ETH-USDC
Scenario 1: ETH rises to $4,000
- If you had HODLed: $6,000
- In the pool: $5,657
- Permanent Impermanent Loss: $343 (5.7%)
Scenario 2: ETH falls to $1,000
- If you had HODLed: $3,000
- In the pool: $2,828
- Permanent Impermanent Loss: $172 (5.7%)
Why Does It Happen?
AMMs rebalance automatically to maintain a 50/50 proportion, selling the rising asset and buying the falling one.
Loss Table
| Price Change | Permanent Impermanent Loss |
|---|---|
| 1.25x | 0.6% |
| 1.50x | 2.0% |
| 1.75x | 3.8% |
| 2x | 5.7% |
| 3x | 13.4% |
| 4x | 20.0% |
| 5x | 25.5% |
How to Minimize?
1. Use Stablecoins
- USDC-USDT
- DAI-USDC
- No permanent impermanent loss
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2. Correlated Assets
- ETH-stETH
- WBTC-renBTC
- Minimal loss
3. Pools with High Incentives
- Rewards compensate for loss
- APY > potential loss
4. Short-Term
- Less time = less risk
- Monitor constantly
When Is It Worth It?
✅ Rewards > potential loss ✅ Stable assets ✅ High volatility = high rates ✅ Extra incentives
Tools
- IL Calculator
- APY.vision
- DeFi Llama
Conclusion
Permanent Impermanent Loss is real, but can be compensated by:
- Trading fees
- Farming rewards
- Protocol incentives
Always calculate before providing liquidity!
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