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📚 Glossary Term
无常损失 (Impermanent Loss)
在 AMM 流动性池中提供代币对时，因两币种价格比率发生剧烈变动而导致总价值低于单纯在钱包中死拿持币的潜在账面损失（无常损失）。
BeginnerGeneralCrypto Terminology
无常损失 (Impermanent Loss): what is it?
在 AMM 流动性池中提供代币对时，因两币种价格比率发生剧烈变动而导致总价值低于单纯在钱包中死拿持币的潜在账面损失（无常损失）。
🎯 Key Takeaways & Use Cases
✓Impermanent loss affects LPs when the price ratio of pooled tokens changes.
✓It’s called “impermanent” because losses may reverse if prices return to initial ratios before withdrawal.
✓More volatile token pairs increase the risk of impermanent loss compared to stable pairs.
✓Trading fees may sometimes compensate, but not always fully offset impermanent loss.
💡 Real-World Examples
Providing SOL and USDC to Orca’s AMM and incurring impermanent loss if SOL’s price surges or drops versus USDC.
Pairing two volatile tokens in a Raydium pool and seeing reduced value if their price divergence increases.
Experiencing smaller impermanent loss with stablecoin pairs (e.g., USDC/USDT) than pure crypto pairs.
⚡ Pro Trading Tips
▸Monitor token volatility before adding liquidity to a pool on Solana's AMMs.
▸Use platforms or calculators to estimate potential impermanent loss before depositing.
▸Choose liquidity pools with balanced, less-volatile tokens to reduce risk.
▸Factor in trading fee rewards when calculating overall yield versus impermanent loss.