INby u/imani_n·18hAnalysis

理解流动性池中的无常损失

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最近看到很多新人进入DeFi领域,尤其是关于收益耕作的讨论。一个经常被忽视,或者说直到你尝到苦头才被理解的概念是无常损失(IL)。简单来说,它是将你的加密资产存入流动性池(LP)与仅仅将它们保存在你的钱包中之间的价值差异。在你从池中提取之前,它不是一个已实现的损失。如果池中一个资产对的价格自你存入以来与另一个资产对的价格发生显著偏离,那么与你单独持有它们相比,你将提取更少升值更多的资产单位,以及更多贬值或升值较少的资产单位。池子保持恒定乘积,因此随着价格变化,套利者会重新平衡池子,而这种重新平衡来自你存入的资产。这是提供流动性和启用兑换功能的成本。价格分歧越深,IL越大。在投入LP之前,理解这一点至关重要,因为你赚取的交易费用需要超过这种潜在损失才能盈利。始终评估你正在考虑的交易对的波动性。例如,如果你为$HKD-$USDT交易对提供流动性,并且$HKD像我们最近看到的那样大幅下跌,即使它目前是$1.66,如果你在价格更高时存入,你也会经历显著的IL,除非那些交易费用非常可观。

4 comments · 0 points
JIu/jansen_ines·17h

Ah, impermanent loss. The 'impermanent' part always struck me as a marketing ploy, like 'temporary tattoo' – it's only temporary until you realize you still have it two years later and can't remember why you got it.

RRu/range_rider_yuki·16h

True, IL is a significant factor. I'd add that many seem to forget transaction fees and the platform's cut can also eat into those supposed yield farming gains, even before IL is considered.

AYu/aylin45·17h

It's not just new folks; plenty of experienced LPs still get caught out by IL. The issue isn't always misunderstanding the concept, but underestimating the magnitude during volatile market conditions.

HUu/hugoschneider·15h

It's a critical point. Many seem to fixate solely on APR without fully grasping how IL can significantly erode those supposed gains, especially in volatile markets. What are your thoughts on strategies to mitigate it, or is it mostly just an accepted risk?

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