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What is Impermanent Loss
January 16, 2021
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Impermanent loss (IL) is a loss of funds that a user will incur when they provide liquidity on Automated Market Making (AMM) exchanges. AMM’s utilize an algorithm and game theory to generate liquidity, in turn, creating IL through the arbitrage opportunities presented.
AMMs, DEXS and Impermanent Loss
As Decentralized Finance (DeFi) has experienced a continued boom in the past six months, we have seen a rise in decentralized exchanges (DEX), the largest of which being UniSwap, SushiSwap, and PancakeSwap. These DEX’s rely on automated market marking (AMM) technology, which uses an algorithm and game theory to create a working exchange-- “DEX.” AMM’s utilize liquidity pools to generate liquidity for specific pairs; this technology relies on arbitragers to govern the price, which introduces impermanent loss (IL), something that users will incur when providing liquidity to these protocols.
Before we jump into IL, last week’s installment of Cryptonomics covered Decentralized Exchanges in-depth. I highly suggest touching upon the subject to better understand Impermant Loss, especially for those who do not know how DEX’s operate.
What is Impermanent Loss (IL)
Impermanent loss is a loss of funds that a user will incur when they provide liquidity. The name impermanent stems from the fact that the loss is temporary and can be recovered if asset prices return to their original state, which often does not happen. This loss is calculated based on your deposited assets’ worth at the time of deposit versus each asset’s current value.
Liquidity providers must provide their assets in 1:1 ratio, 50/50 CAKE/BNB, for example. The AMM then uses this liquidity to facilitate transactions and arbitragers will ensure that the price reflects the “true” price among all exchanges. AMM technology relies on this arbitrage to maintain the correct price; on the other side of the arbitrage are the liquidity providers, selling or buying at a premium. This is most visible in high volatility pairs with low correlation as there is continuously an arbitrage opportunity that users will take advantage of. Impermanent loss is pertinent in traditional liquidity pools due to the arbitrage opportunity the AMM technology relies on.
IL example
So let’s use a BNB/CAKE pool, for example. Lets assume that BNB = $40 and CAKE = $0.50
Currently, if a user wants to provide liquidity 2BNB($80) worth of CAKE/BNB they would deposit 1 BNB and 80 CAKE as liquidity pools require a 1:1 ratio of assets.
This also means that one BNB is equivalent to 80 CAKE at the deposit time, resulting in a total deposit of $80. There is not only one user in this liquidity pool; for example, lets assume 1 BNB and 80 CAKE results in 1% of the total pool share, meaning the pool contains 100 BNB and 8000 CAKE. So what happens when the price changes?
Let’s say the price of CAKE begins rising on the Binance exchange to $1 per CAKE token; users will take advantage of this arbitrage opportunity buying CAKE from the AMM and selling it on Binance, causing liquidity providers IL through taking advantage of the temporary price discrepancy. The best way to understand this is that the CAKE ratio is changing in the pool; instead of the collection consisting of 100 BNB and 8000 CAKE, it now consists of 150 BNB and 4000 CAKE, as the ratio must remain 1:1. So what happened to our initial users share?
The user’s share is now 1.5 BNB and 40 CAKE, which equates to $100, but if this user held each asset individually, they would instead have $120. This is the impermanent loss in action, as arbitragers begin to buy CAKE with BNB, the pool shifts’ ratio, allowing the arbitragers to profit off the liquidity providers.
This same scenario will play out when the price of an asset decreases. As arbitragers take advantage of the price discrepancy, the liquidity providers will have more of the “weaker” token to balance the pool ratio.
Impermanent Loss Overview
Impermanent loss is bound to occur in all liquidity provision scenarios. The most common way of realizing the loss is through comparing the value of LPing vs. Holding each asset individually (HODLing). As previously mentioned, impermanent loss affects users equally whether the price goes up or down.
The following graph has been developed to display the effects of IL:
This graph shows IL based on price change without accounting LP incentives. The chart displays the following data:
a 1.25x price change results in a 0.6% loss relative to HODL
a 1.50x price change results in a 2.0% loss relative to HODL
a 1.75x price change results in a 3.8% loss relative to HODL
a 2x price change results in a 5.7% loss relative to HODL
a 3x price change results in a 13.4% loss relative to HODL
a 4x price change results in a 20.0% loss relative to HODL
a 5x price change results in a 25.5% loss relative to HODL
Overall, these figures are essential to keep in mind as they give liquidity providers an idea of how much they should be compensated while providing liquidity. If a user knows they will receive more in rewards than lost in IL, it is most likely a no-brainer to provide liquidity.
Why Provide Liquidity?
From a glance, it seems like it makes no sense for users to provide liquidity to AMM’s, but there is more. Impermanent loss has been factored in by these DEX’s, so they give liquidity providers incentives to combat this risk. Typical AMM’s allocate a .3% trading fee to liquidity providers, which allows LP’s to profit based on the transaction volume.
On top of this, most AMM’s offer additional rewards to liquidity providers by providing users with governance tokens. LP’s are heavily incentivized to provide liquidity between the transaction fees and governance rewards, making it worthwhile for specific pairs.
Correlation In a Bull Market
Typically the best assets to pair together are ones that have a high correlation and are not volatile. While it is hard to find un-volatile assets in the crypto-space, it is much easier to find correlated assets. This rings especially true in the bull market phase as crypto markets are highly auto-correlated.
Auto-correlation refers to the delayed correlation or copy, meaning cryptocurrencies will typically behave very similarly over time.
This brings us into an undiscussed power of liquidity providing. As price fluctuates and one asset outperforms another, you end up selling the more expensive asset for the "lagging" one. This acts as a portfolio that rebalances profits into the underperforming token. This rebalancing can be extremely powerful, considering how heavily correlated crypto assets are. If and when the other token “catches up”, it will have allowed the user to maximize the gains as the user caught both of the assets rallies.
We have a Dive Into DeFi article which specifically outlines these aspects of liquidity provision.
Stay SAFU
Overall, IL is a crucial concept that all liquidity providers must understand. It is inevitable and will be present in all liquidity pools, besides stablecoin pools with perfect correlation. IL is not a reason to avoid LPing; it is just a cost that comes with earning the additional rewards.
The key is weighing the opportunity costs of HODLing assets individually vs. LPing them to earn extra rewards at the expense of impermanent loss. If the liquidity rewards outweigh the IL potential, then why would a user not participate in liquidity provision? With every investment, that is the most challenging part, recognizing and understanding the most optimal investment.
I hope this article helps beginner and experienced users better understand the underlying risk of providing liquidity and impermanent loss. It isn’t a reason not to provide liquidity, but merely an investment aspect, which users will incur in nearly all LP situations.
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Related News
Radiant Capital Expands From Arbitrum to BNB Chain
March 28, 2023
Radiant’s expansion from Arbitrum to BNB Chain is the first-step in its omnichain DeFi aspirations.
DeFi on Arbitrum, BNB Chain
Aspiring omnichain money market Radiant Capital is now live on BNB Chain.
The expansion by the Arbitrum-native lending platform is another link in the cross-chain Decentralized Finance (DeFi) ecosystem that is emerging on the two Ethereum Virtual Machine (EVM)-compatible networks.
As BSC News reported previously, Radiant recently launched its v2 product on Arbitrum. Built on Layer Zero, Radiant intends to allow users to deposit assets from any major blockchain, borrow assets across multiple chains, and withdraw funds to any major blockchain.
According to DefiLlama, Radiant has the second-largest Total Value Locked (TVL) on Arbitrum, with nearly $334 million. That puts it above Uniswap and only behind GMX.
Radiant’s Arbitrum TVL would put it in fourth place on BNB Chain, behind PancakeSwap, Venus and Alpaca Finance.
On launch, Radiant has just over $28 million in TVL on BNB Chain, according to DefiLlama.
In a Twitter thread accompanying the announcement of its expansion, Radiant cited BNB Chain’s growth and overall size in terms of users and TVL.
“In short: @BNBCHAIN is dominating DeFi onboarding[.] And Radiant v2's BNB integration means it's one step closer to the ultimate vision: Become DeFi's premiere, cross-chain lending market,” Radiant tweeted.
Radiant’s announcement comes one day after stableswap Wombat Exchange announced it would be expanding from BNB Chain to Arbitrum on April 5, bringing with it the WOM Wars competition among yield-boosting protocols Wombex Finance, Magpie XYZ and Quoll Finance.
Other DeFi protocols that are live on both BNB Chain and Arbitrum include Uniswap, Trader Joe, ApeSwap, ApolloX and Dopex.
What is Radiant Capital:
Radiant intends to be the first omnichain money market, allowing users to deposit any major asset on any major chain and borrow a variety of supported assets across multiple chains.
Lenders who provide Radiant with liquidity will earn a passive income from their deposit assets. Borrowers can withdraw against collateralized funds to obtain liquidity (working capital) without selling assets or closing positions.
Radiant's cross-chain interoperability is built on Layer Zero, taking advantage of Stargate's stable router interface. Lenders who want to reclaim their collateral can specify which chain to withdraw funds from and what percentage to send to each chain.
Learn more about Radiant Capital:
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Chingari Announces Integration with Wormhole for Cross-Chain Expansion to Aptos
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March 29, 2023
The integration will also enable Gari Network with an easy and efficient way to migrate assets from Solana to Aptos, paving the way for a smooth bridging operation.
Chingari Goes Crosschain
Chingari, the on-chain social app, announced its integration with Wormhole to enable cross-chain expansion to the Aptos network.
“This partnership seeks to enable Gari Network with an easy and efficient way to migrate assets from Solana to Aptos, paving way for a smooth bridging operation,” The Gari Network team stated.
Last month, Gari Network announced its plans to go multi-chain, enabling the Chingari app to launch on the Aptos blockchain in the second quarter. But what the recent integration will bring for Gari Network:
Benefits of Wormhole Integration
According to Gari Network, users can access different blockchain networks from a single wallet with the recent integration. By integrating cross-chain interoperability, Chingari looks to expand its user base to the Aptos community and offer more innovative features.
Further, core contributors to Gari Network can use Wormhole to transfer emissions to Aptos' Gari wallet when it becomes available. With the Chingari app, new users can use the Aptos-backed Gari wallet seamlessly without needing to migrate.
Furthermore, the protocol believes that the integration can significantly improve performance by offloading some transactional load to other networks.
Having over 5 million daily active users and 2.2 million GARI wallet holders, Chingari has become an increasingly popular platform for entertainment and social interaction.
Gari Network (GARI) is trading at $0.05153, up 1.07% in 24 hours.
What is Chingari:
Chingari is a video-sharing mobile app. In these videos, users can add visual effects, lip-sync, dance, or voice-over movie scenes and comic dialogues. The Company’s vision is to be the best of its short video-sharing platform for its users. A hot new stage for flaming talent to show the world who you are by capturing flawless videos and sharing them in seconds. Express yourself, Create amazing videos, and connect with the content you love! We are a growing family that values diversity by doing the right thing with precision, pace, and passion for reaching the Fast Moving Needs of Modern Bharat.
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It’s a Date: Ethereum Shapella Unstaking Upgrade Set for April 12
March 29, 2023
The Shanghai + Capella (Shapella) update to the Ethereum mainnet is the biggest on-chain event of the year, as it allows for the withdrawal of staked $ETH.
Ready for ETH Unstaking?
The biggest on-chain event of the year finally has a firm date. The Shanghai + Capella (Shapella) upgrade to the Ethereum mainnet will take place around 10:30 p.m. UTC on Wed., April 12.
Ethereum core developer Tim Beiko said in a Twitter thread that Shapella bug bounties are being doubled until April 5. Additionally he included a link to the Shapella Watch Party on YouTube.
According to an announcement from the Ethereum Foundation Blog, the update’s March rollout to the Goerli testnet has gone smoothly, and developers quickly reached a consensus on the timing of the mainnet upgrade.
“This upgrade follows The Merge and enables validators to withdraw their stake from the Beacon Chain back to the execution layer. It also introduces new functionality to both the execution and consensus layer,” according to the blog.
The immediate knock-on effect of the anticipated Shapella upgrade has been to create new demand for Ether liquid staking projects. The thinking is that the new ability to unstake $ETH will attract more users to stake their $ETH – and, instead of just staking directly, to use a liquid staking protocol that enables them, effectively, to “double-dip” in yield farms and Decentralized Finance (DeFi) platforms.
What is Ethereum:
Ethereum is an open-source, distributed computing platform based on blockchain technology that can execute smart contracts - that is, the terms written in the contract will be executed transparently, automatically when the previous conditions are satisfied, and no one can interfere. At the same time, Ethereum also allows developers to build decentralized applications (DApps) and decentralized autonomous organizations (DAO).
Find more about Ethereum here:
Website | Twitter | Documentation | Whitepaper | Reddit | Discord | Youtube | GitHub | Ethereum Foundation Blog |
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Disclaimer: Overall it is vital to proceed with caution when purchasing tokens that have just been listed. For those who have not already read our articles on safety in the BSC it is crucial to reference the following items, HERE and HERE.
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This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
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SafeMoon’s Liquidity ‘Compromised’ for $9M, SFM Token Plummets
March 29, 2023
PeckShield said a “public burn bug” was introduced during an update by the official SafeMoon deployer.
More Trouble for SafeMoon
There’s been another incident with the SafeMoon project, which announced that its SFM/BNB Liquidity Pool had been “compromised.” On-chain data indicates the amount drained approached $9 million.
SafeMoon CEO John Karony tweeted that only the SFM/BNB LP was affected, and the project’s exchange platform is “safe” along with the wallet.
This isn’t the first time SafeMoon has been in the negative spotlight. In April 2022, YouTuber Coffeezilla published two videos looking into the project’s troubles, some of which predated Karony’s tenure.
In regard to the current incident, blockchain security firm PeckShield tweeted that the code that was exploited – a “public burn bug” – was introduced by the official SafeMoon deployer.
“The upgrade, with the exploited public burn bug, was initiated by the official SafeMoon: Deployer. (Admin key leak?),” PeckShield said.
Data from BscScan indicates that the exploiter’s wallet transferred the funds to a second wallet, which sent a message to the SafeMoon deployer, saying “Hey relax, we are accidently frontrun an attack against you, we would like to return the fund, setup secure communication channel , lets talk”.
Upon news breaking about the incident, the SFM token’s value dropped by about 30%, according to CoinGecko, though it has since regained some of that loss.
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Pi Network Introduces Ambassador Program to Onboard Local Businesses to the Pi Ecosystem
March 29, 2023
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Pi Network created the local business ambassador program to onboard Pioneers who can convince users to integrate Pi payments into their businesses.
Become a Local Business Ambassador on Pi Network
Becoming a local business ambassador is the second ecosystem program unveiled by Pi Network on Pi Day 2023. Like the ecosystem ambassador program, Pioneers can contribute to the network’s development.
The local business ambassador program is for stores, shops, and small businesses that accept Pi payments. Already, numerous stores have started receiving Pi payments for goods and services, and Pi Network has recognized its importance in contributing to a solid infrastructure in the Decentralized Finance (DeFi) space.
“Local businesses are an important component to the Pi ecosystem and will make great contributions to building substance and utilities for the network,” Pi Network’s announcement read. “Local businesses are also where the grassroots power of the Pi community can be unleashed to have great potential and impact—something rarely seen in other networks.”
Pi Network created the program to onboard Pioneers, contributing to Pi’s development by bringing local businesses into the Pi ecosystem through Pi payment integration. However, while it promotes the network’s awareness, there may be some challenges.
To solve these challenges, such as location, accountability, and many more, Pi Network opened community proposals for Pioneers to submit their ideas on encouraging users to integrate Pi payments into their local businesses.
“If you are knowledgeable about local businesses or enthusiastic about this direction of ecosystem building, submit your ideas via the Pi support portal. Stay tuned for more updates on this program,” Pi Network wrote.
Open the Pi Day announcement HERE to submit your ideas about the initiative.
What is Pi Network:
Pi Network is a novel cryptocurrency and developer platform allowing mobile users to mine Pi coins without draining the battery. Pi’s blockchain secures economic transactions via a mobile meritocracy system and a full Web 3.0 experience where community developers can build decentralized applications (Dapps) for millions of users.
Where to find Pi Network:
Website | Twitter | LinkedIn | Facebook | Instagram |
Disclaimer: This is a paid Ask Me Anything (AMA), BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement AMA for $2000 Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the AMA.
Disclaimer: Overall it is vital to proceed with caution when purchasing tokens that have just been listed. For those who have not already read our articles on safety in the BSC it is crucial to reference the following items, HERE and HERE.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $1500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $1500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
Disclaimer: Overall it is vital to proceed with caution when purchasing tokens that have just been listed. For those who have not already read our articles on safety in the BSC it is crucial to reference the following items, HERE and HERE.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
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