Model impermanent loss for concentrated liquidity positions on Uniswap v4, Maverick v2, and Curve v2, with breakeven analysis, range optimization, and active-management strategies for LP risk control.
## CONTEXT Liquidity provision was sold to retail in 2020-2021 as "passive income." By 2026, the data is unambiguous: most non-concentrated LP positions on volatile-pair pools (ETH/USDC, BTC/USDC, ETH/BTC) have underperformed the simple hold-the-two-tokens-in-equal-weight benchmark on a risk-adjusted basis. The…
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