I understood impermanent loss conceptually before I experienced it. The pool rebalances against you when prices diverge. The math is clear. The formula is straightforward. What the formula didn't prepare me for was the specific feeling of watching a position that was generating strong fee income simultaneously accumulating impermanent loss at a rate that was quietly erasing those gains. The position was a volatile token paired against a stablecoin. Entry looked good — the token had been relatively stable for several weeks before I entered, the pool was generating consistent volume, and the farm APR was attractive. What happened next was what the stability period had been masking. The token broke in one direction, volume spiked which generated fee income, and simultaneously the pool rebalanced heavily toward the declining token as the price ratio diverged. The lesson that didn't come from the formula: high volume during a volatile period is not the same as high net return during a volatile period. Volume generates fees. Volatility generates impermanent loss. Both happen at the same time in the same position and the net outcome depends on which effect is larger. Two things I changed after that position. I now check the price trend of the volatile asset before entering any volatile-to-stable pair. Not to predict direction but to understand what the pool has already absorbed and what direction the impermanent loss is already running. And I set an explicit IL threshold when accumulated impermanent loss crosses two thirds of my accumulated fee income I reassess the position regardless of what the APR shows. The formula tells you how IL works. The position teaches you when it matters. Explore active pools → https://app.ston.fi/pools $SOL $XRP #BTC Price Analysis# #Altcoin Season#