Before depositing two tokens into a pool, consider whether you’ll still get back the same pair if their prices diverge. 【Conclusion】 Impermanent loss isn’t a fee or a transfer out of your account. It’s the change in the amounts of the two tokens you hold after the pool rebalances to reflect their prices. Compared with simply holding the tokens from the start, you may end up with less during a one-sided market move. 【Analysis】 When one token rises in a constant-product pool, the pool trades your position for more of the token that has fallen. The prices of two stablecoins are usually closely pegged, so the divergence is small. With a major token paired with a stablecoin, the divergence becomes more pronounced when prices move sharply in either direction. Fee income may or may not offset it, depending on trading volume and the extent of the price divergence—there’s no definitive answer.