Why a Liquidity Pool Can Earn Fees and Still Trail Holding

Photo: The Defiant
A hypothetical $200 position grows to $400 before fees, but unchanged holdings reach $500 at the same final prices.
Source: The Defiant
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Photo: The Defiant
A hypothetical $200 position grows to $400 before fees, but unchanged holdings reach $500 at the same final prices.
Source: The Defiant