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    DeFi

    Your Pool Mix Changed. Uniswap Calls That Impermanent Loss.

    Published September 29, 2026

    Uniswap says your pool token mix can change after you add liquidity. That gap versus holding is called impermanent loss. Fees are not a promised offset.

    Your Pool Mix Changed. Uniswap Calls That Impermanent Loss.

    You added two tokens to a Uniswap pool. Later the amounts look different. That is not a bank error. Uniswap's help page titled "What is Impermanent Loss?" defines it as a loss of value for the liquidity provider when token prices in the pool change from what they were when the liquidity was added.

    This is general educational coverage of Uniswap help pages and protocol documentation. It is not a recommendation to add or remove liquidity, and it does not calculate any reader's position.

    What a Uniswap Pool Is

    Uniswap's "What is a liquidity pool?" page describes a pool as a pairing of tokens in a smart contract used for swapping on a decentralized exchange. Traditional markets often use an order book, where buyers and sellers post prices. Uniswap uses an automatic market maker instead.

    The protocol prices pools with the formula x * y = k. The letters x and y are the quantities of the two tokens. The letter k is a constant that the contract keeps balanced during swaps. Prices come from how much of each token is in the pool.

    Liquidity providers add tokens and receive UNI-V2 tokens or NFTs that represent ownership of that liquidity. Uniswap says those providers can earn fees from swaps routed through their pools.

    Why the Mix Changes

    During each swap, one token is taken from the pool in exchange for another. To keep k constant, the smart contract adjusts the balances. Your share of the pool therefore holds a different mix than it did at deposit.

    Uniswap says the price may or may not return to the level at which you first provided liquidity. If it does not, that difference is called impermanent loss. If you withdraw at the new prices, you receive the changed mix. Compared with simply holding the original tokens, the position can be worth less.

    Uniswap v2 documentation titled "Understanding Returns" compares a liquidity position with holding and notes that trading fees may offset some of the difference. That trade-off depends on trading activity. It is not a promised return.

    Fees Are Separate From the Mix Change

    Uniswap's "What is a liquidity provider (LP) fee?" page says the LP fee is taken from the input token on a swap. Fees go to providers who have an active liquidity position. Providers whose position is outside the price range at that moment do not earn fees.

    Uniswap's published table lists a 0.25% LP fee and a 0.05% protocol fee for v2 pools. Version 3 uses several fee tiers with different LP and protocol splits. Uniswap notes that only some v3 pools have a protocol fee. Those figures are documentation, not a live quote for a named pool.

    A Narrow Price Range Changes the Picture

    Uniswap v3 and v4 let providers place liquidity in a custom price range. Uniswap's concentrated-liquidity docs call that a position. Uniswap's IL help page says that in most cases, concentrated liquidity in a price range will increase the chance of impermanent loss. The same page says providers can add liquidity across multiple ranges, which may help lower that chance.

    When the pool price exits a position's interval, Uniswap says that liquidity is no longer active and no longer earns fees. As price moves in one direction, the position can become a single asset until price reenters the range. If price reenters, the liquidity becomes active again.

    What Remains Unknown, and What to Check

    CryptoWorkPro cannot calculate a specific reader's outcome. Entry prices, chosen range, fees collected, and withdrawal timing all change the result. Fee tiers and pool versions also differ.

    If you already have a position, check whether it is still in range, which fee tier the pool uses, and how the current mix compares with holding the original tokens. Do not treat an LP position as an insured deposit or a locked yield.

    Sources

    Disclosure: This educational coverage of Uniswap liquidity pools, fees, and impermanent loss does not calculate any reader's position, forecast fees or returns, or recommend providing or withdrawing liquidity. The illustration is generated editorial art, not a pool screenshot. This article is not financial, legal, or investment advice. AI-assisted research and writing. Cited sources, not AI alone, support the claims.