Citation: Roman V. et al., The Impact of Exchange Fees on Impermanent Loss, Journal of the British Blockchain Association, May 2025. 1. Why This Matters APR banners scream “800 % yield,” yet liquidity providers keep under-performing a simple HODL. A new peer-reviewed study puts hard numbers behind the intuition: fees rarely offset impermanent loss (IL) once price volatility crosses a modest threshold. If you’re farming without hedging, this paper is required reading. 2. Data & MethodThe autho...