{"id":3421,"date":"2025-06-23T09:05:06","date_gmt":"2025-06-23T01:05:06","guid":{"rendered":"https:\/\/theexchain.com\/explanation-of-impermanent-loss-risks-you-must-understand-before-participating-in-liquidity-mining\/"},"modified":"2025-06-23T09:05:06","modified_gmt":"2025-06-23T01:05:06","slug":"%ec%9c%a0%eb%8f%99%ec%84%b1-%ec%b1%84%ea%b5%b4%ec%97%90-%ec%b0%b8%ec%97%ac%ed%95%98%ea%b8%b0-%ec%a0%84%ec%97%90-%ec%9d%b4%ed%95%b4%ed%95%b4%ec%95%bc-%ed%95%98%eb%8a%94-%eb%b9%84%ec%98%81%ea%b5%ac","status":"publish","type":"post","link":"https:\/\/theexchain.com\/ko\/%ec%9c%a0%eb%8f%99%ec%84%b1-%ec%b1%84%ea%b5%b4%ec%97%90-%ec%b0%b8%ec%97%ac%ed%95%98%ea%b8%b0-%ec%a0%84%ec%97%90-%ec%9d%b4%ed%95%b4%ed%95%b4%ec%95%bc-%ed%95%98%eb%8a%94-%eb%b9%84%ec%98%81%ea%b5%ac\/","title":{"rendered":"\ube44\uc601\uad6c\uc801 \uc190\uc2e4\uc5d0 \ub300\ud55c \uc124\uba85: \uc774\ud574\ud574\uc57c \ud560 \uc704\ud5d8\n  \uc720\ub3d9\uc131 \ucc44\uad74\uc5d0 \ucc38\uc5ec\ud558\uae30 \uc804"},"content":{"rendered":"<h2 id=\"the-hidden-trap-of-liquidity-mining-impermanent-loss-explained--how-to-protect-your-assets\">\uc720\ub3d9\uc131 \ucc44\uad74\uc758 \uc228\uaca8\uc9c4 \ud568\uc815: \ube44\uc601\uad6c\uc801 \uc190\uc2e4 \uc124\uba85 \ubc0f \uc790\uc0b0 \ubcf4\ud638 \ubc29\ubc95<\/h2>\n<p>\ud0c8\uc911\uc559\ud654 \uae08\uc735(DeFi)\uc758 \ud3ed\ubc1c\uc801\uc778 \uc131\uc7a5\uc73c\ub85c \uc720\ub3d9\uc131 \ucc44\uad74\uc774 \uc8fc\uc694 \ub9e4\ub825\uc73c\ub85c \ub5a0\uc624\ub974\uba74\uc11c \ud22c\uc790\uc5d0 \ud601\uba85\uc744 \uc77c\uc73c\ucf30\uc2b5\ub2c8\ub2e4. \uc0ac\uc6a9\uc790\ub294 \ud0c8\uc911\uc559\ud654 \uac70\ub798\uc18c(DEX)\uc758 \uc720\ub3d9\uc131 \ud480\uc5d0 \uc790\uc0b0\uc744 \uc608\uce58\ud568\uc73c\ub85c\uc368 \uac70\ub798 \uc218\uc218\ub8cc\uc640 \ud1a0\ud070 \ubcf4\uc0c1\uc744 \ubc1b\uc744 \uc218 \uc788\uc2b5\ub2c8\ub2e4. \uadf8\ub7ec\ub098 \ud328\uc2dc\ube0c \uc778\ucef4\uc758 \ub9e4\ub825 \uc774\uba74\uc5d0\ub294 \ub110\ub9ac \ud37c\uc838 \uc788\uace0 \uc885\uc885 \uc624\ud574\ub97c \ubd88\ub7ec\uc77c\uc73c\ud0a4\ub294 \uc704\ud5d8\uc774 \ub3c4\uc0ac\ub9ac\uace0 \uc788\uc2b5\ub2c8\ub2e4: <strong>\ube44\uc601\uad6c\uc801 \uc190\uc2e4(IL)<\/strong>. \uc774\ub294 \uc0ac\uc18c\ud55c \uc218\uc218\ub8cc\uac00 \uc544\ub2c8\ub77c \uc18c\ub9ac \uc5c6\uc774 \uc790\ubcf8\uc744 \uc7a0\uc2dd\ud558\uace0 \ub54c\ub85c\ub294 \uc218\uc775\ubcf4\ub2e4 \ub354 \ub9ce\uc740 \uc218\uc775\uc744 \uac00\uc838\ub2e4\uc904 \uc218 \uc788\ub294 \uadfc\ubcf8\uc801\uc778 \ud798\uc785\ub2c8\ub2e4. IL\uc744 \uc774\ud574\ud558\ub294 \uac83\uc740 \uc120\ud0dd \uc0ac\ud56d\uc774 \uc544\ub2c8\ub77c \ubaa8\ub4e0 \ud0c8\uc911\uc559 \uae08\uc735 \ucc38\uc5ec\uc790\uc5d0\uac8c \ud544\uc218\uc801\uc778 \uc0dd\uc874 \uc9c0\uc2dd\uc785\ub2c8\ub2e4.<\/p>\n<p><strong>\uc815\ud655\ud788 \ubb34\uc5c7 <em>Is<\/em> \uc601\uad6c\uc801 \uc190\uc2e4? \ud575\uc2ec \uba54\ucee4\ub2c8\uc998<\/strong><\/p>\n<p>\ube44\uc601\uad6c\uc801 \uc190\uc2e4\uc740 \uc720\ub3d9\uc131 \uacf5\uae09\uc790(LP)\uac00 \uac00\uaca9 \ubcc0\ub3d9\uc73c\ub85c \uc778\ud574 \uc720\ub3d9\uc131 \ud480\uc5d0\uc11c \uc790\uc0b0\uc744 \uc778\ucd9c\ud560 \ub54c \ud574\ub2f9 \uc790\uc0b0\uc744 \ub2e8\uc21c\ud788 \ubcf4\uc720\ud560 \ub54c\uc640 \ube44\uad50\ud588\uc744 \ub54c \ubc1c\uc0dd\ud558\ub294 \uc7a0\uc7ac\uc801 \uac00\uce58 \uc190\uc2e4\uc744 \uc758\ubbf8\ud569\ub2c8\ub2e4. \uacb0\uc815\uc801\uc73c\ub85c \"\ube44\uc601\uad6c\uc801\"\uc774\ub77c\uace0 \ubd88\ub9ac\ub294 \uc774\uc720\ub294 \ub2e4\uc74c\uacfc \uac19\uc2b5\ub2c8\ub2e4. <em>\ub9cc\uc57d<\/em> \uc790\uc0b0 \uac00\uaca9\uc774 \uc785\uae08 \ub2f9\uc2dc\uc758 \uc815\ud655\ud55c \ucd08\uae30 \uc218\uc900\uc73c\ub85c \ub3cc\uc544\uc624\uba74 \uc190\uc2e4\uc774 \uc0ac\ub77c\uc9d1\ub2c8\ub2e4. \uadf8\ub7ec\ub098 \ubcc0\ub3d9\uc131\uc774 \ud070 \uc554\ud638\ud654\ud3d0 \uc2dc\uc7a5\uc5d0\uc11c\ub294 \uac00\uaca9\uc774 \uc644\ubcbd\ud558\uac8c \ud68c\ubcf5\ub418\ub294 \uacbd\uc6b0\uac00 \ub4dc\ubb3c\uae30 \ub54c\ubb38\uc5d0 \ub300\ubd80\ubd84\uc758 \uc81c\uacf5\uc5c5\uccb4\uc5d0\uc11c \uc774\ub7ec\ud55c \uc190\uc2e4\uc740 \uc0ac\uc2e4\uc0c1 \uc601\uad6c\uc801\uc785\ub2c8\ub2e4.<\/p>\n<p>\uadfc\ubcf8 \uc6d0\uc778\uc740 \uc720\ub2c8\uc2a4\uc651, \uc2a4\uc2dc\uc2a4\uc651, \ud32c\ucf00\uc774\ud06c\uc2a4\uc651\uacfc \uac19\uc740 \uc790\ub3d9\ud654\ub41c \uc2dc\uc7a5 \uc870\uc131\uc790(AMM)\uc758 \ud575\uc2ec \uba54\ucee4\ub2c8\uc998\uc5d0 \uc788\uc2b5\ub2c8\ub2e4. \uc774\ub7ec\ud55c \ud0c8\uc911\uc559 \uac70\ub798\uc18c\ub294 \uc218\ud559 \uacf5\uc2dd(\uc0c1\uc218 \uacf1 \uacf5\uc2dd \ub4f1)\uc744 \uc0ac\uc6a9\ud569\ub2c8\ub2e4. <code>X * Y = K<\/code>)\ub97c \uc0ac\uc6a9\ud558\uc5ec \uac00\uaca9\uc744 \uc790\ub3d9\uc73c\ub85c \uc124\uc815\ud558\uc5ec \uae30\uc874 \uc8fc\ubb38\uc11c\ub97c \ub300\uccb4\ud560 \uc218 \uc788\uc2b5\ub2c8\ub2e4.<\/p>\n<p><strong>\uc601\uad6c \uc190\uc2e4\uc740 \uc2e4\uc81c\ub85c \uc5b4\ub5bb\uac8c \ubc1c\uc0dd\ud558\ub098\uc694? \ub2e8\uacc4\ubcc4 \uc608\uc2dc<\/strong><\/p>\n<p>ETH\/USDT \uc720\ub3d9\uc131 \ud480\uc5d0 \uc608\uce58\ud55c\ub2e4\uace0 \uac00\uc815\ud574 \ubcf4\uaca0\uc2b5\ub2c8\ub2e4:<\/p>\n<ol>\n<li><strong>\ucd08\uae30 \uc785\uae08:<\/strong> \uc774\ub354\ub9ac\uc6c0 \uac00\uaca9\uc740 $2,500\uc785\ub2c8\ub2e4. $5,000 \uc0c1\ub2f9\uc758 ETH(2 ETH)\uc640 $5,000 \uc0c1\ub2f9\uc758 USDT(5,000 USDT)\ub97c \uc785\uae08\ud569\ub2c8\ub2e4. \ucd1d \uac00\uce58: $10,000. \ud480\uc740 \uc77c\uc815\ud55c \uc0c1\ud488\uc744 \uc720\uc9c0\ud569\ub2c8\ub2e4(<code>ETH \uc218\ub7c9 * USDT \uc218\ub7c9 = K<\/code>).<\/li>\n<li><strong>ETH \uac00\uaca9 \uae09\ub4f1:<\/strong> \uc774\ub354\ub9ac\uc6c0 \uac00\uaca9\uc774 $3,500\uae4c\uc9c0 \uce58\uc19f\uc558\uc2b5\ub2c8\ub2e4. \ucc28\uc775\uac70\ub798\uc790\ub4e4\uc740 DEX \ud480\uacfc \ub2e4\ub978 \uc2dc\uc7a5 \uac04\uc758 \uac00\uaca9 \ucc28\uc774\ub97c \uc989\uc2dc \ud30c\uc545\ud569\ub2c8\ub2e4.<\/li>\n<li><strong>\ucc28\uc775\uac70\ub798 \ubc0f \ud480 \ub9ac\ubc38\ub7f0\uc2f1:<\/strong> \ucc28\uc775\uac70\ub798\uc790\ub294 USDT\ub97c \uc0ac\uc6a9\ud574 DEX \ud480(AMM \uc54c\uace0\ub9ac\uc998\uc774 \uc5ec\uc804\ud788 \uc774\uc804 \uac00\uaca9 \ube44\uc728\uc744 \ubc18\uc601\ud558\ub294 \uacf3)\uc5d0\uc11c \"\uc800\ub834\ud55c\" \uc774\ub354\ub9ac\uc6c0\uc744 \uad6c\ub9e4\ud569\ub2c8\ub2e4. \ucc28\uc775 \uac70\ub798\uc790\ub294 \uc774 \uc774\ub354\ub97c \ub2e4\ub978 \uacf3\uc5d0 \ud310\ub9e4\ud558\uc5ec \uc218\uc775\uc744 \uc5bb\uc2b5\ub2c8\ub2e4. \uc774 \ud65c\ub3d9:\n<ul>\n<li><strong>\uac10\uc18c<\/strong> \ud480\uc5d0 \uc788\ub294 \uc774\ub354\ub9ac\uc6c0 \uc218\ub7c9(\uc774\ub354\ub9ac\uc6c0 \uad6c\ub9e4 \uc2dc)\uc785\ub2c8\ub2e4.<\/li>\n<li><strong>\uc99d\uac00<\/strong> \ud480\uc5d0 \uc788\ub294 USDT \uc218\ub7c9(USDT\uac00 \uc9c0\uae09\ub418\ub294 \ub300\ub85c)\uc785\ub2c8\ub2e4.<\/li>\n<li>\ud480\uc758 \ub0b4\ubd80 ETH\/USDT \ube44\uc728\uc774 \uc0c8\ub85c\uc6b4 $3,500 \uc2dc\uc7a5 \uac00\uaca9\uc744 \ubc18\uc601\ud560 \ub54c\uae4c\uc9c0 \uacc4\uc18d\ud569\ub2c8\ub2e4. \ud480\uc774 \ud604\uc7ac 1.4 ETH\uc640 7,000 USDT\ub97c \ubcf4\uc720\ud558\uace0 \uc788\ub2e4\uace0 \uac00\uc815\ud569\ub2c8\ub2e4( <code>1.4 * 7,000 = 9,800<\/code>\uc6d0\ubcf8\uc5d0 \uac00\uae4c\uc6b4 <code>K<\/code> \uc218\uc218\ub8cc \uc870\uc815, \uc5ec\uae30\uc11c\ub294 \uac04\uc18c\ud654).<\/li>\n<\/ul>\n<\/li>\n<li><strong>\ub0b4 \uacf5\uc720:<\/strong> \ud480\uc758 10% \uc9c0\ubd84\uc744 \uc18c\uc720\ud558\uace0 \uc788\uc2b5\ub2c8\ub2e4. \uc778\ucd9c\ud569\ub2c8\ub2e4: 0.14 ETH\uc640 700 USDT.<\/li>\n<li><strong>\uac00\uce58 \ube44\uad50:<\/strong>\n<ul>\n<li><strong>\uc778\ucd9c\ub41c \uac12:<\/strong> (0.14ETH * $3,500) + 700USDT = $490 + $700 = $1,190.<\/li>\n<li><strong>HODL \uac12:<\/strong> \ucd08\uae30 2 ETH\uc640 5,000 USDT\ub97c \ubcf4\uc720\ud558\uace0 \uc788\uc5c8\ub2e4\uba74: (2 ETH * $3,500) + 5,000 USDT = $7,000 + $5,000 = $12,000\uc785\ub2c8\ub2e4.<\/li>\n<\/ul>\n<\/li>\n<li><strong>\uc601\uc6d0\ud55c \uc190\uc2e4:<\/strong> $1,190 (\uc778\ucd9c) \ub300 $12,000 (HODL) = = <strong>$10,810 \uc190\uc2e4<\/strong>. \uc774 \uaca9\ucc28\ub294 \uc601\uad6c\uc801\uc778 \uc190\uc2e4\uc785\ub2c8\ub2e4. \uc774 \uae30\uac04 \ub3d9\uc548 \uc218\uc218\ub8cc\ub85c $500\uc744 \ubc8c\uc5c8\ub354\ub77c\ub3c4 \uc21c \ud3ec\uc9c0\uc158($1,190 + $500 = $1,690)\uc740 \uc5ec\uc804\ud788 \ubcf4\uc720($12,000)\ubcf4\ub2e4 \ud06c\uac8c \ub5a8\uc5b4\uc9d1\ub2c8\ub2e4.<\/li>\n<\/ol>\n<p><strong>\uc65c '\uc601\uad6c\uc801'\uc778\uac00\uc694?<\/strong> \uc774\ub354\ub9ac\uc6c0 \uac00\uaca9\uc774 \ub9c8\ubc95\ucc98\ub7fc \ub3cc\uc544\uc628 \uacbd\uc6b0 <em>\uc815\ud655\ud788<\/em> $2,500 <em>\ud0c8\ud1f4 \uc2dc<\/em>\ub97c \uc785\ub825\ud558\uba74 \ud480\uc774 \ub2e4\uc2dc \uc7ac\uc870\uc815\ub418\uace0 \ucd9c\uae08\ub41c \uc790\uc0b0\uc740 HODL \uac12\uacfc \uac19\uc544\uc9d1\ub2c8\ub2e4. \uc190\uc2e4\uc740 \uc0ac\ub77c\uc9d1\ub2c8\ub2e4. \uadf8\ub7ec\ub098 \uc554\ud638\ud654\ud3d0 \uac00\uaca9\uc740 \ubcc0\ub3d9\uc131\uc774 \ud06c\uace0 \uc644\ubcbd\ud558\uac8c \ub418\ub3cc\uc544\uc624\ub294 \uacbd\uc6b0\ub294 \ub4dc\ubb3c\uae30 \ub54c\ubb38\uc5d0 \uc2e4\uc81c\ub85c\ub294 \uc190\uc2e4\uc774 \uc601\uad6c\uc801\uc73c\ub85c \ubc1c\uc0dd\ud569\ub2c8\ub2e4.<\/p>\n<p><strong>\uc601\uad6c \uc190\uc2e4 \uc704\ud5d8\uc744 \uc99d\ud3ed\uc2dc\ud0a4\ub294 \uc8fc\uc694 \uc694\uc778<\/strong><\/p>\n<p>IL \ub178\ucd9c \uc815\ub3c4\ub294 \uc5ec\ub7ec \uac00\uc9c0 \uc694\uc778\uc5d0 \ub530\ub77c \uacb0\uc815\ub429\ub2c8\ub2e4:<\/p>\n<ol>\n<li>\n<p><strong>\uc790\uc0b0 \uac00\uaca9 \ubcc0\ub3d9\uc131:<\/strong> \uc774\uac83\uc740 <em>\uae30\ubcf8<\/em> \ub4dc\ub77c\uc774\ubc84. \ud480\uc5d0 \uc788\ub294 \uc790\uc0b0\uc758 \uac00\uaca9 \ubcc0\ub3d9\uc774 \ud06c\uace0 \ube48\ubc88\ud560\uc218\ub85d \uc7a0\uc7ac\uc801 IL\uc774 \ub192\uc544\uc9d1\ub2c8\ub2e4. \uacfc\uac70\uc758 \uc0ac\ub840\ub294 \uadf9\uba85\ud569\ub2c8\ub2e4:<\/p>\n<ul>\n<li>2021\ub144 5\uc6d4 \ube44\ud2b8\ucf54\uc778 \ucda9\ub3cc(~$58\ucc9c\uc5d0\uc11c ~$30\ucc9c, ~50% \ud558\ub77d)\ub85c \uc778\ud574 BTC \ud480\uc5d0\uc11c \ub300\uaddc\ubaa8 IL\uc774 \ubc1c\uc0dd\ud588\uc2b5\ub2c8\ub2e4.<\/li>\n<li>2022\ub144 \ubcd1\ud569\uc744 \uc804\ud6c4\ud55c \uc774\ub354\ub9ac\uc6c0\uc758 \ubcc0\ub3d9\uc131($1,600 \uc774\uc804, $2,000 \uc774\uc0c1 \uae09\ub4f1, ~$1,300\uae4c\uc9c0 \ud558\ub77d)\uc73c\ub85c \uc778\ud574 ETH \ud480 LP\uc5d0\uac8c \uc0c1\ub2f9\ud55c IL\uc774 \ubc1c\uc0dd\ud588\uc2b5\ub2c8\ub2e4.<\/li>\n<li>2017~2018\ub144 \uc57d\uc138\uc7a5(BTC $20k -&gt; $3k) \ub3d9\uc548 BTC \ud480\uc758 IL \uae08\ub9ac\ub294 30%-50%\ub97c \uae30\ub85d\ud588\uc2b5\ub2c8\ub2e4.<\/li>\n<\/ul>\n<\/li>\n<li>\n<p><strong>\uc720\ub3d9\uc131 \ud480 \ud2b9\uc131:<\/strong><\/p>\n<ul>\n<li><strong>\uc790\uc0b0 \uc0c1\uad00\uad00\uacc4:<\/strong> \uc0c1\uad00\uad00\uacc4\uac00 \ub192\uc740 \uc790\uc0b0(\uc608: USDC\/DAI\uc640 \uac19\uc740 \uc2a4\ud14c\uc774\ube14\ucf54\uc778 \uc30d)\uc744 \ubcf4\uc720\ud55c \ud480\uc740 \uac00\uaca9 \ucc28\uc774\uac00 \ucd5c\uc18c\ud654\ub418\uc5b4 IL\uc774 \ub9e4\uc6b0 \ub0ae\uc2b5\ub2c8\ub2e4(\ubcf4\ud1b5 1% \ubbf8\ub9cc). \uc0c1\uad00\uad00\uacc4\uac00 \uc5c6\ub294 \uc790\uc0b0(\uc608: \uc774\ub354\ub9ac\uc6c0\uacfc \ud2c8\uc0c8 \uc54c\ud2b8\ucf54\uc778)\uc744 \ubcf4\uc720\ud55c \ud480\uc740 \ub3c5\ub9bd\uc801\uc774\uace0 \uc885\uc885 \uae09\uaca9\ud55c \uac00\uaca9 \ubcc0\ub3d9\uc73c\ub85c \uc778\ud574 \ub192\uc740 IL \uc704\ud5d8(\uc7a0\uc7ac\uc801\uc73c\ub85c 30~50%+)\uc5d0 \uc9c1\uba74\ud569\ub2c8\ub2e4.<\/li>\n<li><strong>\ud480 \ube44\uc728:<\/strong> 50:50 \ube44\uc728\uc744 \uc0ac\uc6a9\ud558\uc9c0 \uc54a\ub294 \ud480(\uc608: \ubc38\ub7f0\uc11c\uc758 \uc0ac\uc6a9\uc790 \uc9c0\uc815 \uac00\ub2a5\ud55c \uac00\uc911\uce58)\uc740 IL\uc744 \ub2e4\ub974\uac8c \uacbd\ud5d8\ud569\ub2c8\ub2e4. 80:20 \ud480\uc740 \uac00\uaca9 \ubcc0\ub3d9 \uc2dc IL\uc774 \uc9c0\ubc30\uc801 \uc790\uc0b0\uc5d0 \ub354 \ud070 \uc601\ud5a5\uc744 \ubbf8\uce69\ub2c8\ub2e4.<\/li>\n<li><strong>\ud480 \uae4a\uc774:<\/strong> \ub354 \uae4a\uc740 \ud480(\uc608: Curve\uc758 \uc2a4\ud14c\uc774\ube14\ucf54\uc778 \ud480)\uc740 \uac70\ub798\ub97c \ub354 \uc798 \ud761\uc218\ud558\uc5ec \ud480 \ub0b4 \uac00\uaca9 \uc601\ud5a5\uc744 \ucd5c\uc18c\ud654\ud558\uace0 \uc595\uc740 \ud480\uc5d0 \ube44\ud574 IL \uc2ec\uac01\ub3c4\ub97c \ub0ae\ucda5\ub2c8\ub2e4.<\/li>\n<\/ul>\n<\/li>\n<li>\n<p><strong>\uc218\uc601\uc7a5\uc5d0\uc11c\uc758 \uc2dc\uac04:<\/strong> IL \ub9ac\uc2a4\ud06c\ub294 \uc2dc\uac04\uc774 \uc9c0\ub0a8\uc5d0 \ub530\ub77c \ub204\uc801\ub429\ub2c8\ub2e4. \uc720\ub3d9\uc131\uc744 \uc624\ub798 \uc81c\uacf5\ud560\uc218\ub85d \uac00\uaca9 \ubcc0\ub3d9\uc774 \ud06c\uac8c \ubc1c\uc0dd\ud560 \ud655\ub960\uc774 \ub192\uc544\uc9d1\ub2c8\ub2e4. \ub2e8\uae30 \uc775\uc2a4\ud3ec\uc800\ub294 IL\uc774 \ubbf8\ubbf8\ud560 \uc218 \uc788\uc9c0\ub9cc, \uc7a5\uae30 \uacf5\uae09\uc790\ub294 \uc5ec\ub7ec \ubc88\uc758 \uac00\uaca9 \ubcc0\ub3d9\uc73c\ub85c \uc778\ud574 \uc190\uc2e4\uc774 \ub204\uc801\ub420 \uc704\ud5d8\uc774 \uc788\uc2b5\ub2c8\ub2e4. 2020~2021\ub144 \ub514\ud30c\uc774 \ud638\ud669\uae30\uc5d0 \ub9ce\uc740 LP\uac00 \uc2dc\uac04\uc774 \uc9c0\ub0a8\uc5d0 \ub530\ub77c \ub204\uc801\ub41c IL\ub85c \uc778\ud574 \ubcf4\uc0c1\uc774 \uac10\uc18c\ud558\ub294 \uac83\uc744 \ubaa9\uaca9\ud588\uc2b5\ub2c8\ub2e4.<\/p>\n<\/li>\n<\/ol>\n<p><strong>\ube44\uc601\uad6c\uc801 \uc190\uc2e4 \ub300 \uc804\ud1b5 \uae08\uc735: \uace0\uc720\ud55c \ub514\ud30c\uc774 \ub9ac\uc2a4\ud06c<\/strong><\/p>\n<p>IL\uc740 \uae30\uc874\uc758 \uae08\uc735 \ub9ac\uc2a4\ud06c\uc640\ub294 \uadfc\ubcf8\uc801\uc73c\ub85c \ub2e4\ub985\ub2c8\ub2e4:<\/p>\n<ul>\n<li><strong>\uc2dc\uc7a5 \uc704\ud5d8(\uae30\uc874):<\/strong> \uc804\ubc18\uc801\uc778 \uc2dc\uc7a5 \ud558\ub77d(\uc608: \uc8fc\uc2dd \uc57d\uc138\uc7a5)\uc73c\ub85c \uc778\ud55c \uc190\uc2e4. \ubcf4\uc720\uc790\uc5d0\uac8c \ub3d9\uc77c\ud558\uac8c \uc601\ud5a5\uc744 \ubbf8\uce69\ub2c8\ub2e4.<\/li>\n<li><strong>\uc720\ub3d9\uc131 \uc704\ud5d8(\uae30\uc874):<\/strong> \uc790\uc0b0\uc744 \ube60\ub974\uace0 \uc800\ub834\ud558\uac8c \ud310\ub9e4\ud560 \uc218 \uc5c6\uc2b5\ub2c8\ub2e4.<\/li>\n<li><strong>\ube44\uc601\uad6c\uc801 \uc190\uc2e4(DeFi):<\/strong> A <em>\uc0c1\ub300<\/em> \uc190\uc2e4 <em>\ud2b9\ud788<\/em> \uac00\uaca9 \ubcc0\ub3d9 \uc2dc AMM\uc758 \uc790\ub3d9 \ub9ac\ubc38\ub7f0\uc2f1 \uba54\ucee4\ub2c8\uc998\uc73c\ub85c \uc778\ud574 \ubc1c\uc0dd\ud558\ub294 \uc190\uc2e4\uc774 \ubcf4\uc720\uc5d0 \ube44\ud574 \ub354 \ud07d\ub2c8\ub2e4. \uc774\ub294 \uc2dc\uc7a5 \uc6c0\uc9c1\uc784\ubfd0\ub9cc \uc544\ub2c8\ub77c \uc720\ub3d9\uc131 \uacf5\uae09 \ubaa8\ub378\uc5d0 \ub0b4\uc7ac\ub41c \uae30\ud68c \ube44\uc6a9\uc785\ub2c8\ub2e4.<\/li>\n<\/ul>\n<p>\uc804\ud1b5\uc801\uc778 \uc2dc\uc7a5 \uc870\uc131\uc790\ub294 \uc7ac\uace0 \ub9ac\uc2a4\ud06c\ub97c \uc801\uadf9\uc801\uc73c\ub85c \uad00\ub9ac\ud569\ub2c8\ub2e4. \ub514\ud30c\uc774 LP\ub294 AMM\uc758 \uc54c\uace0\ub9ac\uc998\uc5d0 \uc81c\uc57d\uc744 \ubc1b\ub294 \uc218\ub3d9\uc801 \ucc38\uc5ec\uc790\uc774\ubbc0\ub85c IL\uc740 \uace0\uc720\ud55c \uad6c\uc870\uc801 \uacfc\uc81c\ub97c \uc548\uace0 \uc788\uc2b5\ub2c8\ub2e4.<\/p>\n<p><strong>\ube44\uc601\uad6c\uc801 \uc190\uc2e4 \uacc4\uc0b0\ud558\uae30: \ub3c4\uad6c \ubc0f \uc804\ub7b5<\/strong><\/p>\n<p>\uacf5\uc2dd\uc740 \ub2e4\uc74c\uacfc \uac19\uc2b5\ub2c8\ub2e4. <code>IL = 2 * sqrt(\uac00\uaca9_\ube44\uc728) \/ (1 + \uac00\uaca9_\ube44\uc728) - 1<\/code> \uc874\uc7ac( <code>\uac00\uaca9_\ube44\uc728<\/code> \ub294 \ud604\uc7ac \uac00\uaca9\/\uc608\uce58\uae08 \uac00\uaca9)\uc744 \uacc4\uc0b0\ud560 \ub54c, DailyDefi.org\uc758 IL \uacc4\uc0b0\uae30\uc640 \uac19\uc740 \uc628\ub77c\uc778 \uacc4\uc0b0\uae30\ub294 \uc2e4\uc6a9\uc801\uc778 \ub3c4\uad6c\uc785\ub2c8\ub2e4. \ucd08\uae30 \uac00\uaca9, \uc785\uae08\uc561, \ud604\uc7ac \uac00\uaca9\uc744 \uc785\ub825\ud558\uba74 \uc989\uc2dc IL \uacac\uc801\uc744 \ud655\uc778\ud560 \uc218 \uc788\uc2b5\ub2c8\ub2e4.<\/p>\n<p>\uc774\ub7ec\ud55c \ub3c4\uad6c\ub294 \ub2e4\uc74c\uacfc \uac19\uc740 \uc6a9\ub3c4\ub85c \uc0ac\uc6a9\ud558\uc138\uc694:<\/p>\n<ul>\n<li><strong>\uc0ac\uc804 \ud22c\uc790 \uc2ec\uc0ac:<\/strong> \ubaa9\ud45c \ud480\uc5d0 \ub300\ud55c \ub2e4\uc591\ud55c \ubcc0\ub3d9\uc131 \uc2dc\ub098\ub9ac\uc624\uc5d0\uc11c \uc7a0\uc7ac\uc801 IL\uc744 \ucd94\uc815\ud569\ub2c8\ub2e4. \uc608\uc0c1 IL\uacfc \uc608\uc0c1 \uc218\uc218\ub8cc + \ubcf4\uc0c1 \uc218\uc785\uc744 \ube44\uad50\ud569\ub2c8\ub2e4. IL\uc774 \uc218\uc785\uc744 \ucd08\uacfc\ud560 \uac00\ub2a5\uc131\uc774 \ub192\uc73c\uba74 \ud480\uc744 \ud53c\ud558\uc138\uc694.<\/li>\n<li><strong>\ud3ec\ud2b8\ud3f4\ub9ac\uc624 \ubaa8\ub2c8\ud130\ub9c1:<\/strong> \ud65c\uc131 LP \ud3ec\uc9c0\uc158\uc744 \uc8fc\uae30\uc801\uc73c\ub85c \ud655\uc778\ud558\uc5ec \uac00\uaca9 \ubcc0\ub3d9\uc774 IL\uc5d0 \ubbf8\uce58\ub294 \uc601\ud5a5\uc744 \ud3c9\uac00\ud558\uc138\uc694. \uc720\uc758\ubbf8\ud558\uace0 \uc9c0\uc18d\uc801\uc778 IL\uc740 \ucd9c\uad6c\ub97c \uc54c\ub9ac\ub294 \uc2e0\ud638\uc77c \uc218 \uc788\uc2b5\ub2c8\ub2e4.<\/li>\n<li><strong>\ud480 \uc120\ud0dd:<\/strong> \uc720\uc0ac\ud55c \ud480(\uc608: ETH\/USDC\uc640 ETH\/DAI) \uac04\uc758 IL \uc704\ud5d8 \ud504\ub85c\ud544\uc744 \ube44\uad50\ud558\uc5ec \ub0b4\uc7ac\ub41c IL \uc704\ud5d8\uc774 \ub0ae\uc740 \ud480\uc744 \uc120\ud0dd\ud569\ub2c8\ub2e4.<\/li>\n<\/ul>\n<p><strong>\ube44\uc601\uad6c\uc801 \uc190\uc2e4 \uc644\ud654: LP\ub97c \uc704\ud55c \uc2e4\uc6a9\uc801\uc778 \uc804\ub7b5<\/strong><\/p>\n<p>IL\uc744 \uc644\uc804\ud788 \uc81c\uac70\ud560 \uc218\ub294 \uc5c6\uc9c0\ub9cc, \ud604\uba85\ud55c LP\ub294 \ub178\ucd9c\uc744 \uc904\uc774\uae30 \uc704\ud55c \uc804\ub7b5\uc744 \uc0ac\uc6a9\ud569\ub2c8\ub2e4:<\/p>\n<ol>\n<li>\n<p><strong>\ubcc0\ub3d9\uc131\uc774 \ub0ae\uc740 \uc30d\uc744 \uc120\ud0dd\ud569\ub2c8\ub2e4:<\/strong> \uc2a4\ud14c\uc774\ube14\ucf54\uc778 \uc30d(USDC\/USDT, DAI\/USDC)\uc744 \uc6b0\uc120\uc21c\uc704\uc5d0 \ub461\ub2c8\ub2e4. \uac00\uaca9 \ucc28\uc774\uac00 \uc791\uc544 \uc2dc\uc7a5 \ud63c\ub780\uae30\uc5d0\ub3c4 IL\uc744 \uadf9\ub3c4\ub85c \ub0ae\uac8c \uc720\uc9c0\ud569\ub2c8\ub2e4(&lt;1%). \ubcf4\uc0c1\uc774 \ub9e4\uc6b0 \ub192\uace0 \uc704\ud5d8\uc744 \uc815\ub2f9\ud654\ud560 \uc218 \uc788\ub294 \uacbd\uc6b0\uac00 \uc544\ub2c8\ub77c\uba74 \ubcc0\ub3d9\uc131\uc774 \ud070 \uc30d(ETH\/\uc54c\ud2b8\ucf54\uc778)\uc740 \ud53c\ud558\uc138\uc694.<\/p>\n<\/li>\n<li>\n<p><strong>\ub3d9\uc801 \uc720\ub3d9\uc131 \uad00\ub9ac:<\/strong><\/p>\n<ul>\n<li><strong>\ubcc0\ub3d9\uc131\uc774 \ud070 \ud658\uacbd\uc5d0\uc11c \ub178\ucd9c\uc744 \uc904\uc774\uc138\uc694:<\/strong> \uc2dc\uc7a5 \ubcc0\ub3d9\uc774 \uc2ec\ud55c \uae30\uac04(\uc608: \uc8fc\uc694 \ub274\uc2a4, \ud3ed\ub77d, \ud3ed\ub4f1)\uc5d0\ub294 \ucd5c\uc545\uc758 IL\uc744 \ud53c\ud558\uae30 \uc704\ud574 \uc720\ub3d9\uc131\uc744 \uc778\ucd9c\ud558\uac70\ub098 \ud06c\uac8c \uc904\uc774\uc138\uc694.<\/li>\n<li><strong>\uc548\uc815\uc801\uc73c\ub85c \ub178\ucd9c\uc744 \ub298\ub9ac\uc138\uc694:<\/strong> \uac00\uaca9 \ubcc0\ub3d9\uc774 \ucd5c\uc18c\ud654\ub418\ub294 \ud3c9\uc628\ud55c \uc2dc\uc7a5 \uad6d\uba74\uc774\ub098 \ud6a1\ubcf4 \ucd94\uc138(\ubcf4\ud569)\uc5d0 \uc720\ub3d9\uc131\uc744 \ucd94\uac00\ud558\uc5ec IL \ub9ac\uc2a4\ud06c\ub97c \uc904\uc774\uba74\uc11c \uc218\uc218\ub8cc \uc218\uc775\uc744 \uadf9\ub300\ud654\ud560 \uc218 \uc788\uc2b5\ub2c8\ub2e4.<\/li>\n<li><strong>\uc804\ub7b5\uc801\uc73c\ub85c \uc2dc\uac04 \uad00\ub9ac\ud558\uae30:<\/strong> \uae30\uc220\uc801 \ubd84\uc11d\uc774\ub098 \uc2dc\uc7a5 \uc2ec\ub9ac\ub97c \uc774\uc6a9\ud574 \uc7a0\uc7ac\uc801 \ubcc0\ub3d9\uc131\uc744 \uce21\uc815\ud558\uace0 \uadf8\uc5d0 \ub530\ub77c \uc720\ub3d9\uc131 \uacf5\uae09 \uc2dc\uae30\ub97c \uc815\ud558\uc138\uc694. \uc608\uc0c1\ub418\ub294 \uc8fc\uc694 \uc774\ubca4\ud2b8 \uc9c1\uc804\uc5d0 \uc720\ub3d9\uc131\uc744 \uacf5\uae09\ud558\uc9c0 \ub9c8\uc138\uc694.<\/li>\n<\/ul>\n<\/li>\n<li>\n<p><strong>\ud5e4\uc9d5 \ub3c4\uad6c\ub97c \ud65c\uc6a9\ud558\uc138\uc694:<\/strong><\/p>\n<ul>\n<li><strong>\uc120\ubb3c:<\/strong> \uc120\ubb3c \uc2dc\uc7a5\uc5d0\uc11c \ubc18\ub300 \ud3ec\uc9c0\uc158\uc744 \uac1c\uc124\ud569\ub2c8\ub2e4. \uc774\ub354\ub9ac\uc6c0\/\ud14c\ub354\ub97c \uc81c\uacf5\ud558\ub294 \uacbd\uc6b0 \uc774\ub354\ub9ac\uc6c0 \uc120\ubb3c \uc20f \ud3ec\uc9c0\uc158. ETH \uac00\uaca9\uc774 \ud558\ub77d\ud558\uba74 LP\uc758 \uc190\uc2e4\uc740 \uc20f \uc120\ubb3c \ud3ec\uc9c0\uc158\uc758 \uc774\uc775\uc73c\ub85c \uc0c1\uc1c4\ub429\ub2c8\ub2e4(\ubc18\ub300\uc758 \uacbd\uc6b0\ub3c4 \ub9c8\ucc2c\uac00\uc9c0). <em>\uc704\ud5d8: \ub808\ubc84\ub9ac\uc9c0\uac00 \uc798\ubabb\ub418\uba74 \uc190\uc2e4\uc774 \ucee4\uc9d1\ub2c8\ub2e4.<\/em><\/li>\n<li><strong>\uc635\uc158:<\/strong> \ubcc0\ub3d9\uc131\uc774 \ud070 \uc790\uc0b0\uc5d0 \ub300\ud55c \ud48b\uc635\uc158\uc744 \ub9e4\uc218\ud569\ub2c8\ub2e4(\uc608: ETH\/USDT\ub97c \uc81c\uacf5\ud560 \ub54c ETH \ud48b\uc635\uc158). \uc774\ub354\ub9ac\uc6c0 \uac00\uaca9\uc774 \ud3ed\ub77d\ud558\uba74 \ud48b\uc635\uc158\uc758 \uac00\uce58 \uc0c1\uc2b9\uc73c\ub85c IL\uc774 \ubcf4\uc0c1\ub429\ub2c8\ub2e4. <em>\uc704\ud5d8: \uc635\uc158 \ud504\ub9ac\ubbf8\uc5c4\uc740 \ube44\uc6a9\uc774 \ub4e4\uace0 \uc2dc\uac04\uc774 \uc9c0\ub0a8\uc5d0 \ub530\ub77c \uac00\uce58\uac00 \ud558\ub77d\ud558\ubbc0\ub85c \uc815\ud655\ud55c \uc2dc\uc7a5 \uc608\uce21\uc774 \ud544\uc694\ud569\ub2c8\ub2e4.<\/em><\/li>\n<\/ul>\n<\/li>\n<\/ol>\n<p><strong>\uc601\uad6c\uc801 \uc190\uc2e4\uc758 \ud604\ud669 \ubc0f \uc9c4\ud654\ud558\ub294 \uc194\ub8e8\uc158<\/strong><\/p>\n<p>IL\uc740 \uc5ec\uc804\ud788 DEX \uc720\ub3d9\uc131\uc758 \uc911\uc694\ud55c \uc7a5\uc560\ubb3c\uc785\ub2c8\ub2e4:<\/p>\n<ul>\n<li><strong>\uad11\ubc94\uc704\ud55c \uc601\ud5a5\ub825:<\/strong> \uc720\ub2c8\uc2a4\uc651\uacfc \uac19\uc740 \uc8fc\uc694 \ud0c8\uc911\uc559 \uac70\ub798\uc18c(\uc608: ETH\/USDT \ud480)\uc5d0\uc11c LP\ub294 \uc9c0\ub09c 1\ub144 \ub3d9\uc548 \ud3c9\uade0 5-10%\uc758 IL\uc744 \uacbd\ud5d8\ud588\uc73c\uba70, \ubcc0\ub3d9\uc131\uc774 \uadf9\uc2ec\ud560 \ub54c\ub294 20% \uc774\uc0c1\uc73c\ub85c \uce58\uc19f\uae30\ub3c4 \ud588\uc2b5\ub2c8\ub2e4. \ud2c8\uc0c8 \uc790\uc0b0 \ud480\uc740 \uc885\uc885 30~50%+ IL\uc744 \ubcf4\uc785\ub2c8\ub2e4.<\/li>\n<li><strong>IL\uc744 \ud574\uacb0\ud558\ub294 \ud601\uc2e0:<\/strong> \uc0c8\ub85c\uc6b4 AMM \ubaa8\ub378\uc740 IL\uc744 \uc904\uc774\uac70\ub098 \uc7ac\ubd84\ubc30\ud558\ub294 \uac83\uc744 \ubaa9\ud45c\ub85c \ud569\ub2c8\ub2e4:\n<ul>\n<li><strong>CoW AMM:<\/strong> \uc624\ud504\uccb4\uc778 \uc77c\uad04 \uacbd\ub9e4\uc640 \uc194\ubc84(\uc81c3\uc790 \ub9ac\ubc38\ub7f0\uc11c)\ub97c \uc0ac\uc6a9\ud574 LP\uc5d0\uac8c \uc720\ub9ac\ud558\uac8c \ud480\uc744 \ub9ac\ubc38\ub7f0\uc2f1\ud558\uae30 \uc704\ud574 \uacbd\uc7c1\ud569\ub2c8\ub2e4. \ub0b4\ubd80\uc801\uc73c\ub85c \ucc28\uc775\uac70\ub798 \uac00\uce58\ub97c '\uc789\uc5ec' \uc9c0\uae09\uc73c\ub85c \ud3ec\ucc29\ud569\ub2c8\ub2e4. <em>LP\uc5d0<\/em> \ub97c MEV \ubd07 \ub300\uc2e0 \uc0ac\uc6a9\ud558\uc5ec IL\uc758 \ud575\uc2ec \uad6c\uc131 \uc694\uc18c\uc778 \uc190\uc2e4 \ub300 \uc7ac\uc870\uc815(LVR)\uc744 \uc81c\uac70\ud558\ub294 \uac83\uc744 \ubaa9\ud45c\ub85c \ud569\ub2c8\ub2e4.<\/li>\n<li><strong>\ubc84\ub2c8 V2(\uc720\ub2c8\uc2a4\uc651 V4 \ud65c\uc6a9):<\/strong> \uc9d1\uc911\ub41c \uc720\ub3d9\uc131(\uc720\ub2c8\uc2a4\uc651 V3)\uacfc \uac1c\uc120\ub41c \ud1a0\ud070\ub178\ubbf9\uc2a4(\ucee4\ube0c\uc640 \uac19\uc740 veToken \ubaa8\ub378)\ub97c \ud1b5\ud574 LP \uc218\uc775\uc131\uc744 \ub192\uc774\ub294 \ub370 \uc911\uc810\uc744 \ub461\ub2c8\ub2e4. \uc720\ub3d9\uc131\uc744 \ud1b5\ud569\ud558\uace0 \uc2ac\ub9ac\ud53c\uc9c0\ub97c \uc904\uc774\uba70 \uc7a5\uae30 \uacf5\uae09\uc744 \uc7a5\ub824\ud558\uc5ec IL \ub300\ube44 \uc218\uc218\ub8cc \uacbd\uc7c1\ub825\uc744 \ub192\uc774\ub294 \uac83\uc744 \ubaa9\ud45c\ub85c \ud569\ub2c8\ub2e4.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><strong>\uc720\ub3d9\uc131 \uacf5\uae09\uc790\ub97c \uc704\ud55c \ud544\uc218 \uc870\uac74<\/strong><\/p>\n<p>\ube44\uc601\uad6c\uc801 \uc190\uc2e4\uc740 \uc774\ub860\uc801 \uac1c\ub150\uc774 \uc544\ub2c8\ub77c \ud0c8\uc911\uc559 \uae08\uc735 \uc720\ub3d9\uc131 \ucc44\uad74\uc5d0 \ub0b4\uc7ac\ub41c \uc815\ub7c9\ud654\ud560 \uc218 \uc788\ub294 \uc7ac\ubb34\uc801 \uc704\ud5d8\uc785\ub2c8\ub2e4. \uc774\ub294 \uac00\uaca9 \ubcc0\ub3d9\uc131 \uc2dc \uc790\ub3d9\ud654\ub41c \uc790\ub3d9\uc790\uc0b0\uad00\ub9ac(AMM)\uc758 \ub9ac\ubc38\ub7f0\uc2f1 \uba54\ucee4\ub2c8\uc998\uc5d0\uc11c \uc9c1\uc811\uc801\uc73c\ub85c \ubc1c\uc0dd\ud569\ub2c8\ub2e4. IL\uc744 \ubb34\uc2dc\ud558\ub294 \uac83\uc740 \uc77c\uae30\uc608\ubcf4\ub97c \ud655\uc778\ud558\uc9c0 \uc54a\uace0 \ud3ed\ud48d \uc18d\uc73c\ub85c \ud56d\ud574\ud558\ub294 \uac83\uacfc \uac19\uc2b5\ub2c8\ub2e4.<\/p>\n<p>\uc131\uacf5\uc801\uc778 \uc720\ub3d9\uc131 \ucc44\uad74\uc744 \uc704\ud574\uc11c\ub294 \ub192\uc740 APY\ub97c \ucad3\ub294 \uac83 \uc774\uc0c1\uc758 \uac83\uc774 \ud544\uc694\ud569\ub2c8\ub2e4. \uadf8 \uc774\uc0c1\uc744 \uc694\uad6c\ud569\ub2c8\ub2e4:<\/p>\n<ol>\n<li><strong>\uba54\ucee4\ub2c8\uc998 \uc774\ud574\ud558\uae30:<\/strong> AMM\uacfc \uac00\uaca9 \ubcc0\ub3d9\uc774 IL\uc744 \uc720\ubc1c\ud558\ub294 \ubc29\uc2dd\uc744 \ud30c\uc545\ud558\uc138\uc694.<\/li>\n<li><strong>\uc5c4\uaca9\ud55c \uc704\ud5d8 \ud3c9\uac00:<\/strong> \uacc4\uc0b0\uae30\ub97c \uc0ac\uc6a9\ud574 \ud480 \uc790\uc0b0\uc758 \uacfc\uac70 \ubcc0\ub3d9\uc131\uc744 \ubd84\uc11d\ud558\uace0 \uc774\ub97c \uc608\uc0c1 \uc218\uc218\ub8cc\/\ubcf4\uc0c1 \uc218\uc775\uacfc \uc5f0\uad00\uc2dc\ucf1c \ubcf4\uc138\uc694. \uc548\uc815\uc801\uc774\uace0 \uc0c1\uad00\uad00\uacc4\uac00 \ub192\uc740 \uc30d\uc744 \uc120\ud638\ud558\uc138\uc694.<\/li>\n<li><strong>\uc561\ud2f0\ube0c \uad00\ub9ac:<\/strong> \"\uc124\uc815\ud558\uace0 \uc78a\uc5b4\ubc84\ub9ac\uc9c0 \ub9c8\uc138\uc694.\" \uc2dc\uc7a5\uc744 \ubaa8\ub2c8\ud130\ub9c1\ud558\uace0, \ubcc0\ub3d9\uc131\uc5d0 \ub530\ub77c \uc720\ub3d9\uc131 \uc218\uc900\uc744 \uc870\uc815\ud558\uace0, \uc801\uc808\ud558\uace0 \uc774\ud574\uac00 \ub41c\ub2e4\uba74 \ud5e4\uc9d5\uc744 \uace0\ub824\ud558\uc138\uc694.<\/li>\n<li><strong>\ucd5c\uc2e0 \uc815\ubcf4 \uc5bb\uae30:<\/strong> LP \uacbd\ud5d8\uc744 \uc7ac\uad6c\uc131\ud558\uace0 IL\uc744 \uc644\ud654\ud558\ub294 \uac83\uc744 \ubaa9\ud45c\ub85c \ud558\ub294 CoW AMM \ubc0f Bunni V2\uc640 \uac19\uc740 \ud601\uc2e0\uc744 \ucd94\uc801\ud558\uc138\uc694.<\/li>\n<\/ol>\n<p>\ube44\uc601\uad6c\uc801 \uc190\uc2e4\uc744 \uc778\uc815\ud558\uace0 \uc804\ub7b5\uc801\uc73c\ub85c \uad00\ub9ac\ud558\uba74 \uc218\ub3d9\uc801\uc778 \uc218\uc775\ub960 \ucd94\uad6c\uc790\uc5d0\uc11c \uc815\ubcf4\uc5d0 \uc785\uac01\ud55c DeFi \ucc38\uc5ec\uc790\ub85c \ubcc0\uc2e0\ud558\uc5ec \uc720\ub3d9\uc131 \uacf5\uae09\uc744 \uc608\uae30\uce58 \uc54a\uc740 \uc790\ubcf8 \uce68\uc2dd\uc774 \uc544\ub2cc \uc9c0\uc18d \uac00\ub2a5\ud55c \uc218\uc775\uc73c\ub85c \uc804\ud658\ud560 \uac00\ub2a5\uc131\uc744 \ud06c\uac8c \ub192\uc77c \uc218 \uc788\uc2b5\ub2c8\ub2e4. \ub514\ud30c\uc774\uc758 \ubcf4\uc0c1\uc740 \uc2e4\uc7ac\ud558\uc9c0\ub9cc \uc704\ud5d8\ub3c4 \uc874\uc7ac\ud558\uba70, \uadf8\uc911\uc5d0\uc11c\ub3c4 \ube44\uc601\uad6c\uc801 \uc190\uc2e4\uc740 \uac00\uc7a5 \ub110\ub9ac \ud37c\uc838 \uc788\ub294 \uc704\ud5d8\uc774\ubbc0\ub85c \ubc18\ub4dc\uc2dc \uc219\uc9c0\ud574\uc57c \ud569\ub2c8\ub2e4.<\/p>","protected":false},"excerpt":{"rendered":"<p>The Hidden Trap of Liquidity Mining: Impermanent Loss Explained &amp; How to Protect Your Assets The explosive growth of Decentralized Finance (DeFi) has revolutionized investing, with liquidity mining emerging as a major attraction. By depositing assets into decentralized exchange (DEX) liquidity pools, users earn trading fees and token rewards. Yet, beneath the allure of passive [&hellip;]<\/p>","protected":false},"author":1,"featured_media":3420,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"footnotes":""},"categories":[34],"tags":[],"class_list":["post-3421","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-knowledge"],"_links":{"self":[{"href":"https:\/\/theexchain.com\/ko\/wp-json\/wp\/v2\/posts\/3421","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/theexchain.com\/ko\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/theexchain.com\/ko\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/theexchain.com\/ko\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/theexchain.com\/ko\/wp-json\/wp\/v2\/comments?post=3421"}],"version-history":[{"count":0,"href":"https:\/\/theexchain.com\/ko\/wp-json\/wp\/v2\/posts\/3421\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/theexchain.com\/ko\/wp-json\/wp\/v2\/media\/3420"}],"wp:attachment":[{"href":"https:\/\/theexchain.com\/ko\/wp-json\/wp\/v2\/media?parent=3421"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/theexchain.com\/ko\/wp-json\/wp\/v2\/categories?post=3421"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/theexchain.com\/ko\/wp-json\/wp\/v2\/tags?post=3421"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}