{"id":1884,"date":"2021-07-09T16:35:05","date_gmt":"2021-07-09T14:35:05","guid":{"rendered":"https:\/\/simplecryptoguide.com\/?page_id=1884"},"modified":"2026-10-26T07:59:44","modified_gmt":"2026-10-26T06:59:44","slug":"impermanent-loss-explained","status":"publish","type":"post","link":"https:\/\/simplecryptoguide.com\/fr\/impermanent-loss-explained\/","title":{"rendered":"Perte impermanente : comparer un pool \u00e0 la conservation des tokens"},"content":{"rendered":"<div data-no-translation><p>[et_pb_section _builder_version=&#8221;4.27.9&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221; fb_built=&#8221;1&#8243; module_class=&#8221;scg-handbook scg-essential-lesson&#8221; custom_padding=&#8221;40px||40px||true|false&#8221; custom_padding_phone=&#8221;18px||18px||true|false&#8221; custom_padding_last_edited=&#8221;on|phone&#8221; background_color=&#8221;#fff8d8&#8243;][et_pb_row _builder_version=&#8221;4.27.9&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221; column_structure=&#8221;2_3,1_3&#8243; width=&#8221;92%&#8221; max_width=&#8221;1120px&#8221; custom_padding=&#8221;0px||0px||false|false&#8221; module_class=&#8221;scg-essential-hero&#8221;][et_pb_column _builder_version=&#8221;4.27.9&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221; type=&#8221;2_3&#8243;][et_pb_text _builder_version=&#8221;4.27.9&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221; text_font=&#8221;Inter||||||||&#8221; text_font_size=&#8221;17px&#8221; text_text_color=&#8221;#354554&#8243; text_line_height=&#8221;1.7em&#8221; header_font=&#8221;Inter|700|||||||&#8221; header_text_color=&#8221;#10202b&#8221; header_2_font=&#8221;Inter|700|||||||&#8221; header_2_text_color=&#8221;#10202b&#8221; header_2_font_size=&#8221;30px&#8221; header_2_font_size_phone=&#8221;25px&#8221; header_2_font_size_last_edited=&#8221;on|phone&#8221; header_3_font=&#8221;Inter|700|||||||&#8221; header_3_text_color=&#8221;#10202b&#8221; custom_margin=&#8221;0px||0px||false|false&#8221; header_font_size=&#8221;42px&#8221;]<\/p>\n<div class=\"scg-essential-breadcrumb\"><nav aria-label=\"breadcrumbs\" class=\"rank-math-breadcrumb\"><p><span class=\"last\">Home<\/span><\/p><\/nav><\/div>\n<h1>Perte impermanente : comparer un pool \u00e0 la conservation des tokens<\/h1>\n<p>La perte impermanente est le retard d\u2019une position de liquidit\u00e9 par rapport \u00e0 la conservation des m\u00eames tokens initiaux hors du pool, avant frais et r\u00e9compenses. Sa valeur en dollars peut augmenter tout en restant inf\u00e9rieure. Le nom ne garantit pas la disparition de l\u2019\u00e9cart.<\/p>\n<p class=\"scg-essential-task\">Votre objectif : valoriser les deux portefeuilles aux m\u00eames prix et calculer les frais n\u00e9cessaires pour combler l\u2019\u00e9cart.<\/p>\n<p>[\/et_pb_text][\/et_pb_column][et_pb_column _builder_version=&#8221;4.27.9&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221; type=&#8221;1_3&#8243;][et_pb_image _builder_version=&#8221;4.27.9&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221; src=&#8221;https:\/\/simplecryptoguide.com\/wp-content\/uploads\/2026\/10\/defi-protocol-review.png&#8221; alt=&#8221;Illustration DeFi comparant apport de liquidit\u00e9 et conservation de tokens&#8221; title_text=&#8221;Illustration DeFi comparant apport de liquidit\u00e9 et conservation de tokens&#8221; align=&#8221;center&#8221; max_width=&#8221;260px&#8221; custom_margin=&#8221;0px|auto|0px|auto|true|true&#8221;][\/et_pb_image][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section _builder_version=&#8221;4.27.9&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221; fb_built=&#8221;1&#8243; module_class=&#8221;scg-handbook scg-essential-lesson&#8221; custom_padding=&#8221;26px||26px||true|false&#8221; custom_padding_phone=&#8221;18px||18px||true|false&#8221; custom_padding_last_edited=&#8221;on|phone&#8221; module_id=&#8221;concept-map&#8221;][et_pb_row _builder_version=&#8221;4.27.9&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221; column_structure=&#8221;4_4&#8243; width=&#8221;92%&#8221; max_width=&#8221;1120px&#8221; custom_padding=&#8221;0px||0px||false|false&#8221;][et_pb_column _builder_version=&#8221;4.27.9&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221; type=&#8221;4_4&#8243;][et_pb_text _builder_version=&#8221;4.27.9&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221; text_font=&#8221;Inter||||||||&#8221; text_font_size=&#8221;17px&#8221; text_text_color=&#8221;#354554&#8243; text_line_height=&#8221;1.7em&#8221; header_font=&#8221;Inter|700|||||||&#8221; header_text_color=&#8221;#10202b&#8221; header_2_font=&#8221;Inter|700|||||||&#8221; header_2_text_color=&#8221;#10202b&#8221; header_2_font_size=&#8221;30px&#8221; header_2_font_size_phone=&#8221;25px&#8221; header_2_font_size_last_edited=&#8221;on|phone&#8221; header_3_font=&#8221;Inter|700|||||||&#8221; header_3_text_color=&#8221;#10202b&#8221; custom_margin=&#8221;0px||0px||false|false&#8221;]<\/p>\n<h2>Comprendre ce qui change dans le pool<\/h2>\n<div class=\"scg-essential-grid scg-essential-flow\">\n<div class=\"scg-essential-card\"><span class=\"scg-essential-number\" aria-hidden=\"true\">1<\/span><\/p>\n<h3>Le pool modifie votre r\u00e9partition<\/h3>\n<p>Dans un pool simple 50\/50 \u00e0 produit constant, les \u00e9changes modifient les quantit\u00e9s des deux actifs. L\u2019arbitrage rapproche le prix de celui du march\u00e9. Quand un token devient relativement plus cher, le pool en d\u00e9tient moins et davantage de l\u2019autre. Vous ne conservez plus la r\u00e9partition initiale.<\/p>\n<\/div>\n<div class=\"scg-essential-card\"><span class=\"scg-essential-number\" aria-hidden=\"true\">2<\/span><\/p>\n<h3>La conservation sert de r\u00e9f\u00e9rence<\/h3>\n<p>Notez les quantit\u00e9s exactes d\u00e9pos\u00e9es et valorisez ces quantit\u00e9s inchang\u00e9es aux prix actuels. Comparez-les \u00e0 la position actuellement retirable, aux m\u00eames prix. Comparer seulement au d\u00e9p\u00f4t mesure un gain en dollars, pas si l\u2019apport de liquidit\u00e9 a battu la conservation.<\/p>\n<\/div>\n<div class=\"scg-essential-card\"><span class=\"scg-essential-number\" aria-hidden=\"true\">3<\/span><\/p>\n<h3>Les frais sont un rendement distinct<\/h3>\n<p>Frais de trading et r\u00e9compenses peuvent compenser l\u2019\u00e9cart, sans garantie. D\u00e9duisez co\u00fbts de d\u00e9p\u00f4t, retrait, collecte et r\u00e9\u00e9quilibrage. Valorisez les r\u00e9compenses \u00e0 un prix de vente r\u00e9aliste. V\u00e9rifiez si les frais figurent d\u00e9j\u00e0 dans la valeur affich\u00e9e afin de ne pas les compter deux fois.<\/p>\n<\/div>\n<\/div>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section _builder_version=&#8221;4.27.9&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221; fb_built=&#8221;1&#8243; module_class=&#8221;scg-handbook scg-essential-lesson&#8221; custom_padding=&#8221;26px||26px||true|false&#8221; custom_padding_phone=&#8221;18px||18px||true|false&#8221; custom_padding_last_edited=&#8221;on|phone&#8221; module_id=&#8221;walkthrough&#8221;][et_pb_row _builder_version=&#8221;4.27.9&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221; column_structure=&#8221;4_4&#8243; width=&#8221;92%&#8221; max_width=&#8221;1120px&#8221; custom_padding=&#8221;0px||0px||false|false&#8221;][et_pb_column _builder_version=&#8221;4.27.9&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221; type=&#8221;4_4&#8243;][et_pb_text _builder_version=&#8221;4.27.9&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221; text_font=&#8221;Inter||||||||&#8221; text_font_size=&#8221;17px&#8221; text_text_color=&#8221;#354554&#8243; text_line_height=&#8221;1.7em&#8221; header_font=&#8221;Inter|700|||||||&#8221; header_text_color=&#8221;#10202b&#8221; header_2_font=&#8221;Inter|700|||||||&#8221; header_2_text_color=&#8221;#10202b&#8221; header_2_font_size=&#8221;30px&#8221; header_2_font_size_phone=&#8221;25px&#8221; header_2_font_size_last_edited=&#8221;on|phone&#8221; header_3_font=&#8221;Inter|700|||||||&#8221; header_3_text_color=&#8221;#10202b&#8221; custom_margin=&#8221;0px||0px||false|false&#8221;]<\/p>\n<h2>Parcours pratique : construire une comparaison \u00e9quitable<\/h2>\n<div class=\"scg-essential-grid\">\n<div class=\"scg-essential-card\"><span class=\"scg-essential-number\" aria-hidden=\"true\">1<\/span><\/p>\n<h3>Noter le portefeuille initial<\/h3>\n<p>D\u00e9p\u00f4t hypoth\u00e9tique : 1 ETH et 1 000 USDC avec ETH \u00e0 1 000 $ et USDC \u00e0 1 $. Valeur initiale : 2 000 $. Supposez un pool 50\/50 \u00e0 produit constant couvrant tout l\u2019intervalle de prix, un \u00e9quilibre d\u2019arbitrage, aucun frais ni co\u00fbt et un ancrage USDC stable. Ce sont des hypoth\u00e8ses p\u00e9dagogiques, pas des cours actuels.<\/p>\n<\/div>\n<div class=\"scg-essential-card\"><span class=\"scg-essential-number\" aria-hidden=\"true\">2<\/span><\/p>\n<h3>Recalculer apr\u00e8s le changement de prix<\/h3>\n<p>Si ETH atteint 4 000 $, la position mod\u00e9lis\u00e9e devient 0,5 ETH et 2 000 USDC, soit 4 000 $. Conserver 1 ETH et 1 000 USDC donnerait 5 000 $. Le pool a gagn\u00e9 2 000 $ depuis le d\u00e9p\u00f4t, mais accuse un retard de 1 000 $ sur la conservation.<\/p>\n<\/div>\n<div class=\"scg-essential-card\"><span class=\"scg-essential-number\" aria-hidden=\"true\">3<\/span><\/p>\n<h3>Ajouter l\u2019\u00e9conomie r\u00e9elle<\/h3>\n<p>L\u2019\u00e9cart est 1 000 $ \u00f7 5 000 $ = 20 %, et non 25 % de la valeur du pool. Avec 180 $ de frais mesur\u00e9s s\u00e9par\u00e9ment et 30 $ de co\u00fbts, la valeur nette atteint 4 150 $ et l\u2019\u00e9cart reste 850 $. Il faut ici 1 030 $ de frais bruts pour \u00e9galer la conservation apr\u00e8s co\u00fbts.<\/p>\n<\/div>\n<\/div>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section _builder_version=&#8221;4.27.9&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221; fb_built=&#8221;1&#8243; module_class=&#8221;scg-handbook scg-essential-lesson&#8221; custom_padding=&#8221;26px||26px||true|false&#8221; custom_padding_phone=&#8221;18px||18px||true|false&#8221; custom_padding_last_edited=&#8221;on|phone&#8221; module_id=&#8221;worked-example&#8221;][et_pb_row _builder_version=&#8221;4.27.9&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221; column_structure=&#8221;4_4&#8243; width=&#8221;92%&#8221; max_width=&#8221;1120px&#8221; custom_padding=&#8221;30px|30px|30px|30px|true|true&#8221; module_class=&#8221;scg-essential-panel&#8221; background_color=&#8221;#fff8d8&#8243; custom_padding_phone=&#8221;22px|18px|22px|18px|true|true&#8221; custom_padding_last_edited=&#8221;on|phone&#8221; border_radii=&#8221;on|16px|16px|16px|16px&#8221; border_width_all=&#8221;1px&#8221; border_color_all=&#8221;#e5d89e&#8221;][et_pb_column _builder_version=&#8221;4.27.9&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221; type=&#8221;4_4&#8243;][et_pb_text _builder_version=&#8221;4.27.9&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221; text_font=&#8221;Inter||||||||&#8221; text_font_size=&#8221;17px&#8221; text_text_color=&#8221;#354554&#8243; text_line_height=&#8221;1.7em&#8221; header_font=&#8221;Inter|700|||||||&#8221; header_text_color=&#8221;#10202b&#8221; header_2_font=&#8221;Inter|700|||||||&#8221; header_2_text_color=&#8221;#10202b&#8221; header_2_font_size=&#8221;30px&#8221; header_2_font_size_phone=&#8221;25px&#8221; header_2_font_size_last_edited=&#8221;on|phone&#8221; header_3_font=&#8221;Inter|700|||||||&#8221; header_3_text_color=&#8221;#10202b&#8221; custom_margin=&#8221;0px||0px||false|false&#8221;]<\/p>\n<h2>Le mod\u00e8le : le rapport des prix d\u00e9termine l\u2019\u00e9cart<\/h2>\n<div class=\"scg-essential-equation\"><span>2\u221a4 \u00f7 (1 + 4)<\/span><span>=<\/span><strong>0.8 \u2192 \u221220%<\/strong><\/div>\n<p>Dans ce mod\u00e8le 50\/50 sans frais sur tout l\u2019intervalle, r est le prix relatif final divis\u00e9 par son niveau initial. Le rapport valeur LP\/conservation est 2\u221ar \u00f7 (1+r). \u00c0 r = 4, il vaut 0,8 : le retard est 20 %. Le produit des r\u00e9serves x \u00d7 y = k est un invariant de prix, pas la valeur en dollars. Si le prix relatif revient exactement au d\u00e9part, cette divergence dispara\u00eet dans le mod\u00e8le ; co\u00fbts, autres pertes et possibilit\u00e9 d\u2019un non-retour restent pertinents.<\/p>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section _builder_version=&#8221;4.27.9&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221; fb_built=&#8221;1&#8243; module_class=&#8221;scg-handbook scg-essential-lesson&#8221; custom_padding=&#8221;26px||26px||true|false&#8221; custom_padding_phone=&#8221;18px||18px||true|false&#8221; custom_padding_last_edited=&#8221;on|phone&#8221; module_id=&#8221;common-mistakes&#8221;][et_pb_row _builder_version=&#8221;4.27.9&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221; column_structure=&#8221;4_4&#8243; width=&#8221;92%&#8221; max_width=&#8221;1120px&#8221; custom_padding=&#8221;0px||0px||false|false&#8221;][et_pb_column _builder_version=&#8221;4.27.9&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221; type=&#8221;4_4&#8243;][et_pb_text _builder_version=&#8221;4.27.9&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221; text_font=&#8221;Inter||||||||&#8221; text_font_size=&#8221;17px&#8221; text_text_color=&#8221;#354554&#8243; text_line_height=&#8221;1.7em&#8221; header_font=&#8221;Inter|700|||||||&#8221; header_text_color=&#8221;#10202b&#8221; header_2_font=&#8221;Inter|700|||||||&#8221; header_2_text_color=&#8221;#10202b&#8221; header_2_font_size=&#8221;30px&#8221; header_2_font_size_phone=&#8221;25px&#8221; header_2_font_size_last_edited=&#8221;on|phone&#8221; header_3_font=&#8221;Inter|700|||||||&#8221; header_3_text_color=&#8221;#10202b&#8221; custom_margin=&#8221;0px||0px||false|false&#8221;]<\/p>\n<h2>Les limites du mod\u00e8le simple<\/h2>\n<div class=\"scg-essential-grid\">\n<div class=\"scg-essential-card\"><span class=\"scg-essential-number\" aria-hidden=\"true\">1<\/span><\/p>\n<h3>La liquidit\u00e9 concentr\u00e9e d\u00e9pend de son intervalle<\/h3>\n<p>Un intervalle \u00e9troit modifie l\u2019exposition. Hors intervalle, la position peut ne contenir qu\u2019un token et cesser de percevoir des frais jusqu\u2019au retour du prix. N\u2019appliquez pas aveugl\u00e9ment la formule compl\u00e8te : utilisez les bornes et les soldes r\u00e9ellement retirables.<\/p>\n<\/div>\n<div class=\"scg-essential-card\"><span class=\"scg-essential-number\" aria-hidden=\"true\">2<\/span><\/p>\n<h3>Les stablecoins ne sont pas sans risque<\/h3>\n<p>Deux tokens li\u00e9s \u00e0 la m\u00eame devise peuvent diverger si l\u2019un perd son ancrage. Le pool peut accumuler l\u2019actif affaibli tandis que les traders retirent le plus solide. De faibles variations pass\u00e9es ne suppriment pas les risques d\u2019\u00e9metteur, de contrat ou de liquidit\u00e9.<\/p>\n<\/div>\n<div class=\"scg-essential-card\"><span class=\"scg-essential-number\" aria-hidden=\"true\">3<\/span><\/p>\n<h3>Un APY s\u00e9duisant n\u2019est pas le r\u00e9sultat<\/h3>\n<p>Annualiser les frais r\u00e9cents ne garantit pas les revenus futurs. Volume, concurrence, activit\u00e9 dans l\u2019intervalle et prix des r\u00e9compenses changent. La perte impermanente exclut aussi piratages, d\u00e9faillances des tokens et autres risques pouvant dominer le r\u00e9sultat.<\/p>\n<\/div>\n<\/div>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section _builder_version=&#8221;4.27.9&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221; fb_built=&#8221;1&#8243; module_class=&#8221;scg-handbook scg-essential-lesson&#8221; custom_padding=&#8221;26px||26px||true|false&#8221; custom_padding_phone=&#8221;18px||18px||true|false&#8221; custom_padding_last_edited=&#8221;on|phone&#8221; module_id=&#8221;practice&#8221;][et_pb_row _builder_version=&#8221;4.27.9&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221; column_structure=&#8221;4_4&#8243; width=&#8221;92%&#8221; max_width=&#8221;1120px&#8221; custom_padding=&#8221;30px|30px|30px|30px|true|true&#8221; module_class=&#8221;scg-essential-panel&#8221; background_color=&#8221;#fff8d8&#8243; custom_padding_phone=&#8221;22px|18px|22px|18px|true|true&#8221; custom_padding_last_edited=&#8221;on|phone&#8221; border_radii=&#8221;on|16px|16px|16px|16px&#8221; border_width_all=&#8221;1px&#8221; border_color_all=&#8221;#e5d89e&#8221;][et_pb_column _builder_version=&#8221;4.27.9&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221; type=&#8221;4_4&#8243;][et_pb_text _builder_version=&#8221;4.27.9&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221; text_font=&#8221;Inter||||||||&#8221; text_font_size=&#8221;17px&#8221; text_text_color=&#8221;#354554&#8243; text_line_height=&#8221;1.7em&#8221; header_font=&#8221;Inter|700|||||||&#8221; header_text_color=&#8221;#10202b&#8221; header_2_font=&#8221;Inter|700|||||||&#8221; header_2_text_color=&#8221;#10202b&#8221; header_2_font_size=&#8221;30px&#8221; header_2_font_size_phone=&#8221;25px&#8221; header_2_font_size_last_edited=&#8221;on|phone&#8221; header_3_font=&#8221;Inter|700|||||||&#8221; header_3_text_color=&#8221;#10202b&#8221; custom_margin=&#8221;0px||0px||false|false&#8221;]<\/p>\n<h2>Exercice : comparer lors d\u2019une baisse<\/h2>\n<p>Gardez le d\u00e9p\u00f4t initial, mais ETH tombe \u00e0 250 $ et USDC reste \u00e0 1 $. La position devient 2 ETH et 500 USDC. Quelles sont les valeurs du pool et de la conservation ? Quel est l\u2019\u00e9cart en pourcentage avant frais ?<\/p>\n<details>\n<summary>Afficher le calcul<\/summary>\n<p>Pool : 2 \u00d7 250 $ + 500 $ = 1 000 $. Conservation : 1 \u00d7 250 $ + 1 000 $ = 1 250 $. L\u2019\u00e9cart de 250 $ repr\u00e9sente 20 % de la conservation. Les deux ont perdu des dollars depuis les 2 000 $ initiaux. Les 20 % d\u00e9crivent leur diff\u00e9rence, pas la perte totale du pool de 50 % avant frais.<\/p>\n<\/details>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section _builder_version=&#8221;4.27.9&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221; fb_built=&#8221;1&#8243; module_class=&#8221;scg-handbook scg-essential-lesson&#8221; custom_padding=&#8221;26px||26px||true|false&#8221; custom_padding_phone=&#8221;18px||18px||true|false&#8221; custom_padding_last_edited=&#8221;on|phone&#8221; module_id=&#8221;next-steps&#8221;][et_pb_row _builder_version=&#8221;4.27.9&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221; column_structure=&#8221;4_4&#8243; width=&#8221;92%&#8221; max_width=&#8221;1120px&#8221; custom_padding=&#8221;0px||0px||false|false&#8221;][et_pb_column _builder_version=&#8221;4.27.9&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221; type=&#8221;4_4&#8243;][et_pb_text _builder_version=&#8221;4.27.9&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221; text_font=&#8221;Inter||||||||&#8221; text_font_size=&#8221;17px&#8221; text_text_color=&#8221;#354554&#8243; text_line_height=&#8221;1.7em&#8221; header_font=&#8221;Inter|700|||||||&#8221; header_text_color=&#8221;#10202b&#8221; header_2_font=&#8221;Inter|700|||||||&#8221; header_2_text_color=&#8221;#10202b&#8221; header_2_font_size=&#8221;30px&#8221; header_2_font_size_phone=&#8221;25px&#8221; header_2_font_size_last_edited=&#8221;on|phone&#8221; header_3_font=&#8221;Inter|700|||||||&#8221; header_3_text_color=&#8221;#10202b&#8221; custom_margin=&#8221;0px||0px||false|false&#8221;]<\/p>\n<h2>Relier le calcul \u00e0 vos recherches<\/h2>\n<div class=\"scg-essential-actions\"><a class=\"scg-essential-button\" href=\"https:\/\/simplecryptoguide.com\/fr\/quest-ce-que-le-pourcentage-de-rendement-annuel-en-crypto\/\">Comparer correctement APR et APY<span aria-hidden=\"true\">\u2192<\/span><\/a><a class=\"scg-essential-button\" href=\"https:\/\/simplecryptoguide.com\/fr\/quest-ce-quun-echange-decentralise-dex\/\">Suivre un swap DEX \u00e9tape par \u00e9tape<span aria-hidden=\"true\">\u2192<\/span><\/a><a class=\"scg-essential-button\" href=\"https:\/\/simplecryptoguide.com\/fr\/categorie\/comment-acheter\/buy-defi\/\">Explorer les guides d\u2019achat DeFi<span aria-hidden=\"true\">\u2192<\/span><\/a><a class=\"scg-essential-button\" href=\"https:\/\/simplecryptoguide.com\/fr\/crypto-tools\/\">Ouvrir la biblioth\u00e8que d\u2019outils crypto<span aria-hidden=\"true\">\u2192<\/span><\/a><\/div>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section _builder_version=&#8221;4.27.9&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221; fb_built=&#8221;1&#8243; module_class=&#8221;scg-handbook scg-essential-lesson&#8221; custom_padding=&#8221;26px||26px||true|false&#8221; custom_padding_phone=&#8221;18px||18px||true|false&#8221; custom_padding_last_edited=&#8221;on|phone&#8221; module_id=&#8221;sources&#8221;][et_pb_row _builder_version=&#8221;4.27.9&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221; column_structure=&#8221;4_4&#8243; width=&#8221;92%&#8221; max_width=&#8221;1120px&#8221; custom_padding=&#8221;0px||0px||false|false&#8221;][et_pb_column _builder_version=&#8221;4.27.9&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221; type=&#8221;4_4&#8243;][et_pb_text _builder_version=&#8221;4.27.9&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221; text_font=&#8221;Inter||||||||&#8221; text_font_size=&#8221;17px&#8221; text_text_color=&#8221;#354554&#8243; text_line_height=&#8221;1.7em&#8221; header_font=&#8221;Inter|700|||||||&#8221; header_text_color=&#8221;#10202b&#8221; header_2_font=&#8221;Inter|700|||||||&#8221; header_2_text_color=&#8221;#10202b&#8221; header_2_font_size=&#8221;30px&#8221; header_2_font_size_phone=&#8221;25px&#8221; header_2_font_size_last_edited=&#8221;on|phone&#8221; header_3_font=&#8221;Inter|700|||||||&#8221; header_3_text_color=&#8221;#10202b&#8221; custom_margin=&#8221;0px||0px||false|false&#8221;]<\/p>\n<h2>Sources et lectures compl\u00e9mentaires<\/h2>\n<ul class=\"scg-essential-sources\">\n<li><a href=\"https:\/\/developers.uniswap.org\/docs\/protocols\/v2\/concepts\/understanding-returns\" target=\"_blank\" rel=\"noopener\">Uniswap v2: returns<\/a><\/li>\n<li><a href=\"https:\/\/developers.uniswap.org\/docs\/get-started\/concepts\/liquidity-providers\/concentrated-liquidity\" target=\"_blank\" rel=\"noopener\">Uniswap v3 \/ v4: concentrated liquidity<\/a><\/li>\n<li><a href=\"https:\/\/support.uniswap.org\/hc\/en-us\/articles\/37113550065549-What-are-the-risks-when-providing-liquidity\" target=\"_blank\" rel=\"noopener\">Uniswap: liquidity risks<\/a><\/li>\n<\/ul>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section _builder_version=&#8221;4.27.9&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221; fb_built=&#8221;1&#8243; module_class=&#8221;scg-handbook scg-essential-lesson&#8221; custom_padding=&#8221;0px||0px||true|false&#8221; custom_padding_phone=&#8221;18px||18px||true|false&#8221; custom_padding_last_edited=&#8221;on|phone&#8221;][et_pb_row _builder_version=&#8221;4.27.9&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221; column_structure=&#8221;4_4&#8243; width=&#8221;92%&#8221; max_width=&#8221;1120px&#8221; custom_padding=&#8221;0px||0px||false|false&#8221;][et_pb_column _builder_version=&#8221;4.27.9&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221; type=&#8221;4_4&#8243;][et_pb_code _builder_version=&#8221;4.27.9&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;]<\/p>\n<style>body #page-container .scg-template-reading-column .scg-essential-lesson .et_pb_row.scg-essential-panel{padding:30px!important}@media(max-width:600px){body #page-container .scg-template-reading-column .scg-essential-lesson .et_pb_row.scg-essential-panel{padding:22px 18px!important}}body #page-container .scg-template-reading-column .scg-essential-lesson .et_pb_text a.scg-essential-button:hover,body 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.scg-essential-task{border-left:4px solid #ffda26;padding:12px 16px;background:#fff;color:#10202b;font-weight:600;margin-top:24px}.scg-essential-hero{display:flex;align-items:center;gap:28px}.scg-essential-hero>.et_pb_column{margin:0!important}.scg-essential-hero>.et_pb_column:first-child{flex:1}.scg-essential-hero>.et_pb_column:last-child{width:28%!important;flex:0 0 28%}.scg-essential-lesson details{margin-top:24px;border:1px solid #10202b;border-radius:10px;background:#fff;padding:0 20px}.scg-essential-lesson summary{padding:16px 0;cursor:pointer;min-height:48px;font-weight:700;color:#10202b}.scg-essential-lesson details p{padding-bottom:20px}.scg-essential-lesson summary:focus-visible,.scg-essential-lesson a:focus-visible{outline:3px solid #356ca6;outline-offset:4px}.scg-essential-actions{display:grid;grid-template-columns:repeat(2,minmax(0,1fr));gap:14px}.scg-essential-lesson a.scg-essential-button,.scg-essential-lesson 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exemple 50\/50, frais n\u00e9cessaires, limites de la liquidit\u00e9 concentr\u00e9e et exercice pratique.<\/p>\n","protected":false},"author":1,"featured_media":3764,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[99],"tags":[129,871,110,795,204],"class_list":["post-1884","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-advanced","tag-defi","tag-impermanent-loss","tag-liquidity","tag-liquidity-pool","tag-staking"],"_links":{"self":[{"href":"https:\/\/simplecryptoguide.com\/fr\/wp-json\/wp\/v2\/posts\/1884","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/simplecryptoguide.com\/fr\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/simplecryptoguide.com\/fr\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/simplecryptoguide.com\/fr\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/simplecryptoguide.com\/fr\/wp-json\/wp\/v2\/comments?post=1884"}],"version-history":[{"count":1,"href":"https:\/\/simplecryptoguide.com\/fr\/wp-json\/wp\/v2\/posts\/1884\/revisions"}],"predecessor-version":[{"id":18775,"href":"https:\/\/simplecryptoguide.com\/fr\/wp-json\/wp\/v2\/posts\/1884\/revisions\/18775"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/simplecryptoguide.com\/fr\/wp-json\/wp\/v2\/media\/3764"}],"wp:attachment":[{"href":"https:\/\/simplecryptoguide.com\/fr\/wp-json\/wp\/v2\/media?parent=1884"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/simplecryptoguide.com\/fr\/wp-json\/wp\/v2\/categories?post=1884"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/simplecryptoguide.com\/fr\/wp-json\/wp\/v2\/tags?post=1884"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}