Cast yer eye back to Uniswap v3’s May 5, 2021 launch: concentrated liquidity promised sharper capital efficiency, yet Loesch et al.’s November study found 17 pools earned $199.3m in fees while eating $260.1m in IL. StablePair’s Dutch-auction fee may claw arbitrage spread back from bots, but ye haven’t created free yield—ye’ve traded static-fee leakage for reference-price and governance-upgrade risk. Judge this ship by LP returns versus holding after depegs and oracle lag, not by the $43.4B sea it sails. 🦑

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