Liquidity mining may be attractive, but it hides the risk of impermanent loss. This loss increases with price volatility and can lead to actual losses exceeding expected gains. Impermanent loss has a nonlinear relationship with price fluctuations, and the risk of decline is generally greater than that of rise. Investors should choose stablecoin trading pairs and assess the risk of loss to make informed decisions. In the future, DeFi needs to optimize yield models through new technologies, and understanding impermanent loss is key to protecting assets.