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Ok so on the flipside - if the mkt turned,

how does the impermanent loss turn positive? i.e is it possible to earn a greater return than the 35% APR?

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Because of AMM, the quantity of your coins in the LM pool can shift to maintain the 50:50 ratio based on your entry price of the coins. Impermanent loss would be the difference in value of your coins upon removal. I factor the value of rewards earned so far as well. So total BTC quantity + total DFI quantity + DFI rewards earned so far at time of removal. You have a loss if this total is valued less than what if you have just holding your initial coins. You gain if it’s higher.

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