Journal · 3 July 2026
The fee-versus-loss ledger for a concentrated range
Two columns, not one balance
The July circle handout is a ledger with two columns and no total that pretends to be a profit. The left column is fees collected while the price stayed inside the visitor’s chosen range. The right column is the change in the position’s value when the price left that range and the liquidity sat in the asset that had been falling. Sora Kim writes both numbers in pencil during the sitting. She does not subtract them on the board. Readers who want a single figure do that subtraction at home, where they can also see the rest of their week.
Concentrated liquidity on Solana asks the reader to pick a price band in advance. Inside the band, the position earns a share of swap fees. Outside the band, it stops earning and holds only one of the two assets. The shelf calls this a range. The word keeps the conversation on the band the reader actually set.
A narrow band is a short leash
The handout’s desk example uses a SOL pair and a band that is only a few percent wide. Fees in the example look lively because every swap inside that narrow band pays the same liquidity a larger share. The right-hand column then shows a single afternoon in which price walked out of the band and did not return before the example ends. The fees remain in the left column. They do not erase the right column. Visitors who have watched a narrow band for a month sometimes remember only the fees, because those arrive as small, repeated amounts. The ledger exists so the other number has a place to sit.
Impermanent loss is the name most readers already know. The circle uses it once, then returns to the two columns, because the name is easier to repeat than to calculate. The calculation on the sheet assumes the reader holds the position to the end of the example and compares it with simply holding the two assets. It does not include the cost of moving the range, the priority fee of a transaction, or the time the reader spent watching. Those belong in a private reading if the visitor wants them added to their own packet.
What the circle refuses to settle
Someone always asks where the band should be set for the coming month. The handout has no blank for that answer. The room can show how a past band would have filled the two columns. It cannot know the next month’s price. Readers who want their own range read against the filed sheet book a private risk reading and bring the band they already chose.