Understanding Returns
A portfolio value gives the value of a LP share for a given exchange rate. The portfolio value of an AMM can be derived from the trading invariant or vice-versa.
It has been shown that portfolio values of all constant function automated market makers are nondecreasing, non-negative, and concave. This means that without external rewards, providing liquidity is always worse than holding the underlying tokens.
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The portfolio value of a PMMP liquidity position is shown below:

The value of a Numoen LP position with p1 as 3
