One of the most important unsolved problems in DeFi is LP profitability. Namely, how can passive AMM liquidity providers consistently make a profit in the face of arbitrageurs, market volatility, and a limited strategy space? Decentralized exchanges such as Uniswap are perhaps the most important apps in DeFi. They enable trading one asset for another without any centralized middlemen, which is a massively important financial primitive that has ramifications not just in crypto but in the wider society as well. However, existing DEXes all suffer from one lethal problem: their liquidity providers are actively losing money from providing trading liquidity that’s the backbone of the crypto economy. ...