# Past & Present

It all started with a simple inquiry of the notorious phenomenon in DeFi known as Impermananent Loss. That curiosity led to the staggering realization that there's $100m+ of recorded Impermanent Loss suffered on the Uniswap ETH/USDT pool alone.

And a product to offset those losses? It didn't exist...

The concept of "Impermanent Gain" was born—a way to deliver an inverse Impermanent Loss payout through Options.

**Almost 1.5 years later, we arrived here, to a fully custom-coded synthetic engine enabling our Trade & Earn Products, and many more volatility products to come.**

***

For those of you who'd like to better understand the journey here, and what's ahead. 👇

{% content-ref url="past-and-present/smilee-v0" %}
[smilee-v0](https://smilee-finance.gitbook.io/arbitrum-docs/past-and-present/smilee-v0)
{% endcontent-ref %}

{% content-ref url="past-and-present/smilee-v1" %}
[smilee-v1](https://smilee-finance.gitbook.io/arbitrum-docs/past-and-present/smilee-v1)
{% endcontent-ref %}

{% content-ref url="past-and-present/smilee-v1.69-current" %}
[smilee-v1.69-current](https://smilee-finance.gitbook.io/arbitrum-docs/past-and-present/smilee-v1.69-current)
{% endcontent-ref %}