> For the complete documentation index, see [llms.txt](https://smilee-finance.gitbook.io/arbitrum-docs/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://smilee-finance.gitbook.io/arbitrum-docs/past-and-present.md).

# 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="/pages/uen4zkt87wpTz0H7IjtB" %}
[Smilee v0](/arbitrum-docs/past-and-present/smilee-v0.md)
{% endcontent-ref %}

{% content-ref url="/pages/BNcgAEcEA2Mnpn29zcSa" %}
[Smilee v1](/arbitrum-docs/past-and-present/smilee-v1.md)
{% endcontent-ref %}

{% content-ref url="/pages/4lYTsUOtTrQb6zzBClW0" %}
[Smilee v1.69 (current)](/arbitrum-docs/past-and-present/smilee-v1.69-current.md)
{% endcontent-ref %}


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