Recently, I saw someone treat AMM as a piggy bank, honestly, market making is not just about earning passively. When the curve shifts and the price moves, your position gets "rebalanced" automatically. Impermanent loss sounds mysterious, but it's basically thinking you're holding both sides, and after the price fluctuations, you end up with less than just holding spot... As a veteran user of cross-chain bridges, I've seen liquidity move overnight. The biggest fear is when market volatility and congestion hit together, waiting for confirmations until dawn, and the transaction fees also cause anxiety.

The NFT royalty water wars also seem quite similar: creators want income, secondary markets want liquidity, and in the end, the pressure is all on "who will pay the bill." What I don't regret is, before entering the pool, taking a closer look at the curve and exit conditions, dreaming less, and even if I can't sleep, it's worth it.