Recently, some people have been treating AMM as a piggy bank, and I really get nervous just by looking at the TVL… The shape of the curve determines how you are "bleeding out," and when the price deviates, the small fees you earn might not even cover impermanent loss. To put it simply, market making isn't about lying back and collecting rent; it's about using positions to exchange for volatility.

These days, the calendar for staking unlocks and token unlocks has been brought up again and it’s frightening, but I can stay calmer: I’m used to doing a quick mental calculation before impulsively adding to a pool—asking myself, “If the price moves sharply in one direction, will I feel uncomfortable?” (a rough estimate is fine). Only if I still want to enter after that do I proceed; otherwise, I’m just providing liquidity out of anxiety… Let’s stick to this for now.