Recently, I saw someone treat AMM as a piggy bank, basically market making is not a get-rich-quick scheme. When the curve shifts and the price moves, your position is "rebalanced" automatically. Impermanent loss sounds mysterious, but it's really just the result of thinking you're holding both sides, and after the ups and downs, you end up with less than just holding spot... As a long-time user of cross-chain bridges, I've seen liquidity move overnight. The biggest fear is that market volatility and congestion hit together, waiting for confirmations until dawn, and the fees also cause anxiety.

The NFT royalty waterfight also looks 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 looking more carefully at the curve and exit conditions before entering the pool, dreaming less, and even if I can't sleep, it's worth it.