Especially when encountering large fluctuations or true depegging crashes, the curve directly pushes you toward "more loss," and the fees might not be enough to cover it. Anyway, I now pay more attention to whether I can handle the drawdown, whether there are risks in the pool composition, and whether there are strange on-chain actions that drain liquidity… Don’t chase that seemingly stable annualized rate. That’s all for now, I’m going to work.
最近群里又在转稳定币监管、储备审计，还有各种“要脱锚了”的传言，说实话看多了有点麻…但也提醒我一件事：别把 AMM 里的做市想成存进去就自动生利息。曲线那套机制说白了就是你在给交易对手方提供流动性，价格一跑，仓位就被动再平衡，币多了/少了都可能，最后跟单纯拿着现货一比，差出来的就是无常损失。
Especially when encountering large fluctuations or true depegging crashes, the curve directly pushes you toward "more loss," and the fees might not be enough to cover it. Anyway, I now pay more attention to whether I can handle the drawdown, whether there are risks in the pool composition, and whether there are strange on-chain actions that drain liquidity… Don’t chase that seemingly stable annualized rate. That’s all for now, I’m going to work.