Recently, I saw someone treat AMM as a money market fund, to put it simply, no matter how beautiful the curve looks, it's still a tug-of-war with price fluctuations. You think it's about "collecting fees," but in reality, it's often "selling on the rise and buying on the dip." When the market moves, positions are adjusted passively. Impermanent loss isn't some mystical concept; it's just that you didn't realize what you're doing. Someone even complained to me: "Aren't you a cold wallet fanatic? Why are you taking a bath in the pool again?" I also wish, who doesn't want to earn while lying down.

Now, with staking and shared security yield stacking causing a lot of noise, my feeling is: the more layers you stack, the more honestly the risks accumulate. Anyway, I’d rather earn a little less, tighten permissions, split positions, and think through stop-losses carefully—don't treat the "curve" as a talisman.