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

These days, the calendar for staking unlocks and token unlocks has been brought up again and it’s frightening. I’ve actually become more calm: I’m used to doing a quick calculation before impulsively adding to a pool—asking myself, “If the price moves one-sidedly for a while, will I feel uncomfortable?” (Even rough calculations are fine). Only if I still want to enter after that do I go in; otherwise, I’m just providing liquidity out of anxiety for others… Let’s start with that.