Recently, I saw a whole bunch of new L1/L2 projects shouting about incentives to pump TVL. As for the old users, they’re over there complaining about “mine—withdraw—sell”… and honestly, I can totally understand it. After all, liquidity comes and goes, and the ones who get educated first are often market makers. In plain terms, that AMM curve is just automatically rebalancing your positions according to the price. You think you’re just sitting there collecting a bit of trading fees, but once the coin price moves around, your position is no longer the same recipe you started with. When the fees aren’t thick enough, impermanent loss drags you back like a water ghost. Anyway, when I provide LP now, I always check the volatility first—and silently remind myself: don’t be greedy.