Over the past two days, I’ve seen people again say, “just toss it into the pool and lie back to collect the fees,” and I can’t help but want to laugh… The AMM curve, put simply, is just automatically rebalancing your holdings. If the market suddenly goes haywire, you’re forced to sell the side that’s gone up using a worse ratio. Impermanent loss isn’t some mystical thing—it’s actually less on the books. Market making is more like exchanging volatility for fees; it isn’t a smooth, steady kind of investment.

If I hadn’t been restless and tossed part of my profit positions into the small pool back then, that tug-of-war afterward wouldn’t have had me staring blankly at the panel: the fees look like they’re there, but when you calculate the net value afterward, it’s actually worse than just holding on honestly… Anyway, now I care more about the pool depth, asset correlation, and whether there are any weird issues on the chain. When a fork or a halt comes, not being able to withdraw is what’s most unbearable.

Also, recently modularization and the DA layer have been getting hyped like crazy—developers are very excited, while users are completely confused. I feel like it’s pretty similar: no matter how fresh the narrative is, in the end it still comes down to “what risks are you actually taking?” Don’t make market making sound too easy.