Recently, the group has been sharing screenshots about stablecoin regulation, reserve audits, and rumors of "de-pegging"... To be honest, what I care more about is: if you use stablecoins for market making in AMM, don't think it just earns interest. The AMM curve, in simple terms, is just about price movement—your position is passively bought and sold as prices fluctuate. When prices go up, you sell; when they go down, you buy back. That's how impermanent loss happens, and in the end, it might turn into "earning fees but losing on relative returns."

To make an analogy: it's like setting up a stall selling water and bread at the neighborhood entrance, with a rule that you must always exchange at a fixed ratio. When more people come, you end up selling more of one item than the other, and only realize during restocking that you didn't keep up with the supermarket's price increases... Anyway, when I look at pools now, my first focus isn't APR but volatility, depth, and whether I can withstand liquidation or drawdowns in the worst-case scenario. Market making isn't a passive income, especially during emotional trading periods.