Recently I saw someone say, “Just toss it into the pool and you’ll eat the transaction fees—just lie back and earn,” and it made me feel so anxious… The AMM curve isn’t some charitable organization. Once the price moves, you end up having to trade more of the bad tokens for the good ones; and when you finally want to withdraw, you discover your position has already warped. That’s impermanent loss. Put bluntly, it’s not really a question of whether you’re losing or not—it’s that you’re helping the market rebalance. Others think market making is like collecting rent, but in reality it’s more like using your principal as a buffer cushion. And on top of that, with the recent “re-staking / shared security” yield stacking getting criticized as “pyramid stacking,” I understand it: the sweet taste of layered leverage at first, but in the end it often comes all at once—slippage, “clamp”/liquidity trap effects, and drawdowns. Anyway, whenever I see suspicious slippage now, I shrink my trade size first and set limit orders—don’t treat “transaction fees” as if they were insurance.