In the early morning, watching the waves come and go, the money in the on-chain pool is the same—rising sharply when prices go up, and retreating even faster when they fall. The AMM curve, to put it simply, is "the more expensive, the less; the cheaper, the more." When you put your money in as a market maker, others come to swap and take the more valuable part from you, causing your position to passively deform. Impermanent loss isn't some mysterious concept; it's just you absorbing market fluctuations.

These days, I'm also browsing AI Agents and automated trading setups. It sounds pretty cool, but I'm more concerned about how they sign transactions and how much authority they have... Some people hype up the narrative, while others are really digging into security details. Anyway, I have just one word now: wait. Wait for confirmation, wait for a pullback, wait until I understand clearly—market making isn't about lying back and collecting fees; only those who don't look at their accounts can sleep peacefully. Conclusion: before entering a pool, calculate the worst-case scenario; don't treat "stable returns" as the surface of the sea—below, there are all kinds of undercurrents.