Recently, I saw someone compare RWA, some US bond yields, and on-chain yield products, saying they are as stable as saving money... I felt a bit guilty just looking at it. Even if the AMM curve is smooth, it's not just lying back and collecting rent; when the price deviates, the inventory is forced to switch to the side you don't want, and impermanent loss is basically "you think you're earning fees, but you're actually passively chasing the rise and fall."

I’ve done this once before: saw a pool with a pretty attractive APR, got a bit itchy and added some liquidity, but the next day, there was a big fluctuation. I didn’t earn much in fees, and the position structure was directly deformed. When I withdrew and calculated, I immediately felt more honest... Later, I set a rule for myself: if I don’t understand it, I won’t move first, especially those yield products packaged as "like US bonds." I’ll first understand the curve and exit path before proceeding. Anyway, my funds aren’t large, so slowly practicing order placement and inventory management feels more comfortable than chasing hype.