Late at night again, insomnia, scrolling through a few large transfers moving back and forth on the chain, the more I look, the more awake I get… I casually pulled up the AMM curve again for a quick look, honestly, market making is really not a get-rich-quick scheme. You think it’s “just leaving it there to earn fees,” but actually, when the price deviates, your position is automatically swapped to the weaker side by the curve, impermanent loss is so frustrating, and even if it rises, it’s not necessarily happy. On top of that, recently some places have been raising taxes and tightening regulations, then loosening them again, causing deposit and withdrawal expectations to become chaotic, and volatility becomes even more irrational, making fees impossible to recover. Anyway, after lowering my expectations, I feel more relaxed: earning a little is fine, and if I lose, I won’t pretend I didn’t see it. That’s all for now.