Recently, I saw someone compare on-chain yield products with U.S. Treasury yields and RWA, saying it’s like “steady interest”…

It made me want to remind myself: don’t be fooled by the words.
The curve of the AMM looks smooth, but behind it, you’re actually taking on market volatility, and when prices move, impermanent loss quietly eats into your returns.
Market making is definitely not just lying around counting money.

Now I see myself more as doing a “backup” — part of my funds are in positions I can sleep peacefully with, and the other part is used to test liquidity.
If something goes wrong, I won’t lose everything.
Anyway, I’d rather earn a little less than be woken up in the middle of the night by volatility.
That’s how I’m doing it for now.