Tonight I looked into the AMM curve again and remembered how naively I used to think "just put it in and it will automatically generate interest"... Turns out, impermanent loss isn’t something you can avoid just by praying. When the price deviates, your position is passively rebalanced, basically selling high and buying low. In trending markets, that’s especially painful, and the fees earned might not even cover the losses.

Recently, everyone’s been criticizing validators for eating MEV and unfair ordering. I understand—retail traders get slippage that feels like losing a lot of blood. As for market making, forget about "easy money"; latency, transaction paths, and the risk of being sandwiched all have to be considered.

By the way, a small change: I used to follow a few people who constantly talk about narratives, but after a while, it started to affect my mindset, so I unfollowed them. Before bed, I just want to see some practical execution details... Anyway, staying quiet makes the account curve look more like a human’s.