Recently, I got the itch to throw some money into AMM liquidity provision, and I just remembered: this stuff really isn’t about sitting back and collecting fees. When prices drift away, your position gets “automatically swapped,” and watching the token amounts in the pool change, your mindset also shifts... Impermanent loss, in simple terms, is you thinking you’re stacking tokens, but in reality, the market is pushing you to rebalance.

Airdrop season is the same; task platforms treat the anti-witch hunt like clocking in for work. I was clicking confirm while complaining, and I couldn’t help but laugh. Now I don’t look at annualized yields in the pool; the real “signal” is whether the volatility during this period will shake me out, and whether the fees can cover that little bit of dissatisfaction in my heart. Anyway, don’t deceive yourself—market making is a bet on volatility patterns, earning from “back-and-forth grinding,” not from a one-sided market surge.