I used to think that putting coins into the pool was considered "making money," but looking back now, that was pretty naive… The AMM curve, to put it simply, is you quoting the market prices; as the market rises and crashes, your position passively goes through buy and sell cycles, and impermanent loss quietly erodes you. When prices go up, you earn less; when prices fall, you end up holding a bunch of weaker tokens. There are also fees on the surface, but deep down, it feels less and less reassuring.

Recently, I've been talking about rate cut expectations, the US dollar index, and even the feeling that risk assets rise and fall together… When this macro sentiment suddenly shifts, people in the pool come and go quickly, and the fees might not cover the volatility. Anyway, before I provide liquidity now, I ask myself: am I willing to really take the side that "falls out"? If not, don’t pretend to sleep—just open an umbrella first.