Just while snacking on chips and scrolling through the chain, I suddenly remembered that AMM curve: when the price moves, the asset ratio in the pool changes accordingly. To put it simply, you’re doing “automatic high-sell, low-buy”—it sounds quite nice, but if the market keeps moving in one direction, you’ll find that impermanent loss isn’t so “impermanent” after all… Market making really isn’t just sitting there collecting fees. Recently, everyone has been tying together ETF capital flows, U.S. stock risk appetite, and how the crypto market is rising and falling, and I’m looking at it and thinking it’s a bit out of sync: one wave of macro sentiment, and the curve over there immediately starts doing the math for you. There are plenty of tutorials, but I actually prefer the kind that break down a specific swap route for you—explaining clearly, in plain language, why it ends up taking that path—so at least you have a sense of it. Anyway, before I add to the pool now, I ask myself first: if it trends in one direction, can I accept the pool “rebalancing” by effectively changing my position?