These days, I’ve seen new L1/L2 incentives to pull TVL again, and old users are complaining "mining and selling." My first reaction is: In AMMs, you think you're earning fees, but you might actually be making the other side's counterparty... To put it plainly, the curve is right there, if the price deviates, your position automatically adds to the falling side or reduces on the rising side. Impermanent loss isn’t mysticism; it’s a mechanism.

I was once very obsessive for a period, saying "I only look at on-chain data," watching pools, inflows and outflows, fees, thinking the data wouldn’t lie. But I was proven wrong: on-chain can tell you what happened, but it can’t tell you how the market sentiment will swing next. Now I wait 30 seconds longer (often missing the rally, whatever), at least to think clearly: am I market making, or am I betting on the direction? Market making isn’t really passive income, especially when incentives stop or liquidity is withdrawn, the remaining fees aren’t enough to cover the losses caused by the curve. That’s it for now, I’ll review again tonight.