I just withdrew some LP from a small pool, and that little “fee income” on the page looked pretty cheerful. But after settlement, I realized that every time the coin price swings back and forth, the AMM curve quietly shifts the proportions of my position—impermanent loss directly takes the happiness right back… Market making really isn’t just “lying down and collecting rent.” To put it plainly, you’re using your own position to help others swap tokens, and with big volatility, it’s easy to get “picked off.”

Recently, all the fuss around staking again and that “stacking yields” from shared security has been getting loud, but it’s kind of similar to this: the returns seem to add up layer by layer, yet the risks don’t disappear out of thin air. Once you nest the yield like a matryoshka doll, when the market moves even a bit, everything trembles together. Anyway, I’m more easygoing now—try smaller positions, earn a bit as pocket money, and don’t use the money that keeps you up at night to chase that annualized figure. That’s all for now.