Everyone knows this isn’t charity: the AMM curve is there for you to become a passive counterparty once the price starts running. In plain terms, impermanent loss is “making fees, but losing out to position drift.” As for me, I’m not about to play dead in the pools anymore. First, I check whether implied volatility suddenly rises—if it feels like volatility is about to be amplified, I’d rather add less liquidity, or hedge with options altogether. The costs look ugly, but at least I feel at ease.

Recently, hardware wallets have run out of stock again, and phishing links are ridiculously rampant… Anyway, when I access a Dapp now, I manually type the domain name; if I don’t have to click, I won’t. Market making is like security: don’t expect to just lie back and earn. If you don’t keep an eye on the details, you’ll end up getting educated. That’s it for now.