Recently, people have been asking me whether market making is just lying around and collecting fees… to put it plainly, that’s not true. You think the AMM curve is some kind of automatic money-making machine, but when the price drifts, your position gets “swapped away.” When prices surge, the profits look pretty good at first glance, but when you circle back and actually do the numbers, the impermanent loss ends up swallowing the fees—every last bit. In that case, it’s honestly better to just hold things steadily.

Lately, the group has been circulating more posts about stablecoin regulation, reserve audits, and all kinds of “de-pegging” talk. I also get tempted and want to swap around to avoid risk, but then I think about it: it’s like clocking in and completing tasks, and in the end I’m just making a few more swap trades for no real reason… If the page freezes, and I have to refresh/retry while waiting in line, my mindset just completely collapses. Anyway, for now I lean toward this: automate as much as possible; if I can’t work out the pool clearly, I won’t touch it—so I don’t end up turning market making into a job.