These days, the group is again talking about stablecoin regulation, reserve audits, and various "de-pegging" essays, which makes people feel tense and then relieved. Frankly, this is when it's easiest to get itchy: thinking that throwing money into AMM liquidity pools to earn some fees can just let you sit back and recover your funds.

But the AMM curve isn't charity... When prices drift off, your positions are passively bought and sold, and impermanent loss follows like a shadow. Sometimes the fees aren't enough to fill the gaps, especially during high volatility, making it feel like you're acting as a free transporter for the market.

If I hadn't treated it as "financial management" back then, rushing in at price differences or moving pools on rumors, I might have paid less tuition. Now, I’d rather earn less than have my heart race in the middle of the night over de-pegging rumors—just sleep when it's time to sleep.