When I first got into the space, I really thought that market making = throwing coins into a pool and lying there collecting fees, and the curve would "automatically help me make money." Now I understand: the AMM curve actually forces you to keep selling low and buying high, and once the market moves in one direction, you see the fees increase happily, but impermanent loss is quietly eating back the spread. To put it simply, it's not free money.

Recently, memes and celebrities shout, and everyone rushes in like a swarm; attention shifts so quickly that newcomers are most likely to jump in at the hottest moment to be the last one... I now approach pools more cautiously, first thinking through the fluctuation range and whether I can handle it, or else the gains look like pudding, and after stirring a bit, I realize it's all traps underneath. That's all for now.