I’ve recently seen people treating AMM like a deposit—just toss it in and wait for the fees. To put it plainly, market making isn’t passive income. Once the curve tilts and the price starts moving, you watch the amount of coins in the pool go up or down; compared with just holding your tokens yourself, you may have already had a cut quietly taken by “impermanent loss,” and the faster the market is moving, the more obvious it gets.

Today during the trading session, I got a bit itch—so I checked on a certain pool. In the block #19654321, the swaps were especially dense; the depth was getting thinned out layer by layer as it was being consumed. I originally had an order placed to top up liquidity, but after thinking it through, I decided to cancel it… anyway, I don’t like to force myself to hold through it.

Now it’s fashionable again to use RWA and U.S. bond yields to benchmark on-chain yield products. It sounds pretty stable, but don’t forget: many of the “yields” on-chain are fed by trading volatility, not like government bonds that pay on schedule. Survive first, and then go in when a better setup comes along.