I just turned off the market-making switch for a certain pool... It's not cowardice, it's because recently I was educated again by the AMM curve: once the price runs, the position is "automatically rebalanced." Watching the fee income is pretty satisfying, but after calculating impermanent loss, it really messes with your head. To put it plainly, market making is not a get-rich-quick scheme; it's taking volatility as the counterparty.

And now everyone loves to compare RWA, the yield on US bonds, and on-chain yield products all together. I also get tempted, but most of the on-chain yields are often earned by taking on risk: volatility, contracts, bridges, liquidity suddenly drying up—any of these can be a problem. Anyway, I now prefer small positions that I can withdraw at any time; don’t treat “yield” as a salary.