Recently, someone told me again, "AMM market making is just lying around earning fees"… I wanted to laugh after hearing that but didn't dare to laugh too loudly. Curve’s thing, to put it simply, is you helping the market automatically rebalance, and when the price moves, your position passively deforms. Impermanent loss isn’t some mysterious phenomenon; it’s because you didn’t realize you were chasing the highs and selling the lows. Sometimes, trading fees aren’t enough to fill the gaps, especially when volatility is high and trading isn’t frequent.

I’ve been used to watching perpetuals, and whenever my open positions get pulled or the funding rate shifts, I get itchy, but market making requires more restraint: you need to carefully calculate the range, volatility, and depth, or else it’s just “earning a small fee but risking losing your principal.” A colleague also asked me if modularization and the DA layer are the next big narrative… I told him, don’t get too excited yet; most users are still confused, and on-chain liquidity is the most tangible experience. Anyway, I only dare to try small positions when market making now, and stop-loss is faster than just talking tough.