Lately, someone asked me again if market making is just easy money... Hearing that, I thought of my own past experience of trying to "run away but got caught," and honestly, I deserved it. The AMM curve, to put it simply, is just you passively swapping back and forth on both sides. When the market moves, you think you're earning fees, but in reality, your position has already been "rebalanced" to the side you don't want, and impermanent loss quietly eats back your profits.

In the group these days, people are again talking about stablecoin regulation, reserve audits, and rumors of "de-pegging." When everyone gets anxious, they want to shove their money into pools for peace of mind... but pools are not safes. Liquidity is just sitting there, and both fear and greed get amplified by the curve.

If I had known back then that market making profits come from "volatility money" and also from "being trapped by volatility," I probably wouldn't have treated it like a deposit. Now I’d rather earn less, at least I can sleep well. That’s all for now.