Recently, someone told me again, "Just toss it into the pool and you'll earn fees passively," and I got goosebumps hearing that... The AMM curve, to put it simply, is just automatically rebalancing your position; when prices go up, it will sell you off, when prices go down, it will buy more and more. Impermanent loss isn't some mystical concept; it's the side effect of you acting as the market's counterparty.

Can the fees cover it? It depends on volatility, trading volume, and pool depth. Anyway, before I do market making, I always run the worst-case scenario first. If I can't figure it out clearly, I won't go in.

These days, RWA and U.S. Treasury yields are being compared to on-chain yield products again. My mom even asked me, "So, can on-chain assets be as stable as government bonds?" I could only reply half-heartedly: whether it's stable or not depends on what the underlying assets are, not just the annualized percentage... That's all for now. Tonight, I’ll keep my night shift and review the interaction checklist again.