On the subway, someone said, "Just throw it into the pool and sit back to collect fees," and I really was a bit speechless... The AMM curve isn't meant to give you money; it's designed to automatically rebalance your position according to the rules. When the market moves, you become the one "selling the flying knife / catching the flying knife," it's just that the process is packaged very nicely by the contract. Impermanent loss, to put it simply, is: you think you're holding coins, but you're actually passively hedging; whether you make money or not depends on volatility and fees.

Recently, there’s been a heated debate about privacy coins and mixing compliance, which is quite similar: everyone wants "a sense of security," but the boundaries are blurred, and in the end, those who get blamed are often the ones who don't pay attention to the details. My current approach is very simple: watch the market fluctuations and asset correlations in the pool, and if the contract permissions can't be quickly checked, I mark it first... If you don't understand, better not to earn. That’s it for now.