Midnight scrolling through on-chain data got me educated again: that AMM curve looks pretty “automatic,” but impermanent loss isn’t some minor aside from a textbook. The moment the price veers off, your position is passively swapped into the other token—in plain terms, you’re acting as the market’s counterparty by using a “forced buy low and sell high” approach. If the fees aren’t enough, you just have to accept it; market making has never been about lying back and collecting rent.

Recently, I can also understand the backlash over the “stacking” of yield from re-staking or shared security—“nested” as in those rewards building on each other. If the underlying risk isn’t firmly contained, adding a few more layers of “yield” on top will only magnify IL + volatility + smart contract risk as well. Anyway, for pools I’m looking at the curve shape first, then the fee switches, and then the changelog to see whether core parameters have been changed… I read the code first, then talk about beliefs—so for now, that’s how I do it.