These past few days, I've been looking at the AMM curve again, and the more I look, the more it seems like pouring two different drinks into the same glass: you think you're "mixing flavors," but every time someone comes to swap, they're taking a little bit of the more valuable part of your glass, leaving more of the other side... To put it simply, market making isn't free money; you earn the fees, but the cost is that when the price moves, you're easily "rebalanced" to an uncomfortable position, and impermanent loss is like you didn't sell, but your wallet "sold a bit" for you.

Recently, some places have increased taxes and tightened regulations, and the expectations for deposits and withdrawals have changed. The market's rush to enter or exit amplifies, and volatility spikes. The curve in the AMM becomes even more "active," and you feel like the fees are being collected quite vigorously, but when you look back and calculate the net value, it can be a bit unsettling.

What I care about more now is: am I betting on reduced volatility with this market making, or am I betting that the fees can cover the volatility? If I can't figure it out, I won't act for now. What I've learned isn't about techniques, but about clearly understanding what "I'm earning" and "what I'm bearing" before I make any decisions.