Recently, I saw someone say, "Just throw it into the pool and earn fees passively"... It made me a little uneasy when I heard that. The curve of the AMM is basically you going against the price movement: when it rises, your tokens decrease; when it falls, your tokens increase. Seeing the quantity might be comforting, but when converted to money, it might not be so great. Impermanent loss doesn't mean it doesn't exist; it just gets settled when you exit.

These days, there's news about some regions increasing taxes and tightening regulations, then loosening them again. People's deposit and withdrawal expectations are changing, and the speed of capital withdrawal is visibly accelerating. Whether the pool is deep or shallow, and whether slippage is large or small, are all quickly exposed. Anyway, when I see "high fee rates," I first think: why are they so high? Is it because of high volatility, and everyone is rushing to exit?

What I’ve learned isn’t about techniques, but that market making, in essence, is about bearing the market’s volatility and liquidity panic. That’s all for now.