Today, on my commute, I saw people arguing again about "When the rate cut expectations come, how can the US dollar index and risk assets both rise and fall together"… My first reaction was instead: don’t just focus on the price, the AMM curve in the on-chain pool is a more genuine indicator of market sentiment.

Recently, I looked at my past records of providing liquidity, and honestly, market making is not just earning passively. When the curve bends, the faster the price moves, the more your position is passively shifted, and while the fees seem to be coming in, impermanent loss is silently deducting points… Especially during high volatility, even if “the coin’s value has increased,” you end up with fewer coins in your pool, and the final reconciliation can really break your mental state.

Now I prefer small positions to test the waters, set a mental stop-loss, and treat earning fees as hard-earned money, rather than thinking of it as deposit interest. I used to stubbornly say, “Just choose stable assets,” but then I realized stability can also be unstable. Forget it, admitting mistakes sooner is more peaceful.