I recently looked at the AMM curve again for a long time, and the more I watched, the more I felt that market making is really not just about sitting back and collecting fees... Once the price starts moving, the positions passively slide toward "selling high and buying low," and impermanent loss basically means you think you're holding coins, but in reality, you're being quietly rebalanced by the algorithm. Whether the fees can cover it all depends on the volatility and the range you choose; if you’re lazy about it, you’re likely to get educated.

These days, everyone is comparing RWA and U.S. Treasury yields to on-chain yield products. I’m also tempted, but I have to remind myself: that "yield" on-chain often involves eating risk premiums, not something gained for free. Anyway, I set an alarm for myself: when the funding rate and open interest spike together, I’ll reduce some positions first—don’t get carried away... I need to be reminded, but not weak; I’m just afraid of getting itchy hands.