Recently, I saw someone say that "throwing it into the pool = automatic profit" is just like depositing into a fixed-term savings account, and I couldn't help but laugh... The curve of AMM is basically you tugging at the price; when the price moves, the position is forced to shift from the side that's gaining quickly to the side that's gaining slowly. Impermanent loss isn't mysticism; it's a "cost" written into the mechanism. When volatility is high and the trend is strong, transaction fees may not be enough to cover that gap, especially when you think you're "market making," but you're actually just lubricating the trend.

The macro environment has been quite delicate lately; expectations of rate cuts sometimes push everyone into risk assets, and sometimes the dollar index acts up again. The idea of prices rising and falling together is increasingly sounding like an excuse to find explanations... Anyway, once sentiment heats up, that small pool of fees becomes very fragile.

That's all for now.