Today it’s raining and the traffic is terrible, the coffee on the table has gone cold, so I casually stared at the pool curve for a while… Honestly, the AMM curve isn’t meant for “passive earning,” it’s using price fluctuations as a knife to cut. When volatility is high, impermanent loss starts to eat up your fees, especially when you think you’re smart and hedge on both sides, but the price drifts away, leaving you with only “more weak coins.” Recently, Meme and celebrity shoutouts cause attention shifts so quickly that many newcomers rush in wanting to be LPs and eat the meat, only to find they’re just providing liquidity for others to dump on. Anyway, when I look at pools now, I first check if the volatility and trading volume match, then carefully calculate my liquidation line, or it really can be quite uncomfortable.