Recently, someone asked me again, “If you toss it into the pool, is it just effortless passive profit?” I can only say this: market making isn’t some mysterious, unexplainable thing—the key is how the two assets you throw in move. Once prices start swinging, your position gets passively forced into that kind of combination where you end up “gaining less / losing more.” On the books, it looks like you’re still collecting fees in the pool, but once you pull it out and calculate, you may actually end up a bit worse—this is impermanent loss.

Over the past couple of days, the group has been circulating screenshots about stablecoin regulation, reserve audits, and all kinds of “de-pegging” concerns. Once emotions kick in, everyone wants to find somewhere to hide. But let’s be blunt: at times like this, that little bit of fees in the pool might not even be enough to cover the volatility. Don’t treat the word “stable” as a protective charm. For now, I’m just honestly keeping track of my costs and setting an exit line I can accept—so that’s that.