Another night shift, watching the rates until my eyes ache. I’ll just recap it casually: that AMM curve is basically you “sell the rise and buy the fall.” When the market suddenly jerks around, your position gets passively rebalanced, and in the end you watch the pool get more and more of the tokens and fewer and fewer stablecoins… and before you even have time to react, impermanent loss is already standing guard.

A lot of people think market making is “just lying back and collecting trading fees,” but actually you have to wait for the confirmation, wait for the pullback, and think it through—are you really profiting from the volatility, or are you betting that it won’t move? Right now, I’m more inclined to test with a small position, set a mental stop-loss line, and if it runs, then run—don’t get stuck in a long fight.

Also, that whole drama about NFT royalties is pretty similar: you want creators to get more, but once secondary liquidity tightens, fewer people trade, and in the end everyone’s waiting for someone else to give in first. Anyway, I won’t dream anymore—making it through until dawn is the most important thing.