Last night I looked at the AMM curve again, and honestly, it’s just following rules to “force” you to buy low and sell high, but it doesn’t mean guaranteed profit. When the price deviates, your position will passively deform, earning fees but possibly losing a little to impermanent loss, especially during high volatility times, which is more obvious. It was only after my third pool that I admitted: I’m not market making, the curve is making me...

Recently, during the extreme funding rate period, the group was arguing loudly: should we reverse or continue to squeeze the bubble? My feeling is, the more outrageous the rate, the more market making feels like licking sugar on a knife’s edge — the fees look tempting, but the drawdowns come quickly. Anyway, I now only put in a little at low frequency, and if on-chain funding flow and sentiment indicators don’t look right, I withdraw, saving some bullets to slowly add back after the rain.