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After I started recording my process of analyzing AMM curves, the biggest change is that I no longer default to "market making = just lying around collecting fees"… When the curve moves, the price slides along the pool, and your asset ratio changes accordingly. When you want to withdraw, you realize you're slightly worse off compared to just holding spot assets. This impermanent loss is really counterintuitive. Recently, everyone has been comparing RWA, US bond yields, and on-chain yield products. I also instinctively ask: is this yield really interest, or am I taking on the risk within the curve in exchange for it? Anyway, recording this helps keep my mind from being easily misled by "APY."