I just withdrew a pool of positions from that AMM that looks pretty attractive with its low fees, and now I feel a bit scared… When the curve suddenly shifted, the price fluctuated back and forth a couple of times, and impermanent loss silently ate up the fees. I almost thought I had calculated it wrong. To put it simply, market making is not a get-rich-quick scheme; when volatility is high, you earn fees but lose on position structure. Don’t just look at the APR screenshot.

Recently, there have been a lot of testnet incentives and token expectation discussions, and everyone in the group is speculating whether the mainnet will issue tokens. I was also tempted to add more liquidity to earn points, but thinking about these expectations, the on-chain migration is too fast, and the pool depth suddenly becomes shallow, making slippage and impermanent loss even more frightening… Anyway, I now prefer small positions, lower frequency, so I don’t let “feelings” lead me to add more. That’s all for now.