Recently, the group has been discussing stablecoin regulation, reserve audits, and various rumors about "de-pegging." Honestly, seeing all this makes me a bit anxious... but it also reminds me of one thing: don’t think of providing liquidity in an AMM as just depositing and automatically earning interest. The curve mechanism, to put it simply, is you providing liquidity to trading counterparts; when the price moves, your position is passively rebalanced, which can result in more or less tokens, and ultimately, compared to simply holding spot, the difference is impermanent loss.

Especially during large fluctuations or actual de-pegging events with sharp drops, the curve directly pushes you toward the "more loss" side, and trading fees might not cover the losses. Anyway, I now pay more attention to whether I can handle the drawdowns, whether the pool’s composition has hidden risks, and whether there are strange on-chain actions that drain liquidity... don’t chase after that seemingly stable annualized yield. That’s all for now, I’m going to work.