Someone asked me again recently, “If I provide liquidity in an AMM and earn the trading fees, isn’t that just easy passive profit?” I can only say… the curve isn’t charity. Once the price runs in one direction, the pool will automatically swap the strong coins in your hands for weak coins—put simply, you end up passively chasing the rally and selling into the dump. If the transaction fees aren’t thick enough, impermanent loss can wipe out that little bit of profit in minutes. Especially these days, the funding rates are extremely extreme, and people in the group are arguing whether it’s a reversal or whether they should keep squeezing the bubble. And ironically, I’m even more cautious: in situations like this, going one-sided is even more ruthless—market making feels more like planting vegetables in a gusty wind, with especially lots of bugs. I’m going to check the ranges and my position weightings in a few of my pools again in a bit. If I can reduce them, I will. That’s it for now.