This morning, I usually checked the large on-chain transfers, and casually looked at the curves of a few pools... The AMM curve looks quite smooth, but once you get into market making, you realize it's not just free money. When prices fluctuate back and forth, your position is automatically "swapped" out, and honestly, the fees earned may not cover the impermanent loss, especially during high volatility, where even without human intervention, the account balance seems to be quietly moved.

Recently, the airdrop season has been quite surreal. The task platforms are cracking down more and more on anti-witchcraft measures, and the points system has turned the grab-and-go traders into clocking in at work. Forget it, to put it plainly: don’t think that “listing an LP = steady income,” first consider whether you're betting on reduced volatility or helping the market absorb fluctuations. Anyway, I now prefer small positions to test the waters; no matter how beautiful the curve, don’t overinterpret it.