These days, the group is again talking about stablecoin regulation, reserve audits, and various rumors about "de-pegging." When emotions run high, everyone wants to hide in LPs as a safe haven... But honestly, whether you believe it or not, the AMM curve doesn’t care; it follows math. If you put two assets into it, and the price deviates, the pool automatically helps you "sell low and buy high / sell high and buy low," and in the end, your position gets swapped into the side you actually didn't want to hold more of. That’s how impermanent loss happens.

Now I understand that market making is more like running a small convenience store: someone comes and sweeps away the cheap items from your shelves, and you earn some fees, which is fine, but the inventory structure also changes. When customer flow suddenly goes out of control (like during de-pegging rumors), "earning fees but losing inventory" is not surprising at all. Anyway, I no longer see market making as a passive income; I pay more attention to trading habits and volatility rhythms, and only step in when I have a clear idea.