Recently, some people have been saying that AMM liquidity provision is like collecting rent while lying down... Actually, once the curve changes, you’re passively selling high and buying low, in other words, impermanent loss is quietly eating away at you. Especially when the market suddenly swings, the remaining assets in the pool might all be on the side you don’t want to hold more of. The fees look tempting, but when you do the math, it’s not as good as just holding steadily.

Airdrop season is also quite surreal this time. Task platforms are becoming more and more strict with anti-witchcraft measures, and the points system has turned the grubbing crowd into something like clocking in at work. It’s exhausting just to watch. Anyway, before I create a pool, I always clearly write down the “exit conditions”: withdraw if volatility is too high, withdraw if fees aren’t enough, withdraw if contract risks are unclear. Survive first, then talk about profits. In the end, it’s still that sentence: don’t be fooled by the curve, exit conditions are the lifeline.