I’ve been lurking for a long time, but I still can’t help saying this: the curve of AMM looks pretty smooth—until you actually go and make a market, and then you’ll know it’s not just “lying back and earning.” The moment the price drifts off, your position gets “automatically switched” to the weaker side; and when you circle back to crunch the numbers, the impermanent loss hurts more than the trading fees… To put it plainly, you earn the fees that come from volatility, but you pay with your position in the trend.

Recently, everyone’s been blaming miners/validators for taking MEV and having unfair ordering—I get it. Retail traders’ margins on these fees were already thin, and getting sandwiched again just looks even worse. So I’m going to be boring and honest: keep my books properly, separate things with semicolons, revoke approvals on schedule. No daydreaming about riding the wave—this is enough for me: when the tide goes out, I just pick up the seashells and move on.