I'm not very good at explaining those mathematical AMM curves, but these days I've been running a few pools in L2, and the more I look at it, the more I realize: providing liquidity is definitely not a passive income. When the price moves, your position automatically shifts toward the "slower rising" side; by the time you realize it, you're holding more of the one that hasn't gone up... It looks like you're earning fees, but compared to just holding, it actually feels a bit disappointing.

And recently, there's been talk about increasing taxes and tightening regulations in certain regions, sometimes cracking down, sometimes loosening up. As deposit and withdrawal expectations change, everyone's trading rhythm gets chaotic, and moving in and out of pools more frequently amplifies impermanent loss. Anyway, before I enter a pool now, I make sure to think clearly: am I here to earn fees, or just want to "put it aside" casually? Don't fool yourself.