In the past two days, some people have been saying, “Just put it into the pool and it’ll eat up your trading fees,” and when I hear that, I can’t help but let out a sigh… To put it plainly, the AMM curve is you trading against price fluctuations. When the market swings hard up or down, impermanent loss will quietly take your trading fees back. In the end, it looks like you’re doing a lot, but you may not actually make much. Market making is more like exchanging time and risk for a bit of stability—it’s not just lying around waiting for dividends.

By the way, the modular setup and the DA-layer stuff are being discussed enthusiastically by developers, but for regular users it’s still more like, “What does this have to do with me?” I’m actually more interested in whether there’s real demand that can truly keep trading going. First, revoke the authorizations for a few of the old pools—just so I don’t end up waking up one day and feeling heartbroken again.