These days, I’m again “waiting”… waiting for confirmation, waiting for callbacks, and also waiting to figure out the market-making thing clearly. The AMM curve looks quite smooth, but once you get in, you realize impermanent loss is not gentle at all: when prices go up, you earn less; when prices go down, you buy more; if the fees don’t cover the losses, it’s very awkward. To be honest, it’s not about sitting back and collecting rent, but about using volatility as the counterparty.

Recently, RWA, US bond yields, and on-chain yield products have been compared side by side, and I’ve become even more anxious: they’re “visible gains,” while on the AMM side, it’s often “invisible risks.” My current approach is to keep my positions small, hedge with perpetuals/options to manage the direction, and prefer to earn a little less rather than ruin my mindset… For now, that’s it. I’ll wait for the market to give a clearer signal before adding more.