It really doesn’t seem like AMM market making is one of those gigs where you just lie back and collect fees… I used to think, “Just put it in and you’re done.” Then after a round of back-and-forth price swings, I didn’t earn that much in fees, but impermanent loss first slapped my face so hard it left it swollen. To put it plainly, the curve is basically forcing you to keep selling low and buying high against the other side of the book. Once the market moves in a single direction, you’re passively switched to the weaker side, watching your positions get more and more awkward. Recently, someone has been hard-selling the idea that ETF fund flows and U.S. stock market risk appetite explain crypto market ups and downs—and I also get the urge to rush in. But thinking about market making, it’s more like slow-cooking a soup; I’m the type who eats instant noodles with leverage… Forget it. Don’t pretend to be steady—put in less first, and admit it if you lose.