Insomnia sent me back to check big on-chain transfers again— the more I look, the more awake I feel. I happened to glance at the AMM curves of a few pools; honestly, market making really isn’t “lying down and earning.” Once the price turns a corner, you think you’re “collecting fees,” but impermanent loss is right there, slowly chewing through your profits, until all that’s left is a bit of psychological comfort. Especially when volatility is high, entering the pool feels like signing a tiny contract that says, “ride the up, not the down”… it’s kind of uncomfortable.

After that mainstream public chain’s upgrade/maintenance recently— before and after it— everyone in the group has been speculating whether projects will migrate. But what I care about more is this: once funds get moved around, the pool’s depth changes, the curve slips faster, and the risks of market making also start to swing with it. Anyway, I’m just putting less in right now. Whether I make money or not doesn’t really matter— just don’t let yourself end up “paying” with your sleep. Ridiculous.