Why do I suddenly get an urge to do market making? To put it plainly, I look at that curve of the pool’s fee income, and my brain automatically completes the thought: “You can earn just by lying back and doing nothing”… But that AMM curve isn’t there to pay you a salary—it’s reminding you that once the price moves, you’re forced to follow along by rebalancing passively. You could end up “selling high and buying expensive,” and when you finally circle back and tally everything, it’s not surprising if impermanent loss ends up eating up more than half of the fees.

Also, some protocol updates really have that “version-patch” vibe. You tweak the parameters, change the fee rates, and if you don’t keep watching, you won’t even know who you’re working for. My current habit is: the moment I see a contract/frontend prompt that the fee rate has changed, I take a screenshot and save it. I’d rather miss a few days of fees than be that confused user… Lately, people have been chatting nonstop about modular development and DA-layer narrative storytellers, and I’m excited too—but when it comes to market making, it’s still the same line: don’t treat the curve like a deposit interest rate. That’s it for now.