I used to think that “transaction fees = passive income” when doing LPs, but then the AMM curve taught me how it really works: once the price shifts, you start swapping cheaper tokens for more expensive ones. And when you withdraw from the pool and crunch the numbers, impermanent loss is more diligent about showing up than fees are… Put simply, this isn’t really about whether you’re losing or not—it’s that you’re basically doing passive rebalancing. Now, before I add liquidity, I first check the curve shape, the range, and the fee rate, and I run through the “worst-case scenario” as well. Otherwise, your “belief” is just a joke.

Recently, everyone has been talking about staking unlocks and an unlock calendar. I understand why you’d worry about sell pressure, but if you’re an LP, don’t just fixate on the unlock day. Once volatility hits, the curve will start draining you first. Whether you sell pressure it or not, it can still break your mindset.

Anyway, I’d rather earn a little less now than be the pool’s charity.