Recently, I keep seeing people treat AMM liquidity provision as "just put in and earn interest," and I'm almost ready to open a clinic. The curve of an AMM is essentially an automatic proportional swap; as the price moves, your tokens passively decrease or increase in amount. It looks like your share in the pool is still there, but you're actually using your position to hedge the market—impermanent loss isn't some mysterious phenomenon, it's just that you didn't realize you're selling high and buying low. It's like chasing a kite on a treadmill or passively dollar-cost averaging; after all that effort, you think you're just relaxing.

Some people are also connecting ETF capital flows, US stock risk appetite, and crypto prices in a tangled analysis over the past couple of days. I think it's better to first look down and review your authorization list: LPs should clear old permissions first, and don't click randomly when signing—don't just chase a small fee, or you'll get taken away by an "infinite authorization" later... Anyway, market making isn't shameful; what's shameful is not understanding what you're actually risking.