I almost transferred that LP from the market-making position to another pool just now. When I copied the address, my hand slipped and I added an extra character—right before I clicked confirm, my stomach dropped… Luckily, the on-chain prompt didn’t go through. Honestly, I’m a bit allergic to the words “passive income” right now.

The AMM curve looks smooth, but in reality, the moment the price moves, your position gets passively distorted: if it goes up, you end up with fewer tokens in your hands; if it goes down, you end up with more tokens in your hands. Compared with simply holding, the difference is what you call impermanent loss. Don’t think trading fees can always cover it. When volatility is high and trading volume is low, the fee rate is like salt in the kitchen—you sprinkle more or less depending on the weather.

Recently, new L1/L2s have started rolling out incentives to attract TVL again. I understand the complaints from long-time users about “mining, then selling”: the hype is hype, but once the show’s over, what often remains are people who didn’t work out the curve properly. Anyway, before I provide liquidity, I always think it through first: am I here to earn fees, or am I actually betting on volatility… If you don’t want to gamble, just set your stop-loss line honestly. For now, I’m done with it.