Recently, I saw new L1/L2 projects launching incentives to boost TVL, and the comment section is full of complaints like "mining and selling"… which is normal. Honestly, many people treat market making as just holding coins to earn interest. The AMM curve isn’t meant to give you money; it’s just turning your position into an “automatic buy low, sell high” setup. When the market deviates, impermanent loss comes to say hello: you earn less when prices go up, lose more when they go down, especially when volatility is high and liquidity is being pushed around by incentives.

What I care about more now is: do I really want to hold these assets long-term on both sides of this pool? Can the fees cover the “passive rebalancing” losses? If not, don’t force it. Better to slow down, stir the pudding more evenly, and reduce the risk of a crash. Risk isn’t something you can hide behind a TVL screenshot.