I’ve been lurking for a while, but I still want to say this: the AMM curve isn’t an “automatic money printer”—it’s just a mathematical track that exposes you to price fluctuations. Once the price moves, your position is passively shifted to the side where things go “up less.” And impermanent loss—plainly speaking—is what you call “market-making,” but in reality you’re just paying the bill for volatility. When the market suddenly gets wild, it becomes painfully obvious.

Recently, more and more AI agents/auto-trading setups are coming out shouting “fully automated on-chain interaction.” A lot of them, I think, are simply packaging risk as convenience: change the routing, tweak the parameters, and before you know it, you’ve been thrown into more aggressive pools. Anyway, before I add liquidity now, I first check what the curve looks like and what position it turns into under extreme volatility. I don’t look at code, and I don’t look at permissions—automation like that… I really don’t dare to hand it over to anyone.