Lately, I’ve been feeling a bit of emotion about those AMM curves again. A lot of people treat market making like a savings jar—then, wave after wave of volatility teaches them a lesson in impermanent loss. Plainly put, you’re passively selling when prices are up and buying when they’re down. Once the market pulls away, the way your position is structured turns very “against human nature.” And the trading fees you earn sometimes are only enough to patch the gaps—if you can’t patch them, then you just have to admit defeat.

On a related note, when I look at social mining and fan tokens—the whole “attention is mining” setup—I can’t help thinking it’s more like wrapping volatility and emotions up as a source of returns… Attention really is valuable, but what you end up “mining” might be your slippage and time costs. Anyway, on my side I lean more toward this: I’d rather make a little less than put myself into curves I can’t even make sense of. That’s it for now.