Recently, I heard someone say "throw it into the pool as LP and earn passive income," and I felt a bit guilty listening to it... The AMM curve, to put it simply, is just you passively buying high and selling low; when the price moves, your position structure changes. Impermanent loss is not mysticism; it’s a mechanism written into the system. Whether the fee can cover it depends entirely on volatility and trading volume—don't just focus on the APY.

In the past couple of days, on-chain congestion, mempool backups, and MEV interference have caused the "fairness" of transaction ordering—who goes first or second—to be criticized again. Actually, this is quite realistic for LPs: you think it's a natural trade, but often it's others calculating the optimal price to match with you. Anyway, I no longer rely on "talent" for market making; I just rely on habits: small positions, preparing for the worst-case scenario, regularly reviewing pool fluctuations. Making a profit is luck; losing means I know exactly where I stepped. That’s it for now.