These past two days, everyone’s been chatting about whether that upgrade/downtime on major public blockchains will lead to migration around the maintenance window. But I’ve been looking at AMM curve charts instead… the more I look, the more it feels like market making isn’t just “set it and earn fees.” When the price moves, the pool automatically rebalances your position along the curve. The little bit of fees you earn might not even be enough to fill the hole from impermanent loss. In plain terms, you’re trading your own volatility risk for liquidity rewards.

What I care about more right now is: whether this pool’s trading volume is steady, whether the incentives are just a short-term push, and whether the community is actually using the product. If you only focus on APR, it’s really easy to get swept up—then you end up earning fees but losing out on relative price moves, and your mindset gets worn down… Anyway, I’d rather go slower, and not get so wrapped up in chasing it.