These days, someone keeps saying "ETF capital flow = coins should go up/down" and I can't help but laugh a little... When the price suddenly swings, the first to get hammered are often the market makers in the pool. The AMM curve, to put it simply, is like you holding two bags of coins and being forced to automatically swap back and forth with the market; when it goes up, your coins get fewer and fewer, when it goes down, you swap more and more, and impermanent loss quietly grows this way. Don't be fooled by the APR on the interface looking pretty; the fees, incentives, and layered staking yields aren't enough to cover the volatility. Anyway, I now choose pools by first looking at their volatility, then at the curve shape and fee rates. Passive income? Overthinking it. Market making is more like betting against the market on how long you can endure.

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