I just got schooled by another AMM curve again… A lot of people see the trading fee and think “just lie back and collect rent,” but once the price starts moving, impermanent loss feels like someone is reaching behind you and picking your pocket. In plain terms, you’re taking the other side against volatility. Curves aren’t magic—the more you feel “stable,” the more likely it is that you didn’t factor the risk in.

And all those on-chain data tools and address labels have been getting blasted these days for being “lagging / potentially misleading.” I actually think that’s pretty normal: when you’re placing orders by watching labels, sometimes it’s basically like staring at shadows that other people want you to see. You still have to go back to the most original basics: pool depth, the pace of trades, and gas changes—take a look at the chain yourself; don’t get lazy.

One thing I need to be reminded of: market making isn’t a belief system, and it isn’t a compound-interest machine. If you lose money, don’t blame the curve first—blame my own itchy hands. That’s all for now.