Recently, someone told me again, "Just put it into the pool for market making, and sit back to collect fees," and it made my skin crawl. The AMM curve, to put it simply, is: when the price moves, your position is passively converted to something else; even if it goes up, you might not earn more than holding spot; impermanent loss isn't just scare tactics, it's math charging you a "convenience fee." Before I create a pool now, I always ask myself: can I accept it to repeatedly shake my chips? If not, I won't force it.

Seeing more of those "staking, shared security, yield stacking" nested schemes, I become even more cautious. Layer after layer, any problem could cause a chain reaction. Anyway, I’d rather earn a little less than lose sleep over it. I no longer believe in the phrase "risks are diversified, so it's very safe." For now, let's take it slow, slow as it may be.