Just now I got a bit restless and tossed a small amount into the pool, wanting to be one of those “passive-income prodigies”… but after I glanced at the curve, I realized I was still too naive. In plain terms, the AMM curve is this: once the price deviates, your position is passively shifted to the more “weaker” side—less to earn when it goes up, more to hold when it goes down. By the time you come to your senses, what you thought was “impermanent loss” isn’t impermanent at all—it’s pretty permanent. Market making isn’t just lying around collecting trading fees; the fees only matter if you can first outlast the volatility.

Recently, the community has been arguing again about privacy coins, coin mixing, and the boundaries of compliance. I’m eating popcorn and feeling uneasy at the same time: with something like a liquidity pool—an openly visible ledger—wallet behavior is watched even more clearly… For me, anyway, that’s what I’m doing right now: first read the documentation and see how large wallets retreat, then decide whether to keep being a “charitable market maker.” For now—don’t stay impulsive for too long.