Someone asked me whether doing AMM market making is basically just waiting to “lie down” and rake in fees passively… To be blunt, the moment I hear the word “lie down,” I get on high alert.

That AMM curve looks like it’s collecting tolls, but in reality it’s the market automatically buying low and selling high on your behalf—once the price moves, your position gets passively skewed. The trading fees you earn might not be enough to cover impermanent loss, especially when volatility is high; under those conditions, your mindset is even more likely to crack.

Not long ago, during the airdrop season, everyone was grinding on task platforms like it was a day job. The stricter the anti-sybil measures, the more they pressure people into careful, fine-grained operations. I also almost got tempted and wanted to go to the pools to “dig up some points” on the side… But then I thought—wasn’t that just another kind of impulse trigger?

Now I’d rather make a little less, keep some cash and small options to hedge—at least I can sleep at night.