After two weeks of market making, I finally got used to that curve — it turns out that impermanent loss is not "potentially losing," but "definitely losing in a certain range," you just don't know when you'll step into it.

I used to think that just putting it in the pool and lying back to collect fees would be fine, but after calculating, during those weeks of high volatility, the fees couldn't cover the deviation in price spread. It's annoying, but there's no way around it; it's part of the structure.

Recently, seeing everyone farming airdrops like clocking in for work, I'm actually a bit glad I didn't jump in. That feeling of "I don't regret the result, but rather that I thought there was a shortcut" is also common when market making.

Let's leave it at that for now; drawing clear boundaries is more important than betting on direction.