The market maker's curve looks elegant, but when you actually put money in, you realize that "the smoother it is, the more it cuts you."

Impermanent loss, in simple terms — you wanted to sit back and collect fees, but as soon as the token price moves, you automatically end up holding a bunch of assets that are dropping, while the side that's rising has already been bought out. Mathematically symmetric, but in your wallet, not so much.

Now on-chain monitoring is everywhere. A large transfer gets interpreted as "smart money positioning," but I think it's more like exchange hot and cold wallets shuffling funds. If you want to copy trade, first consider whether their fee structure uses the same algorithm as yours.

Anyway, I only put in LP positions I can afford to lose completely, triple-check the permissions, and let the curve do its thing.