I just took a look at the volatility of an AMM pool, and the TVL is down again—if I said I’m not heartbroken, I’d be lying. Break it down though: impermanent loss is really one of those unavoidable traps for market makers—you think you’re just lying back and earning, but once prices move, they cut your principal first. Even after you lose out on fees, you still can’t laugh it off. Every time you review it later, you’re just being stubborn, saying “next time I’ll pay attention,” but when the market actually starts to churn, you still can’t control yourself and end up adding more.

Recently, more has been circulating in the group about stablecoin regulation and reserve audits—any hint of depegging news and the place immediately blows up. The emotions swing back and forth like you’re on a roller coaster. Honestly, the more I’ve watched, the more I feel that real user retention matters more than short-term TVL—if nobody’s using the protocol, the flywheel can’t spin. Anyway, I’m going to revoke the approvals for a few old pools first, so I won’t be heartbroken in the middle of the night. That’s it for now—just logging this down.