To be honest, when it comes to market making, a lot of people think it’s just “throw some coins in and rake in fee profits while lying down.” But the AMM curve isn’t something you can just draw casually. When the price is stable, it’s manageable—once volatility kicks in, the impermanent loss is far bigger than you’d imagine, especially when making markets in a narrow range: if it’s just slightly breached, you end up in one-direction exposure, and you can lose more than the fees you earn. Recently, on the macro side, rate-cut expectations and the US dollar index have been tugging back and forth, and risk assets are swinging around with them. In any case, everyone’s rate-cut expectations are actually more sensitive. If the market-making strategy isn’t adjusted, it really can turn into a “passive bag-holder.” Last night my roommate saw me staring at contract screenshots and thought I’d been liquidated again—actually, I was just working out how to set the LP range more efficiently. Anyway, I’ll set position discipline first, then go eat.