Before bed last night, I flipped through the market-making records. There was a pool where, over the course of a week, the irregular loss was more than the fees. In an instant, I understood a lesson: the slope of an AMM curve isn’t something everyone can just lie back on comfortably. To be honest, I originally thought that once I put funds in, it would automatically let me do a little business and make some small profits. But when the exchange rate moved, my principal swayed right along with it too—it was like riding in a tiny boat.

Lately, the airdrop season and the points-based system have been wearing people out. The “reward-chasers” grind every day like they’re clocking in to work. Even my roommate complained, saying, “Look at your curve—it’s like an electrocardiogram. You’d be better off taking a nap and getting basic livelihood support.” Anyway, I think being steadier is still better. Even if I make money more slowly, at least I can sleep at night.

That’s it for now. I’ll look into how to hedge tomorrow.