Hey, I just saw some guy again calling for trades, saying things like “this time it’s different” and “don’t miss the last train.” Most old players should get it—at times like this, you should actually pull your feet back. For me, after these years, the biggest takeaway is: market making isn’t “lying down and earning.” The AMM curve looks beautiful, but once you jump in, you’ll find out the real hidden trap is impermanent loss.

For example, if you drop UNI and ETH into a pool, when it goes up you think you’re making money, but when it goes down you realize the coins in the pool are still worse off than holding them yourself. Plain and simple: you’re working to provide liquidity, and you still have to watch other people’s moods. I eventually got used to it—I’d rather move less and not chase those little trading fees. Long-term thinking? It’s not about talent, it’s about habits. Just check on-chain data every day, like TVL and fund flows—you only need to be clear in your mind. Don’t care what some celebrity is yelling; when you’re the one picking up the last baton, they already ran.

Anyway, my approach now is: if I don’t do research, I don’t place orders; if I do research, I still might not place orders. For now, I’ll just stay here guarding the pool and slowly wait it out. That’s better than being a clueless retail investor. Bye-bye, I’m going to check the data.