Making markets is really a kind of arcane science. A couple of days ago I looked at an AMM pool—when ETH dropped 5%, LPs lost even worse than the spot. People call it “impermanent loss,” but to put it plainly, it’s just serving as a stepping stone for the trading pair. “Lying back to earn profits”? If you don’t end up losing so much that you’re flat on your back, that’s already pretty good.

Lately, large on-chain transfers have been happening frequently. Custodial exchange hot/cold wallet movements have been treated by a bunch of people as “smart money,” and they’ve been frenzy-posting all over it. It’s hilarious—someone makes a transfer and you all treat it like a wealth key. Meanwhile, I’m watching MEV bots and how they skim profits from the front end—this is the real on-chain detail.

Forget it, I’ll keep modifying the script. If gas is high, then just treat it as a sign of inspiration drying up.