I just looked back at the posts from the AMM days in 2021, and I’m really afraid now. Back then, I thought market making was basically effortless profit—I just dumped some ETH into the Uniswap pool and stared at the chart, dumbly happy. So what happened? Impermanent loss taught me a lesson: when the price moved, my tiny position almost got wiped out by half. Later I finally understood: the AMM curve isn’t some gentle sanctuary—it’s a mathematical trap. The deeper the liquidity, the more easily you get dragged around by market sentiment. Now when I see RWA and U.S. Treasury yield being used to compare against on-chain products, honestly, I’m a bit panicked. Old players always say, “history will repeat itself,” but I trust survivor bias more—those posts crying about losses were deleted long ago, and what’s left are only the “buy the dip successfully” scripts. That’s all for now. Anyway, lately I’m only willing to play with a small position—I’m scared.