I’m kind of immune to explanations right now. Anyway, market making isn’t a free lunch—I only understood that after I personally stepped into a few pitfalls.

Take AMM curves, for example. They look simple at first, but once prices start moving, impermanent loss shows up fast. When I was watching the order book depth back then, I often saw people rush in to add liquidity, happily waiting to earn trading fees. But when the market turned the other way, LP returns were actually worse than just holding the coins. It’s pretty real—once I started canceling orders and re-posting more often, I slowly learned to read the curve slope instead of putting too much faith in “guaranteed profit.”

Recently, I’ve been seeing RWA and on-chain yield products compared side by side, and the whole “US Treasury yield” story got brought over too. Tsk, it feels pretty lively, but the bottom line still comes down to liquidity and risk. Don’t get fooled by flashy annualized yields. Forget it, that’s it for now—I’m going back to tweaking my orders.