Yesterday someone asked me whether AMM market making is guaranteed to profit with no losses. I almost laughed out loud on the spot.

Impermanent loss, put simply, is “you think you’re just lying back and making money, but in reality you’re working for arbitrageurs.” Large pools might be able to last a bit on fees, but in smaller pools, when there’s even a slight fluctuation, it directly turns into a “merciful market maker.” Anyway, I don’t believe in any “easy profit while doing nothing” myth—if you really want to lie down, then lie down and sleep it off.

Recently, during the airdrop season, everyone’s been racing to farm points—task platforms’ anti-sybil checks are as strict as verifying household registration, and people like me who are slow to react just watch from the sidelines. In any case, I can’t get in on the first wave. Forget it—I’ll first focus on researching bridge security; at least cross-chain fees are easier to account for than impermanent loss.