I just brewed a cup of tea and casually checked the small amount of LP I previously threw into the pool. The more I look at it, the more I realize that market making is not just "put it there and make money." When the price moves, the AMM curve looks like a vending machine: you unknowingly sell when it rises and buy back when it falls. When you want to withdraw, you realize the asset structure has already changed, and the psychological gap is even bigger than slippage.

My current understanding is: impermanent loss, to put it simply, is not some esoteric concept; it’s an inevitable cost of the curve mechanism. Fees only hedge against it, but may not cover it. Recently, cross-chain bridges have had issues, and oracles reporting outrageous prices make everyone "wait for confirmation." This also reminds me: don’t take the "pool operating normally" as a default assumption. On-chain systems often need to survive first before talking about returns... Anyway, I’d rather make fewer moves and spend more time reviewing.