These days, someone asked again, "Just put your coins into the pool and sit back to collect fees, isn't that enough?" ... Honestly, they still don't take the AMM curve seriously. The steeper the curve, the more your position is actually like buying low and selling high; when the price moves, your position is passively shifted to the side that’s rising slowly or falling quickly. Impermanent loss isn't mysticism; it's you paying for volatility.

I used to be a bit obsessive, always saying, "I only look at on-chain data," but I later realized I also need to lift my head and look around: now, expectations of rate cuts fluctuate hot and cold, the US dollar index and risk assets often rise and fall together, and when sentiment twists, volatility amplifies. That small fee pool might not be enough to cover it.

Anyway, now before I create a pool, I first think: would I be willing to be repeatedly traded in this curve during such volatility? If not, don’t force it. Market making isn’t just sitting back and earning passively. That’s all for now.