AMM this thing shouldn’t be treated as a free lunch anymore. The curve just sits there like that: once the price moves, your position is passively reshaped into a “buying high and selling low” pattern. A lot of the trading fees you earn are often just patches for impermanent loss. Put simply, you’re using your capital to serve as a buffer for the market—not storing it in a bank.

Recently, whenever new L1/L2 incentives come out and pull TVL up, the group chat starts complaining again about “vaguely selling off what you’ve mined.” In reality, market making is even worse: you go in to eat the subsidies, but when the market whipsaws, the curve drains you before the subsidies even get warmed up. If you really want to play, first calculate the worst-case scenario: when the coin price doubles or gets cut in half, can you accept that the pool’s final contents are only a bunch of “the one that went up less”? Don’t borrow money to add positions. Don’t fantasize that trading fees can save you. Just like that—so for now.