These days, I’ve been overwhelmed by the airdrop season tasks again, with anti-witchcraft + points system making it feel like clocking in at work... I just wanted to be lazy and do some market making on AMM, but after calculating impermanent loss, I suddenly woke up: market making is really not a get-rich-quick scheme. Curve’s thing, to put it simply, is just letting the pool automatically adjust the price; when the market drifts, you’ll switch back and forth between “selling too early / getting caught,” and when the fees aren’t thick enough, the small profits you make aren’t enough to patch the holes.

I used to be quite stubborn, thinking “I only look at on-chain data” and believing that the truth was all there, but later I realized that on-chain just shows what happened, it doesn’t mean you can handle the volatility... Now it’s more like: first, test if the shell is hard (depth, volatility, fee rate), run a small amount for a day, see how the curve twists me around, then decide whether to add more positions, just like that.