Recently, I saw someone describe "throwing some coins into the pool" as if it were a fixed-term deposit... Basically, the AMM curve is just an automatic copy-trading machine; once the price moves, you're forced to buy low and sell high. When you actually want to withdraw, you realize that impermanent loss isn't "temporary"—it's actually a real reduction in your account balance. Especially with liquidity at the floor price, where the depth is uneven, it’s a back-and-forth that’s quite entertaining to watch.

What’s even more amusing is that now, with narratives around AI agents and automated trading, everyone just assumes "robots will make me money." Personally, I don’t really believe it— the more automated the on-chain interactions are, the easier it is for someone to casually steal your authorization, permissions, or private keys... There’s no such thing as easy money in market making; at best, it’s just whether you’re willing to admit you’re selling volatility. That’s all for now; I’m a bit tired from watching the pools today.