🍰 LP is a cake sharing game I did not participate in the entire process of the PUMP launch event a few days ago. Not only did I not participate in pre-sales, but I also did not participate in LP, one of my favorite activities. There are two reasons: 1 🌙 It's too late to go online, I can't stay up all night 2. TVL is too high, the cake that can be divided 🍰 Too small Focus on my personal thoughts on the second point. The LP on the chain is essentially: All traders pay transaction fees to the currently active TVL (provided by LPer). And each LPer extracts the corresponding commission share based on the active TVL share they provide. The so-called activity refers to the TVL funds you provide, which are used to actually participate in the exchange process. Assuming you provide a large amount of funds (such as 100 million US dollars) deployed in a range far beyond the current price, you will not receive a transaction fee of one cent. Because the actual transaction that occurred has nothing to do with you. So, your LP commission income is closely related to the following two points: 1. The actual transaction fees currently incurred (the larger the transaction volume, the higher the fees) 2. The proportion of your active TVL funds Based on these two points, it can be inferred that in the face of a huge pool of TVLs (such as when I saw nearly $2 million in TVLs shortly after the launch of PUMP), if your capital is relatively small, participating in such LPs is not particularly meaningful. Of course, there are benefits, and the sense of participation in historical events is even greater, but from the perspective of input-output ratio, it may not necessarily be very sexy. The last time I had this experience was when the Fat Penguin token was launched. However, due to their ultra-high FDV and huge user base, this type of project has an undeniable advantage: The safety margin is particularly high, and it will not easily plummet, let alone easily return to zero. However, there is a paradox here: in hindsight, DLMM's TVL and transaction volume are incredibly high, and there are still people who have earned a lot of commission income. Aren't these TVLs formed by the participation of every tiny individual, gathering together? This reminds me of a viewpoint mentioned in a book: For a statistician, the most rational choice for any individual is not to vote in the presidential election. Because your vote is not worth mentioning in the entire participating group and cannot change anything. But if we generalize and everyone doesn't vote, the result will be disastrous. Please refer to the "landslide fallacy" in logic for this point. In short, understanding the underlying principles, correcting your mindset, and fully enjoying the choices you make is excellent.