Recently, I've seen a bunch of people say that AMM market making is "just deposit and sit back to collect fees"... Basically, you're in a romantic relationship with the curve, but it doesn't care about your feelings. When the price fluctuates, your position passively moves back and forth on both sides, and in the end, it might turn into: when prices go up, you earn less; when prices go down, you end up holding more trash — this is impermanent loss. The name sounds gentle, but it's actually quite painful.

To make an analogy: you open a small shop, and the system automatically reduces stock of soda when it's expensive, and stocks more bottled water; when soda is cheap, it does the opposite. You earn some small profit margin, no problem, but when a trend comes, your inventory gets "auto-adjusted," making things awkward.

Also, recently hardware wallets are out of stock everywhere, phishing links are everywhere. Don’t just focus on earning returns while recklessly clicking on signing links like ordering takeout... The first rule of risk control: stay alive first, then talk about earning. Anyway, I only try small positions in market making; if the fees can't cover the volatility, I withdraw — don’t stubbornly hold on.