I'm not very good at explaining big principles, but that AMM curve is definitely not an "automatic teller machine" where you just put in assets and wait for fees... When prices fluctuate, your position is passively rebalanced, and the fees earned might not even cover the impermanent loss. Basically, you're using your assets to act as a counterparty to the market. Recently, I've been looking at on-chain interactions like AI Agents and automated trading; many people hype them up a lot. I instead focus on how they split orders, which routing they use, and whether they are being targeted by frontrunners: the steeper the curve and the thinner the pool, the more slippage and MEV come into play, making LPs and traders easily become "subsidies." Before I start market making now, I first run small tests myself to reproduce the transaction path and actual slippage, otherwise I wouldn't feel confident.