These past couple of days, my mindset has quietly undergone a "version update": I used to think of AMM curves as automatic cooking machines, just toss in some ingredients and wait for the dish to be ready; now I realize that if the heat isn't right, you'll really burn the pot. When prices fluctuate, your position is pushed along the curve to change ingredients, and the final dish may look like it has the same amount, but the flavor (value) might be reduced, and the unpredictable loss is basically this "stolen aroma." So market making isn't really passive income; it's more like guarding the stove: the more the market twists and turns, the more you need to watch it closely—don't think it will behave itself. By the way, the NFT royalty dispute also seems quite similar: everyone wants to get it hot, but secondary liquidity and creator income are always fighting over the same pot... Anyway, now I’m more cautious when entering pools, first thinking clearly about what I want to earn, then deciding whether to turn on the fire.