Recently, someone told me again, "Just toss it into the pool and you'll earn fees while lying down," and I found it both funny and a bit frustrating... The AMM curve, to put it simply, is just automatically matching against you; the fees you earn are sometimes wiped out by impermanent loss, and during sharp rises or falls, it feels like working for the market without getting paid. It's even more obvious in a bear market—when the spread widens, the asset ratio in the pool becomes awkward, and when you withdraw, you realize you're not getting back the original set.

There are also things like social mining, fan tokens, "attention is mining," which are quite similar in logic: it looks like you're earning, but in reality, it's just pushing volatility and emotions onto you to take over. Anyway, I only dare to try small positions in market making now; whether I make money or not is up to fate—mainly just trying to stay alive.