Recently, everyone’s been bickering again about which L2 has higher TPS, lower fees, and bigger subsidies… but it makes me think of an old problem first: a lot of people treat AMM market making as “just lying back and collecting fees.” To put it plainly, they haven’t actually looked at the curve properly. Once the price drifts off, your position gets passively shifted to the weaker side. And when you finally want to exit, you realize you’re not just doing worse than doing nothing—you’re even down a bit. That’s impermanent loss biting you. Whether the fees can cover it really depends on volatility and trading volume, not on whether the “ecosystem is lively,” as if money automatically comes in. Anyway, the moment I see the words “guaranteed profit market making,” I go flip through the whitepaper and the contract first… sometimes after reading them, I end up being even more afraid to touch it.