Recently, I saw someone say, "Just throw it into the pool and earn transaction fees passively," and I want to laugh but I dare not. The AMM curve, to put it simply, is a rule that automatically matches your trades against the other side; when the price drifts, your position is passively shifted a bit more to the other side. When you switch back, the missing part is impermanent loss. The name includes "impermanent," but in reality, it’s quite permanent.

By the way, before and after a major chain upgrade, everyone in the group was guessing whether projects would move elsewhere. I’m not adding new pools for now; during those days of on-chain changes, slippage and arbitrage were fierce, and transaction fees seemed to rise. Actually, you might just be working for others by moving bricks. Market making is quite like running a store—high customer flow doesn’t necessarily mean you’re making money, and having your inventory washed out is also real.