Recently, someone asked me again, "Is AMM market making just lying around collecting fees?" I almost threw the comparison chart at them... The shape of the curve determines whether you're eating the profit or using volatility as a cushion. When prices are pulled and pushed, impermanent loss is like a thermometer—usually you don't notice it, but when you have a fever, it hits hard: fees haven't accumulated much, and your position is first "automatically swapped" to the side you don't want.

Not to mention now everyone is complaining that validators/miners are taking too much, and MEV is messing up the ordering. The liquidity you just added feels like someone cut in line to buy bubble tea and casually snatched some along the way. Anyway, I now look at pools first for volatility and depth, then for fee rates. When I get the itch, I only dare to try small positions... As for which curve is more "suitable for retail investors," well, that's not something you can explain in a single sentence.