These days, I've been watching TVL while drinking tea, and I’ve noticed that many people are once again treating AMM as "deposit and wait for rent." To put it simply, how the curve is set determines that the way to lose money also changes. When prices fluctuate, impermanent loss is like you think you're market-making, but actually you're working for volatility; when the market moves sideways, you think you're a genius, but once it trends strongly in one direction, doubts start to creep in. Market-making isn't easy money; it's more like betting on "future volatility not being too extreme." By the way, recently hardware wallets have been out of stock, and phishing links are everywhere. Don't complain about impermanent loss pain while handing over your private keys—that's even more painful. What I fear most isn't missing opportunities, but rather that I clearly understand the risks yet pretend not to see them.