I recently saw someone explain, “throw some coins into the pool = lying back and collecting fees,” like it’s the same as depositing for a fixed term… The truth is, that AMM curve is just an automated head-to-head wager against other people: once the price moves, your position gets passively swapped to the weaker side. Impermanent loss isn’t some mystery—it’s mathematics. Whether the fees can cover it depends on volatility and trading intensity; a lot of the time, they simply can’t.

What’s even more interesting is that outside, the modular and DA-layer narrative makes developers pretty excited, while users are completely confused. In the end, it still comes back to “what risk am I actually taking?” Market making is the same: don’t just stare at APY—first, think clearly about the fact that you’re selling volatility… I usually try it with a small position; if I lose, don’t blame anyone. Anyway, the pool won’t care about your feelings.