Recently, someone said again, "Just throw it into the pool and sit back to collect fees," and I couldn't help but laugh... The AMM curve, to put it simply, is just forcing you to constantly rebalance during price fluctuations. You think you're market making, but you're actually selling high and buying low at the top, and when the market jumps, impermanent loss is written all over your face. Fees are definitely attractive, but often they're just working for volatility, earning from "not moving too far" oscillations. When a unidirectional trend hits, it looks pretty bad.

By the way, the debate in the community about privacy coins/mixing compliance is also quite similar: everyone wants "both," wanting privacy without causing trouble. In the end, when boundaries become blurred, people start arguing... Anyway, my current approach is small positions for testing, monitoring on-chain transactions and pool depth, and not pretending to sleep.

What I fear most isn't missing opportunities, but the moment I clearly understand the risks and still push forward stubbornly.