Recently, I saw someone treat AMM as "just deposit and collect fees," and I couldn't help but laugh... Basically, that thing with curves is just you exchanging with price fluctuations; when prices go up or down significantly, impermanent loss quietly comes like a bill. Especially when you think you're providing market-making, you're actually offering others smoother entry and exit, while bearing the tail risk yourself.

What's even more amusing is that Layer 2 now competes daily on TPS, fees, and subsidies, making a lot of noise. But when it comes to on-chain operations, you're either stuck on refresh/retry or waiting in line for confirmation, and the experience is hard to describe. Anyway, for someone like me who prefers long-term holding, I’d rather just hold and not mess around. Market-making is definitely not a get-rich-quick scheme; before getting itchy, think through the worst-case scenario.