Recently, I've seen people treat AMM liquidity provision as "just lying around collecting fees," and I can't help but laugh... When the curve shifts and prices start moving, your position is passively rebalanced. In simple terms, impermanent loss is essentially market trading on your behalf. Whether the fees can cover this depends on volatility and trading volume, not on the TVL size.

Lately, RWA, U.S. Treasury yields, and on-chain yield products are being compared together. I also think: stablecoin pools look like "on-chain interest rates," but at the core, it's still trading flow plus curve mechanisms, not linear interest from government bonds. Anyway, when I look at pools now, besides APR, I first check active addresses, net inflow, and price ranges. I prefer to earn a little less than risk losing all fees in a wave of volatility. If you're new to the space, start with small positions and don't go all-in on market making right away.