Recently, I saw someone say, “Just throw it into the pool and lie back to collect trading fees,” and it sounded a bit off to me… The AMM curve, put simply, is just automatically trading against your counterparty; once the price drifts, your position gets passively distorted. Impermanent loss isn’t some kind of magic— the more frantic the market, the more obvious it gets. Can the trading fees cover it? It really depends on volatility and trading volume; don’t just stare at APR screenshots.

By the way, everyone is also complaining that validators/miners are eating MEV and that ordering is unfair. Things are lively on-chain, but for market makers, it’s more like a windy day: slippage and race-ahead all come at once, and you really can’t do without opening the umbrella. I’m used to taking screenshots and saving them as soon as I see “steady profit”… then later, I check against the results—almost all of it ends up pretty face-slapping.