Honestly, recently I've seen a bunch of people treating AMM as "just deposit and collect rent," and I can't help but feel a bit overwhelmed... The curve of an AMM is basically: you're helping the market automatically rebalance. When the price goes up or down, the ratio in your pool is passively adjusted. When the price surges sharply, you might end up selling off a part of your holdings. When you do the math, impermanent loss occurs, and if the trading fees aren't enough to cover it, it's just a waste of effort.

I'm also not sure if it's the recent interest rate cut expectations or the narrative around the dollar index that has overly boosted everyone's emotions. Risk assets are rallying together, and the more excited they get, the more volatile it becomes. Market making feels more like surfing in the ocean than lounging on a chair. Anyway, the first thing I look at in a pool isn't the APR anymore, but "can I handle this volatility?" Then I check who's pushing the hype on-chain—don't end up becoming a meme in the liquidity pool.