These days, I've come across a bunch of memes and celebrity calls for trading, and as soon as the hype kicks in, everyone starts fantasizing about "just hanging an LP and earning passively"... Honestly, the AMM curve is just following the rules to match your counterparty, and when the price moves, you’re passively rebalancing your position. The trading fees earned may not even cover the impermanent loss, especially during sharp surges or drops. Veteran traders advise newcomers not to take the last step, and it’s not just for show; attention shifts so quickly it’s like flipping through a book. Anyway, I no longer believe the phrase "stable high returns = low risk." When I’m market-making now, I focus on two things: how the pool parameters are set and how much I could worst-case lose during extreme volatility. The rest can be left aside for now.