I just saw someone say, "AMM is just throwing coins in and lying there to collect fees," and I almost spat out my milk tea... To put it simply, that curve thing is just automatically swapping your position proportionally. When the market moves sharply, your position passively deforms, and impermanent loss quietly eats back the fees, especially in pools with high volatility. Don’t ask me how I know (blood, sweat, tears). Recently, I’ve also heard rumors of increased taxes and tighter compliance in certain regions, leading to tighter expectations for deposits and withdrawals. Everyone’s emotions become frantic, prices fluctuate back and forth, and you in the pool seem more like being "automatically working part-time." I now treat market making as paying tuition: small positions to test the waters, don’t go all-in, and withdraw after making a milk tea’s worth of profit... As for you saying, "Then I just put everything into a stablecoin pool, and it’s fine"—that’s not quite right either, but let’s leave it at that.