Diving for half a day, I still want to say this: the AMM’s curve looks very smooth, but making markets isn’t something where you can just lie there and collect fees. Once the price runs off course, your position gets pushed—passively—toward “the worse side.” The little bit of fees you earn sometimes isn’t even enough to make up for impermanent loss. In plain terms, you’re trading time and volatility for money, and you even have to bet that the volatility won’t be too ruthless. Lately, everyone in the group has been staring at the staking-unlock/token-unlock calendar day after day, anxious about sell pressure—but I’m actually even more afraid to casually dump my funds into the pool… Once an unlock comes, the curve doesn’t care about your feelings; it just swaps you into a bunch of coins you don’t want to hold more of. Anyway, these days I care more about range, depth, and slippage—don’t get overconfident. The market never rewards it.