Recently, someone called AMM "lying down and collecting fees," and I couldn't help but laugh... The curve is right there, and when the price fluctuates, impermanent loss is no longer mysticism, especially in pools with high volatility, the fees earned might not even cover the losses. To put it simply, market making is selling volatility; if you get the direction wrong, don't blame the mechanism for being cold.

AI agents, automated trading, these narratives are also quite noisy now. On-chain interactions have indeed increased, but what I care more about is: who is seriously working on risk control, permissions, and signatures, and who is just stacking concepts. The denoising strategy is simple: don't chase hot words, focus on settlement layer data, and first look at real usage and fee sources. Don't be led by emotions.