Recently, I saw someone describe AMM market making as "lying down and collecting fees," and I couldn't help but laugh a little while also feeling a bit anxious... Essentially, curve is just you betting against price fluctuations; the bigger the fluctuation, the more impermanent loss tends to show up, and fees might not cover it. Especially with cross-chain liquidity, once it disperses, both ends of the bridge become thin, and slippage can really mess with your mindset.

By the way, the social mining and fan token schemes that promote "attention as mining," I feel like they’re more about shifting volatility from token prices to emotions. It’s lively, but in the end, someone still bears the "impermanent loss," just under a different name. Anyway, before I do market making now, I first calculate the worst-case scenario. If I can't figure it out, I avoid it and prioritize stability.