Recently, everyone has been arguing about L2: TPS, transaction fees, ecosystem subsidies—what's more attractive... Actually, for someone like me who occasionally provides liquidity on a platform, no matter how fast or cheap the chain is, it can't fix your misunderstanding of the AMM curve. AMM, simply put, is automatically quoting you based on a formula; when prices fluctuate, your position will be "bought and sold," and in the end, you'll see more or fewer tokens in the pool, but based on the market price outside, it might be better to just hold still—this is the flavor of impermanent loss.

So, market making isn't really a get-rich-quick scheme; transaction fees are like "rent" you pay, and whether they can cover the losses depends on volatility and trading volume. Anyway, I now prefer to test with small positions, first figuring out the exit strategy, and not getting blinded by subsidies and low fees.