Recently, I saw someone say "AMM earning transaction fees is very stable," which made me a bit amused and a little guilty... AMM curves, to put it simply, are just you entrusting a position to a mathematical curve to automatically adjust your holdings. When prices fluctuate, you're forced to buy low and sell high. When transaction fees aren't thick enough, impermanent loss gradually wears you down. Not to mention, some pools look quite lively in terms of trading volume, but upon checking on-chain retention and interaction frequency, it's mostly bots bouncing around, with few real users, so you might not even get to earn fees. Recently, the narrative of modularization and the DAO layer has come back up, and developers are quite excited, while ordinary users are confused. Honestly, I care more about whether real people are actually using it in the end, rather than just "looking very advanced." That's all for now.