Recently reviewing old AMM materials again, the more I look at it, the more I think everyone back then thought that “market making = earning fees passively” was too idealistic. When the curve changes and the price moves, the asset ratio in your pool is passively adjusted. To put it simply, you're using your position to absorb market fluctuations. Impermanent loss isn't some mystical concept; it's the “participation fee” you pay with the fees you earn. Sometimes it feels like: earning a bit of fee, but when you do the math, it’s not even worth doing anything at all...

Plus, with recent cross-chain bridge hacks and oracles reporting outrageous prices, everyone collectively “waits for confirmation,” which makes it even easier to understand why on-chain liquidity can suddenly be pulled out. Liquidity is very real—when the wind blows hard, it shrinks. Anyway, I now only dare to try with low positions, choosing more familiar old pools, being cautious and slow. Maybe I can wait for the next cycle of old narratives to revive, but don’t expect it to play out according to the original script.