Someone asked me: Once you understand the AMM curve, can you just sit back and collect trading fees? Actually, I want to say that no matter how smooth the curve looks, it can't hide impermanent loss... When the price drifts, you're essentially working for the market by "selling low and buying high." Especially those pools with seemingly attractive APYs, my first reaction now isn't to jump in, but to think: Are the fees enough to cover the volatility? Is the liquidity just a bunch of subsidies piled up?

Recently, the L2 space has been arguing over TPS and fees, ecosystem subsidies—sounds a lot like a "user acquisition" contest... Once the subsidies stop, people in the pools run faster than I can withdraw. Anyway, I just split my positions into smaller chunks when market making; if I can't make a profit, I won't lose too badly. Dreams are fine, but I still need to protect my money.