These days, someone keeps asking me, “Is AMM market making just easy money?” I just laugh… the curve is dead, but people are alive—and the moment the market starts to tug and pull, you end up acting as the counterparty for everyone else. Watching the fee income roll in feels great, but when impermanent loss really comes, it’s like a dull knife cutting out your position—especially in high volatility, with all those back-and-forth swings. In the end, you realize you’re just handing both the upside and the downside over to the traders. On top of that, everyone’s now complaining about MEV and unfair ordering: once the transaction sequence gets thrown off, market making starts to feel like you’re being dealt with after someone has already peeked at the cards. Anyway, before I add liquidity now, I make sure I think it through first: what am I actually earning, what can I realistically withstand—and don’t treat “providing liquidity” like a piggy bank.