Over the past couple of days, someone has been talking about AMM market making as if it were “just leaving it there to collect fees,” and it already sounds a bit off. The curve is right there: you shove assets into the pool on both sides, and in essence you hand your position over to the price so it can automatically rebalance. When prices go up and down violently, impermanent loss doesn’t hold back—those fees may not even be able to make it back.

If I hadn’t scratched my hand and added liquidity to a pool with exceptionally high volatility back then, I probably wouldn’t have experienced that kind of frustration of “the coin went up, but I didn’t make much”… Anyway, since then, when I look at pools, I check volatility and the trading route first—don’t just look at APR.

Recently, AI agents, automated trading, and on-chain interactions have been getting hyped up again. Honestly, what I care more about is this: once these automated scripts start running, who’s actually helping you make money, and who’s picking away at the safety margins in your trades? Hard to say. Market making is the same—don’t treat it like a deposit. The risks are real and concrete.