Riding the subway and hearing someone say "Throw it into the pool and lie back to earn fees," I get a bit of PTSD... The AMM curve, to put it simply, is like quoting prices for others; when the price fluctuates a lot, your position will be automatically swapped back and forth. Impermanent loss isn't "mystical"; it’s just that the final asset portfolio you hold changes, and you can't keep up with the line that simply stays still. I used to blame the market when I lost money with leverage, but now I do spot trading + small options hedging, and I find it easier to accept: earning a tiny spread within volatility, not a perpetual motion machine. Also, on-chain tagging/data tools have recently been criticized for lagging and misleading, and I no longer dare to draw conclusions from just one dashboard... Anyway, market making is really not something you can just set and forget.