Recently, I saw someone compare AMM to saving in a bank, but I really don't buy it. How the curve is set determines whether you're constantly "buying low and selling high" at certain price levels. Once the market moves in a single direction, the tokens you hold are exchanged for the weaker side. Impermanent loss, to put it simply, is: you think you're collecting fees, but you're actually working for volatility.

By the way, the recent fuss over privacy coins/mixing coins and compliance is quite similar. Everyone wants "returns/privacy," but few are willing to openly discuss the costs involved. Market making is the same—don't pretend it's a guaranteed income myth. If I were to provide liquidity, I’d treat it like selling insurance. Whether risks can be covered should be calculated clearly beforehand.