Recently, I was asked again, "Isn't AMM just putting coins in to earn transaction fees passively?" I see simplicity as a trap. That curve thing, honestly, is like using your own position as a spring for the market; when the price is pulled, you passively buy high and sell low (sounds nice), but once the market runs unilaterally, impermanent loss quietly deducts from your net value, and if the fees aren't thick enough, it can only be considered an experience card. Not to mention, during high volatility, you think you're collecting rent, but you're actually paying tuition to the trend.

By the way, the NFT royalty flame war also looks quite similar: creators want continuous income, secondary markets want liquidity, and in the end, it all comes down to "who bears the cost." Market making is the same; the cost isn't gone, it just shifts to you in a different form... Anyway, I'm now more willing to understand clearly first before getting itchy hands.