Recently, I saw new L1/L2 incentives to boost TVL again, and old users are complaining "mining and selling," but I instead think: many people treat AMMs as piggy banks, when in fact the curve at that moment locks you into the rhythm of "buying dips and selling rallies." When the price deviates, your position passively tilts toward the cheaper side. Watching the pool assets increase, but compared to holding coins directly, that period of impermanent loss is just that—impermanent loss. Honestly, it's not the platform scamming you; it's just how the mechanism is designed.

Market making is really not a passive income; whether fees can cover that loss depends entirely on volatility and trading volume. Incentives are more like adding a layer of "sugar coating." What I fear most is not losing money, but thinking I'm earning interest when in fact I'm just changing my posture to bear the volatility... Anyway, I only dare to try with small positions now, first understand the curve and range thoroughly before proceeding.