I tried once to be an AMM market maker in a small pool, thinking I could earn some fees as pocket money for bubble tea, but the next day I saw that when the price fluctuated, the curve sold me off completely... To put it simply, impermanent loss is when you think you're just "holding coins," but you're actually passively taking the other side of the trade, earning less when prices go up and buying more when prices go down. If the fees aren't enough, it's all in vain. Recently, everyone is obsessing over unlock calendars and staking unlocks, feeling anxious about the selling pressure, but I think it's more important to first consider: will volatility + unlocks cause the curve to be pushed into a corner? Market making is definitely not passive income; don’t just look at the attractive APY and jump in—think carefully about what you're actually betting on.