Recently, I saw someone say "Just put it in the pool and earn passively," and I almost burst out laughing.

AMM this thing, to put it simply, is like patching the prices on both sides; once the price moves, your position is passively shifted to the side with less gain/more loss.
In the end, it looks like "earning fees," but when you calculate total assets, it's not much better than doing nothing.
That's the awkward feeling of impermanent loss.
Market making is more like catching flying knives: it’s quite profitable when the market is stable, but as volatility increases, you start paying off debts.
The spiral of inflation + studio spamming in blockchain games is the same: surface activity, lively pools, but in reality, prices keep sliding, and you're just a "liquidity good Samaritan."
In the end, you might only get a consolation prize.
Anyway, before I enter a pool now, I always think:
Am I earning fees, or am I bearing others' volatility?
That’s all for now.