These days I've been fixing the AMM curve issues again, and the more I look at it, the more I realize that "market making = passive income" is just an illusion... When the price deviates, the pool automatically sells or buys aggressively, and impermanent loss basically means you think you're stacking coins, but you're actually passively rebalancing. Whether the fees can cover it depends entirely on volatility and trading volume; during a one-sided market, it can be quite painful.

And now everyone is complaining that miners/validators are taking too much, and that MEV front-running and reordering are unfair. Sometimes the small fees in the pool look like they're being casually snatched by "passersby"... Anyway, I don't dare to casually put long-term holdings in right now. I want to watch how big wallets adjust their positions first, be less impulsive myself, and at least avoid paying tuition too quickly.