Recently, I saw someone treat AMM market making like a bank deposit again, which is really quite surreal. How the curve is set, that's how you're led by the nose by the price; once the price moves, your position automatically shifts from "the side you favor" to "the side you like less," and impermanent loss essentially means: you think you're earning fees, but you're actually paying tuition for volatility. Whether the fees can cover it depends on trading density and volatility intensity—don't just focus on how "APR looks attractive."

The same goes for the collapse of blockchain games: the trading volume fed by inflation looks lively, but once the studio withdraws or the token price suddenly turns, what's left in the market-making pool becomes even more awkward. Anyway, I now only trust code merge records and real trades; all those "passive income" stories are just for listening.