Recently, someone asked me again, "Just throw it into the pool and earn fees passively, right?" I can only say... The curve of the AMM looks smooth, but behind it, you're actually using it as a buffer for price fluctuations. When the market swings up and down, the pool will automatically swap your good assets for the cheaper side. When you want to withdraw, you'll find that your position has changed, and this is impermanent loss. To put it simply, it's not about losing or not; it's about bearing the cost of volatility. To put it another way, recently AI agents/auto-trading setups have become popular again. Running scripts to interact on-chain is quite a story, and the hype is pretty strong. But what I care more about is: Are they helping you market-make, or are they helping others eat your slippage faster, while also getting you to authorize and drain your funds... Anyway, now I always check the volatility range and exit plan before adding to a pool. Don't treat "fees" as your salary.