Recently, I've seen people treat AMM as "just put it in and collect rent," and I can't help but want to laugh but can't quite do it... The way the curve moves determines what kind of money you're earning; essentially, you're selling volatility. When the price deviates, the position is passively rebalanced, and impermanent loss isn't some mysticism; it's just holding a bunch of assets that you increasingly don't want. It's okay when the market moves sideways, but once it trends up or down, the fees might not keep up. Now, RWA and US Treasury yields are being compared to on-chain products, but I actually want to understand first what kind of risk I'm taking on: is it interest rate risk, credit risk, or just volatility + liquidity? Anyway, before I start market making, I’ll take a sip of coconut water—don't let the words "annualized" carry you away.