In the past few days, I've seen a bunch of memes + celebrity calls, and as soon as the hype starts, someone asks me, "If I throw coins into the pool to collect fees, is it a guaranteed profit?" Basically, the AMM curve turns you into an automatic low-buy high-sell robot: when prices rise, you end up holding fewer coins, when prices fall, you hold more; it looks like you're earning fees, but impermanent loss is quietly deducting from your gains. Especially when volatility is high and attention shifts quickly, it might end up being "earning fees but losing on the spread." I also need a reminder: don’t get blinded by high APR, first calculate the real annualized return and worst-case loss, then decide whether to be the one to take the final baton as a market maker.