Recently, I saw someone treat AMM as a lazy investment where you just deposit and earn interest, and I couldn't help but laugh. To put it simply, the curve is just helping you automatically do the opposite: when prices go up, you sell more; when they go down, you buy more. In the end, your account turns into a bunch of assets you originally didn't want to hold more of; impermanent loss isn't a "might happen," it naturally occurs when volatility is high. Actually, many failure cases are quite consistent: as liquidity rushes in when the narrative heats up, the fee rates look attractive, but when the funding rates become extreme, the community starts arguing "should we reverse or keep pumping the bubble," and people in the pool are already being slowly drained of their emotions by the curve. Anyway, before I start market making, I always ask myself: am I really willing to hold these two tokens long-term? If not, don’t fool yourself into thinking you can earn passively.