Recently, I saw someone treating AMM as a piggy bank, honestly, market making is not just lying around collecting fees. If the curve skews, and the price pulls, the asset ratio in your pool changes accordingly; impermanent loss is not "a possibility," but written into the mechanism, and it will reveal itself whenever the market fluctuates. Whether the fees can cover it depends on volatility, trading volume, and the range you choose—it's not about mood.

These days, comparing RWA and US Treasury yields to various on-chain "yield products" is quite lively, but I always feel that many people overlook: part of the on-chain yield is actually you absorbing others' volatility and slippage. The yield looks like interest, but at the core, it’s more like you’re selling insurance… I won’t predict anything, just note this point so you don’t get fooled again by the word "stability."