Just flipped through the AMM curve and got fooled by it again: k = x * y, something that looks “natural,” but once you actually put it into a pool, the impermanent loss has zero mercy. The moment the price drifts off course, you’re essentially selling low and buying high—on the surface you’re collecting trading fees, while underneath it secretly rebalances your position… Market making isn’t exactly “lying back and making easy money”; at best, it’s “trading volatility for fees.” If the volatility isn’t enough, you’re just busy for nothing.

By the way, have you seen the recent social mining and fan token playbook—“attention is mining”? It also sounds like AMM: you think you’re mining rewards, but in the end you might be mining away your own attention as the curve eats it up.

Anyway, before I add liquidity to a pool now, I always ask myself: am I earning fees, or am I just serving as an automatic counterparty to the market?