I used to be naive too, thinking that just putting coins into a pool would let me sit back and collect fees, since the curve would "self-adjust." Later I realized that the AMM curve is basically forcing you to buy low and sell high; when volatility is high, impermanent loss quietly eats up the fees, especially when the prices don't move in sync, making it easy to lose your mind.

Now, my market making is more like building a bridge: first checking if the bridge is stable (whether the pool is deep enough, if the mechanism has pitfalls), then seeing how much it costs to cross (gas/ routing/ cross-chain delays). Recently, Layer 2 is bickering over TPS and fees, with ecosystem subsidies being shouted loudly. I actually want to ask: without subsidies, is there still trading volume? If not, the small fees in the pool are simply not enough to handle volatility. For now, I’d rather earn a little less than treat “market making” as a savings account.