Recently, someone asked me again, "Just toss it into the pool and you can earn fees passively"... I didn't know how to respond, honestly. The curve of the AMM is just helping you automatically buy low and sell high. You might think it's collecting rent, but actually it's betting against the market: the more the price surges or plunges, the more impermanent loss comes like an invoice, and if the fees aren't thick enough, it's a waste of effort.

What's more annoying is that these days on-chain discussions are again about whether validator income, MEV, and transaction ordering are fair or not. As for market making, it inherently involves execution details. You just hang in the pool and watch it as "passive," but in reality, you might be snatched by someone faster who jumps the queue, so it's normal for retail investors to complain.

I no longer fantasize about earning passively now. The only thing I can do is hardcode the range, position, and rebalancing rules. If I make a profit, I consider the process correct; if I lose, don’t blame the market... Anyway, discipline at least is more reliable than emotions.