I just colored today's interaction table by chain again, and casually checked the pool's yield, almost got tricked by "APR is very attractive"... The AMM curve, to put it simply, is just that when the price moves, you're forced to buy low and sell high; the fees earned might not even cover the impermanent loss. Market making isn't just sitting back and collecting money; with more volatility, assets are washed back and forth, and even if the books look like they're growing, converting back to the base currency can make your mindset crack.

Recently, the NFT royalty debate has the same vibe: everyone wants to "pay less friction and have better liquidity," but creators still need to make a living. In the pool, fees are just that "friction cost"; too little, and you can't attract market makers; too much, and traders will leave... Anyway, I only dare to try with small positions now, not pulling the range too wide, just want to understand the losses first, my hands are almost cramping.