Recently, I’ve been seeing a lot of people treat market making as “deposit it and just lie back to profit,” and I can’t help it—I want to laugh but I can’t… The AMM curve, to put it simply, is you automatically taking on buy/sell orders on both sides. Once the price runs off course, your position gets forced toward the side where you’ll lose. Impermanent loss isn’t some kind of mysticism—it’s a mechanism. Can the fees cover it? Look at volatility and trading volume; if the volume isn’t enough, you’re basically just getting beaten. And not to mention these past two days, everyone has been staring at staking unlocks and token unlock calendars, shouting about sell pressure—when sentiment breaks and volatility amplifies, liquidity providers are the first to be “gently” cut.

Last night, I dropped 20U in to test it. In less than 10 minutes, watching my asset ratio swing back and forth, my mindset instantly became more realistic… Anyway, I only dare to think of it now as gambling that uses volatility to earn fees—don’t tell me it’s stable and guaranteed anymore.