I just reviewed my previous records of being a "philanthropist" in AMM, and it's really not just earning passively... The curve looks quite smooth, putting money in feels like being cooked in warm water, when the price deviates slightly, impermanent loss quietly eats away at the profits, and when you want to withdraw, you realize: oh, the gains were just an illusion of fees, while the losses are real gold and silver from volatility.

Recently, those new L1/L2s launched incentives to boost TVL, and old users in the group complain about "mining, then selling," which I can also understand. Liquidity suddenly floods in, and the depth appears to thicken, but many people are just chasing subsidies, sweeping through repeatedly, causing the price to fluctuate back and forth, forcing your market-making positions to rebalance, and slippage is so bad it’s almost poetic.

Anyway, my current mindset is: treat market-making first as buying a kind of "volatility insurance" in reverse — you're selling volatility. If you don't understand, don't pretend to sleep through it and collect rent. That's how I see it for now.