These past few days, I've been hard at work analyzing AMM curves. The more I look, the more I realize that market making isn't just about sitting back and collecting fees. Basically, you put two tokens into a pool, and when the price fluctuates, the curve forces you to "sell high and buy low" to maintain the ratio. In the end, what you get back might be more of the weaker asset and less of the stronger one. It looks like your position is still there, but compared to simply holding, you've actually lost a chunk. That's impermanent loss—sounds gentle, but it hits pretty hard... And whether the fees can cover that depends on volatility and trading volume. During those sudden, sharp price swings, it's really easy to lose your cool. Recently, with cross-chain bridge hacks and oracle errors, everyone’s shouting "wait for confirmation." I get it—once on-chain data feeds the wrong prices, the AMM curve is very honest; it takes everything at face value. No more fantasies.