Recently, I've been looking at AMM curves again, and the more I look, the more I think I previously overestimated market making... I thought just putting in liquidity would let me "earn trading fees," but when the price diverges, impermanent loss quietly eats away at the profits. To put it simply, it's not passive income; it's using your position to exchange for a smoother yield path, but it might also be a market education.

By the way, looking at those Layer 2 debates comparing TPS, fees, and subsidies, the amount of information noise is really overwhelming... My current noise reduction strategy is simple: speak less about slogans, focus more on on-chain real liquidity and transactions, and first survive this cycle with my small position.