Recently, I saw someone describe AMM market making as "lying down and collecting fees," and I really can't hold back anymore... Basically, that curve thing is just you betting against the price; when it moves up or down, your position will automatically switch to the "lesser-increased" one, and that's how impermanent loss happens.

Can the fees cover it? It depends on volatility, trading volume, and the interval/pool you choose—don't just look at the APY screenshot.

By the way, now that staking and shared security yield stacking are being criticized as "copycat schemes," I can understand. The underlying risks haven't been fully calculated, and everything relies on emotions and stories to hold up.
Anyway, for someone like me who always reduces positions before bed, market making is even less likely to be heavily invested there. I’d rather earn a little less than get caught off guard by volatility in the middle of the night...
Let's talk about it next time.