Lately, someone asked me again, “If you just toss it into the pool, you’ll lie down and earn passively?” To put it simply, the AMM curve automatically helps you rebalance your positions: when the price moves, your tokens are passively swapped from what would be up to what would be down. The trading fees may not make up for impermanent loss—especially in situations with big volatility, where you end up making nothing but noise.

These days, I see market making more like running a small shop: when people come to buy, you have to hold back some inventory; when people come to sell, you end up taking on more stock. There is turnover, but the inventory mix changes, and the final settlement may not necessarily be better than doing nothing at all. Pair it with additional re-staking / stacking yield, and I might look at it too—but I won’t touch black-box setups. If I can’t figure it out, then I treat it as nonexistent.

By the way, lately, modularization and DA-layer narrative developers seem pretty excited, while ordinary users are completely baffled… I actually think the opposite: the more it’s like this, the more you shouldn’t take “complexity” as “stability.” First, pull out the risks like weeds—then talk about the rest.