Someone asked me whether market making is “easy money.” I told them: you should first look at how impermanent loss is “teaching” you. That AMM curve looks smooth, but once big swings hit, the liquidity you provide is like hopping on a seesaw—what you earn from fees is nowhere near enough to cover the price difference. Anyway, I’m not going to casually throw principal into pools with high slippage; I’d rather use more time to sign and confirm slowly than chase that bit of annualized return.