Recently, I saw someone calling AMM a "money-printing machine"… I really want to hand them a cup of coffee. The curve thing, honestly, is just an automatic price adjustment stall—you put two baskets of fruit there, and passersby buy more from the basket that’s cheaper, forcing the other to lower its price to fill the gap. As a result, the final portfolio you end up with is often less than if you just held the initial basket without doing anything—this is impermanent loss. The name sounds gentle, but it’s pretty tough to endure.

Market making isn’t a passive income; it earns trading fees and pays volatility taxes. When volatility is high and fees aren’t thick enough, it’s like running a convenience store next to a neighbor that’s always on sale—you can only passively adjust prices, and the more you do, the more exhausting it gets.

The “inflation-driven headhunting → studio farming → coin price spiral” in blockchain games is also the same story: everyone in the pool only wants to take the more valuable side, leaving the rest to get cheaper and cheaper. Anyway, let’s not talk about how to design incentives; just don’t treat curves as charity.