Recently, someone said, "Just put your coins into the pool and earn fees passively," and it made my skin crawl a bit... That AMM curve is not a charity; when the price deviates, what you get back isn't the original coin combination. Impermanent loss, simply put, is: when the market fluctuates, your position is passively "rewritten." Whether the fees can cover it really depends on how active the trading is and how far the deviation goes.

Now I don't pay much attention to the promotion when looking at pools, mainly focusing on one "signal": after the price feed/on-chain transaction price deviates, how long does it take to pull back, and during that period, is there a sudden appearance of very clean one-sided order filling? If the deviation lasts too long, or the way it returns is like being forced back with someone pressing your head, I feel very uncomfortable.

Airdrop season also greatly affects market-making experience; task platforms' anti-witch hunt makes everyone feel like clocking in at work, liquidity flows in and out suddenly, and the curve gets stepped on repeatedly... Anyway, I don't believe market-making is just passive income. If you really want to do it, treat it like watching a kid—you have to keep an eye on it; if you don't, something will go wrong.