Recently, a friend asked me again, "Is AMM market making just put in and sit back to collect fees?"… I want to too, but the curve isn't charity. When the price fluctuates, your position is quietly swapped by the algorithm to the "weaker" side, and when you want to withdraw, you find you're a bit short. That impermanent loss, to put it plainly, is: you are acting as a counterparty to the market, and the fees may not be enough to compensate.

By the way, the NFT royalty debate also looks quite similar: everyone wants smooth liquidity, but creators don't want to be treated as air. Anyway, whenever I do anything that looks "stable," I first think: who is bearing the volatility, who is paying the bill… and then I watch.