Recently, someone asked me again if market making is just "lying in the pool and collecting fees"… It sounds great, but the curve of the AMM is basically: once the price moves, your position is passively traded back and forth, impermanent loss is not just a scary term, it’s something that will actually eat up your fees. Especially when the market suddenly becomes volatile, it’s even easier to lose your composure.

By the way, watching Layer 2s compare TPS, fees, and subsidies every day—arguing and debating—ultimately, it still comes down to actual trading volume and whether they can retain users. Otherwise, no matter how big the pool is, it’s just lively noise.
What I fear most about missing isn’t actually the opportunity, but treating risks like bedtime stories and forgetting about them after listening.