Profitability in proprietary AMMs? It's there, but people misunderstand how fee structures actually operate. Here's the thing: if you believe pro traders are just sitting there taking losses from impermanent loss or market swings without any hedge, you're missing the full picture. The game isn't played purely on-chain. Sophisticated players use cross-venue strategies, derivatives, and off-chain positions to manage exposure. IL isn't some unavoidable death sentence—it's a calculated risk that gets neutralized through proper portfolio management. Anyone thinking professional trading stops at what's visible on the blockchain needs to dig deeper into how these operations really function.