These days, someone said again, "Market makers just sit back and collect fees," and I couldn't help but laugh... The AMM curve, to put it simply, is just you automatically swapping positions on both sides. Once the market moves in a single direction, your position passively deforms, and the fees might not cover the impermanent loss. I used to imagine myself as the "landlord of the pool," but after a few calculations, I realized: the fees earned are like pocket change, while the volatility losses are like rent.

Recently, there's been talk about rate cut expectations, the US dollar index, and risk assets rising and falling together. I’ve simply lowered my expectations: I don’t expect it to give me returns, just treat it as part of the strategy. Now, the approach is simpler—wherever on-chain fees are cheap, I go there. I only keep in the pool what I can accept "holding still is fine," which makes the mindset much more relaxed. Let’s start with that.