Last night, I looked at the AMM curve and got a little scared... I used to think "as long as the fees can cover the impermanent loss," and almost threw a short-term position into the pool as a market maker.

Later, I did some quick calculations: when the price moves slightly, the curve pushes you further into a loss, and fees are not really a safeguard. To be honest, market making is a bet on the volatility path, not just collecting rent passively.

What's more awkward is that I wanted to use on-chain tagging tools to identify "who's entering and exiting," but I found that those tags can sometimes be ridiculously delayed or even misleading. Relying on them as evidence is pretty risky.
For now, I’d rather earn a little less when creating pools and make sure to clearly define exit conditions; otherwise, it looks stable but can turn into a crash at any twist.