These days, someone is again shouting "put the coins into the pool and lie there collecting fees," and I just want to laugh... The AMM curve, to put it simply, is like you are helping the market automatically rebalance. When prices go up, you passively sell; when prices go down, you passively buy in. Impermanent loss isn't some mystical concept; it's just you taking "volatility" as your salary. Especially during upgrades/maintenance shutdowns, when the chain gets stuck, and everyone guesses whether the project will migrate, the volatility gets even more intense. The small fees in the pool might not even cover the losses. Anyway, when I do market making now, I first calculate the cost of earning points plus the expected volatility—if it can keep me warm, I really do burn my hands.