Recently, I saw someone say "Just throw it into the pool and pay the fee," and I couldn't help but feel a bit frustrated... The curve of AMM is essentially you automatically doing reverse operations: when it goes up, you passively sell; when it goes down, you passively buy back. Once the price moves far enough, impermanent loss is no longer "impermanent." Don't just focus on the fee rate; first write down the assumed range of fluctuations, then calculate whether the fee can cover the difference at your acceptable price spread (especially for pools with low TVL and sparse trading, where slippage and arbitrage come into play). Recently, the community has been arguing about the compliance boundaries of privacy coins/mixing, but I'm actually more concerned about another kind of "compliance": do you even understand what risks you're taking, or are you just looking at others' profit screenshots? For now, I'll update my commonly used IL estimation sheet later and compare it with the historical volatility of a few pools.