Just took another chart and reviewed last week's pool: The AMM curve looks smooth, but in reality, every time the price deviates, you're being hit in the opposite direction of "buy low, sell high." To put it plainly, impermanent loss isn't some mysticism; it's you silently paying the cost by treating volatility as an expense. When the market suddenly moves, the fees are simply not enough to fill the gaps. Market making is definitely not a get-rich-quick scheme.

Recently, I've been discussing interest rate cut expectations, how the US dollar index and risk assets rise and fall together. My feeling is: once correlation kicks in, volatility seems to push in waves, making the pool more prone to being pulled back and forth. Actually, now I care more about timing and emotions—setting a range I can handle, and pulling out if it exceeds that. Anyway, I don't want to be fooled again by the phrase "steadily earning fees." That's all for now.