Recently, someone asked me again, "Isn't it just lying around collecting fees by providing liquidity in the pool?"

Honestly, I thought the same at first.
That AMM curve is basically you automatically buying low and selling high.
Once the market starts moving in a single direction, the proportion of your assets gets squeezed back and forth, watching the fees come in, but impermanent loss silently deducts points nearby, and in the end, it might be better to just hold steady without doing anything.

These days, I’ve also seen some regions tighten or loosen tax and compliance regulations, causing deposit and withdrawal expectations to fluctuate.
When sentiment shifts suddenly to a one-sided trend, the pool fears this the most...
Anyway, my current market-making is more like buying a volatility insurance.
Whether I make money or not is up to chance.
After minting, I just turn off the software, reduce monitoring, and avoid illusions.