Recently, someone said “Just lie in the pool and collect the fees,” and I couldn’t help but laugh… The AMM curve, put simply, is that you’re automatically acting as the counterparty for the market; once the price runs off track, you’re forced to swap positions passively. Impermanent loss isn’t some kind of magic—it’s written into the function. Especially over the past two days, with funding rates at extreme levels, people in the group are arguing about whether it’s a reversal or whether the bubble squeeze will continue. Anyway, I don’t dare treat it like a “freebie.” The higher the volatility, the easier it is to earn fees—and the easier it is to have those gains eaten by IL. My approach is still the same: small amounts, more trades, test the waters first with a single wallet—when you profit, count it as luck; when you lose, count it as tuition; don’t treat market making like a savings deposit.