Honestly, recently I’ve been reviewing notes on that AMM curve, and the more I look at it, the more I realize that "market making = passive income" is just an illusion... When the price spreads out, you're like being forced to constantly buy low and sell high in the pool, and the proportion of tokens you end up with changes. Impermanent loss isn’t scary; it’s built into the mechanism. Of course, fees can compensate for it, but during high volatility and low trading volume, it’s normal not to make up for it.

I’m also not sure if I’m being too conservative, but now before adding to a pool, I first think: am I earning fees, or am I betting it won’t move wildly? I also took a quick look at the NFT royalty debates, which are kind of similar: on one hand, wanting to pay creators, but on the other hand, fearing liquidity being "watered down." Ultimately, it depends on how incentives are designed... Anyway, in a bear market, I’ll just learn slowly—no need to rush into it.