I just looked at the AMM curve again, and honestly, market making isn't just about sitting back and collecting fees. When the price deviates, your position gets "automatically rebalanced"—selling some when it goes up, buying some when it goes down. It looks mechanical, but impermanent loss is actually built up little by little this way. When the market swings back and forth, it feels even worse: the fees might not cover the slippage. Recently, we've been talking about rate cut expectations, the dollar index, and risk assets rising and falling together. I'm actually more cautious now... When correlation kicks in, both sides of the pool start acting up at the same time. A pretty curve is just math, not a talisman. Anyway, I’d rather earn a bit less now and think through the boundary conditions carefully before taking action.