These days I've been practicing order placement ideas in AMM again, honestly the curve looks very smooth, but when a one-sided market actually hits, you realize that impermanent loss is not just a "theoretical problem"... When the price takes a turn, the inventory passively changes a lot, and the last bit of fee income might not even be enough to offset it. Market making is really not just sitting back and collecting rent; it's more like tempering your own position's patience, trying to minimize the drawdowns.

My friend also complained to me that with increased taxes and tighter compliance in certain regions, deposit and withdrawal expectations immediately become awkward, and when everyone gets panicked, liquidity thins out, slippage becomes huge, and the market-making experience worsens. Anyway, I’m now testing with small funds slowly, keeping parameters conservative, preferring to earn less rather than tearing the curve apart in one go.