I used to think that putting coins into a pool could just let me "sit back and collect fees," but after watching the AMM curve for a while, I finally understood: once the price moves, the positions are passively bought and sold, and impermanent loss is basically you playing the market against yourself—just wrapped in a gentler mathematical package. Now, my market making is more like small-scale testing; I first look at whether liquidity and narrative can support trading volume, otherwise the fees won't even cover the costs.

Plus, with recent cross-chain bridge hacks and oracles reporting outrageous prices, everyone is just "waiting for confirmation"... In such times, you can't just hit pause in the pool; when the price swings, you get washed out along with it. Anyway, I now prefer to earn a little less, set narrower ranges, lighten my positions, and sleep peacefully.