Recently, I saw someone combine the risk appetite on the US stock market, plus ETF capital flows, to explain the ups and downs of cryptocurrencies... It sounds quite lively, but I care more about who in the market is treating liquidity as a "climate" to be drawn away. AMM stuff, honestly, the curve is just the rules: when prices fluctuate, your position is automatically rebalanced, selling some when it rises, buying more when it falls, ending up with "fees earned," but when you compare it to holding coins still, you realize impermanent loss is not a myth. Market making is really not a passive income; it's more like taking volatility as food. The problem is whether you can accept that this meal sometimes has a bit of a raw edge. Anyway, before I add liquidity to a pool, I ask myself: am I willing to hold these two assets long-term? If not, don’t force it, to avoid blaming the curve for being unkind later. Silence.