Recently, I saw someone treat AMM as a piggy bank, "throw it in and earn fees passively"... I'm really speechless. The curve is not charity; when the price deviates, you are forced to rebalance, earning less when it rises and buying more when it falls. Calculating it, those fees might not even cover your impermanent loss, especially during high volatility, where you lose so much you don't even know what you lost.

What's even more hilarious is that people are still arguing about rate cut expectations and the US dollar index. Risk assets are rising and falling together one moment, then falling together the next. Are you using this environment to do market making? Basically, you're treating volatility as your livelihood, but you don't want to admit you're gambling. Anyway, I treat LPs as strategic holdings, first calculating the worst-case scenario. If you can't handle it, don't push through; stop-loss discipline is worth more than the word "annualized."