These days I looked at the AMM curve again, and the more I look, the more I feel: market making is really not a relaxing job where you just collect fees. When the price deviates, your position is automatically "swapped" into another coin. Impermanent loss, in plain terms, is like you think you're holding, but you're actually passively rebalancing... Sometimes the fees earned can't make up for it, and it also depends on volatility and ranges.

Recently, I heard rumors of increased taxes and stricter or relaxed compliance in certain regions. The sentiment around deposits and withdrawals in the group has clearly changed. When things tighten, everyone wants to withdraw; when they loosen, everyone wants to jump in. But on-chain pools don't care about your emotions; they only follow the curve, making it easy to be rubbed back and forth during such times.

Now I prefer to think of LP as a "volatility selling" strategy, not a deposit. Anyway, it's okay to be slower. What I’ve learned isn’t skills, but not to treat seemingly stable things as risk-free.