In the middle of the night, I saw someone on the blockchain saying, "I'm just lying in the pool collecting fees," and I couldn't help but laugh... The AMM curve, to put it simply, is just you selling more as prices go up and buying more as prices go down. When the price fluctuates, impermanent loss is like oil splattering on the stove—usually you don't notice it, but when the market turns, it can ruin everything. Fees are just seasoning, not the main dish. When volatility reaches a certain level, the small fees you collect can't cover the losses. Recently, cross-chain bridges have been hacked again, and oracles have reported fake prices. Everyone is waiting for confirmation before acting. I’m doing market making the same way now—prefer to be a bit slow, first checking if the quote sources are stable and if the bridge has any risks, then deciding how much to open... Anyway, don’t treat market making as a passive income. If you wake up to find your positions turned into a bunch of unappetizing dishes, it’s pretty awkward.