Recently, someone said "just throw it into the pool and you'll be charged a fee," and I find that a bit frustrating to hear. The curve of the AMM is essentially just passively following the price; the fees you earn are actually being used as a cost to cover impermanent loss. When the market moves sharply, upon re-evaluation, it might be better to just hold spot assets. Market making is more like selling insurance—more volatility makes it more exciting, but the payout also comes faster.

My own backtesting of simple rules has consistently led to the same conclusion: don’t just look at the APY screenshot; first, clearly define the volatility range, capital utilization, and exit conditions, or you're just gambling on luck. By the way, it’s normal for on-chain data tools and tagging systems to be criticized as lagging or misleading. I treat many "smart money" tags as emotional indicators. To really make a judgment, you still need to look at the pool structure and price path… that’s all for now.