Recently I’ve seen new L1/L2 projects offering incentives to boost TVL again, and a bunch of veteran users in the group are complaining "mining and selling"... I instead want to remind myself: don’t treat AMMs as savings accounts. Whether it’s a 50/50 or concentrated liquidity curve, it’s essentially helping the market automatically rebalance; when the price moves, you’re passively getting more of the falling asset and less of the rising one. Impermanent loss isn’t some mysticism; it’s just a difference on the books. Whether fees can cover it depends on volatility, trading volume, and your position. In a one-sided market, it can be very awkward. Now I’m more like market making: small amounts, choosing pools with less wild fluctuations, taking profits and then withdrawing some back to stablecoins, just trying to sleep well.