Recently, someone asked me again, "Is putting money into the pool for market making a guaranteed profit?" I usually take a sip of water... To put it simply, the AMM curve is just you constantly selling high and buying low according to the rules (sounds good), but once the market starts moving in a single direction, your assets will automatically be converted into the weaker side. That's how impermanent loss happens. It's not the same as "losing fees and then making it back." And as for things like tax increases, tightening or loosening regulations, honestly, I react pretty slowly. When I see the group reacting dramatically, I just take a second look. But it does affect deposit and withdrawal expectations, and when emotions run high, it's very easy to get reckless. Anyway, I now treat pool positions as risky holdings—calculate everything clearly first, then enter. If you're uncomfortable, just withdraw. Don't argue with yourself.