These days I’ve seen new L1/L2 incentives to boost TVL again, and in the group, the old brothers are both rushing and complaining "mining and selling," but I think it’s pretty real... Anyway, yield farmers and market makers are essentially betting on the curve. The AMM curve looks very smooth, but once the price moves, the positions automatically shift to the weaker side. In other words, impermanent loss is “you think you’re earning fees, but actually you’re passively rebalancing.” Especially in pools with high volatility, don’t expect to earn passively if the fee rate isn’t thick enough. Now I treat my pools more like bookkeeping: first calculate how much I might lose, then see if the incentives/fees can cover it. If I lose, it’s just paying tuition—don’t force it. That’s it for now, I’ll keep making spreadsheets to track gas.