Actually, everyone understands that the AMM curve looks smooth, but when the market really turns, impermanent loss feels like invisible fees. After paying, you might think it was just your hand slipping. A while ago, I was itching to put some into the pool, thinking "Anyway, it's stable," but then the price fluctuated back and forth, I didn't earn many fees, and my position was swapped into a bunch of coins I didn't want to hold more of... To put it simply, market making isn't passive income; it's using asset volatility to earn fees. When volatility doesn't behave as you expect, it gets awkward. Recently, I've been talking about rate cut expectations, the US dollar index, and risk assets acting up together. I just want to say: when the macro economy coughs, the people in the pool get the fever first. Don't treat LP as bedtime financial management; at least, figure out where the exit button is first.